Banks and Illegal Immigration 

Banks and Illegal Immigration

I read yesterday where banks are trying to make inroads in the illegal alien community. They are trying to offer home loans and other banking services. A few observations: First, having worked in the credit industry for many years I wonder how someone with no to minimal credit history, in all likelihood below average wages and a limited residence history would qualify for a bank home loan. Secondly if they do I can only imagine the interest rates that would have to be charged to cover the inevitable high default rate. It sounds like yet another way for banks to take advantage of people and make a bundle doing it. Thirdly banks are federally regulated. Apparently there is no regulation against this. Well, there should be. Banks should not be in the business of enabling people to break our immigration laws. Some would say “law enforcement is not the bank’s job.” We already make banks part of law enforcement. The Patriot Act requires banks to do certain things. Banks are already required to report certain types of transactions to the IRS. It is just simply wrong for banks to be enabling illegal immigration.

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