Banking on illegal immigrants - home loans (no SS# needed)

[The Straight Story]

NEW YORK (CNN/Money) - The banking industry is opening its doors to a controversial new market: illegal immigrants.

Despite heated political debate in Washington over illegal immigration in the United States, an increasing number of banks are seeing an untapped resource for growing their own revenue stream and contend that providing undocumented residents with mortgages will help revitalize local communities.

It's a win-win situation, they say.

<snip>
ITINs are a nine-digit tax processing number issued by the Internal Revenue Service to individuals who are required to have a U.S. taxpayer identification number but who don't have, and aren't eligible to obtain, a social security number. Since the IRS doesn't require legal residency to obtain an ITIN, many illegal immigrants use this form of identification to pay U.S. taxes and buy homes.

http://cnnmoney.printthis.clickability.com/pt/cpt?action=cpt&title=Banks+help+illegal+immigrants+own+their+own+home+-+Aug.+8%2C+2005&expire=&urlID=15080552&fb=Y&url=http%3A%2F%2Fmoney.cnn.com%2F2005%2F08%2F08%2Fnews%2Feconomy%2Fillegal_immigrants%2Findex.htm&partnerID=2200

[GreatCaesarsGhost]

1. we can help you with "hard to document income"

commercial i heard on the radio for a baltimore bank

[LeftyMom]

4. that's not just for undocumented people

That's also helpful to self-employed people, people who get paid under the table (which is a lot of people, especially in construction) etc.

[Jack_DeLeon]

2. Thats great...

Social Security Numbers are not supposed to be ID.

I'm tired of so many fucking places requiring you give your SSN to set up business with them.

[Oerdin]

3. Yes, they have always been IDs

Ever file a tax return? Ever wonder how the government tracks your income and your contributions to SSI? Ever wonder how states file your driver's licence and just about everything else of your personal information? How do marketers follw you and keep track of your transactions?

Simple, with the ID number the government gave you... Your Social Security Number.

[jmowreader]

5. Oh hell yeah, if I was a banker I'd be doing this

You've got the perfect sword of Damocles hanging over these people's heads: do something to piss us off, and we'll call the INS and tell them where to pick you up. Then your ass is back in Mexico and I've got your house to sell to another illegal.

I think you really must be the most evil kind of Republican to be a banker.