Bank of America Changes lending practices to offer services Illegal Immigrants

Big news: The primary US financial institution has announced that it intends to offer services to individuals in the US without a social security number.

Immediate was the response from the street and some politicians indicating their disapproval of this practice that will allow individuals to circumvent US banking laws. BofA indicated that they have no business verifying the legal status of individuals. Proponents of open borders stated that this is a great idea. BofA is simply applying practices used across the world. They went on to say that “if an individual were to go to France he could open up an account without a Fiscal Number.” Actually this is not true. EU banking laws require that any account holder have the equivalent of the US SSN.

Those opposed to open boarders then indicated their concern that these loans would have a higher default rate and could result in financial instability for the institution requiring the FDIC to intervene to guarantee deposits as required by law. BofA immediately stated that the credit would have high application fees and higher interest rates. This is only a business decision.

I believe this. With US citizens tapped out, household debt at record levels, food insecurity affecting 1/3 of the popuolation, BofA’s most recent quarter showed stagnating growth. In other words they have raped and pillaged the US citizen as much they can. With foreclosures on homes rising and a stagnating housing market the bank sees a bleak future. They must find a new revenue source. There are more than 24 million illegal immigrants in the US. These people are desperate and will do anything to create an image of documentation.

This credit will have even higher fees and interest rates than the current products. The products available to US citizens are already at levels that in any other advanced culture are considered usury. Bank of America wants to prey on the illegal immigrants. Bank of America wants to create a new class of slaves. I can just imagine the collection agency, “If you do not pay I will call the migra!”

We should be having the discussion about Usury. We should see Bank of America for what it is, a financial institution concerned only about its margins without considering the long term effects of its actions. The financial institutions cannot be left to self-regulate. We must stop usury and fine financial institutions using these predatory practices.

Tags: Politics Corporate America Bank of America Border Security Port Security Illegal Immigration