Tuesday, March 13, 2007

Pissin' me off...

There's a couple of things bugging me today:

First, I heard on ABC news radio yesterday a report about an estimated two million homeowners will likely lose their homes because they can't afford the mortgages. These people received mortgages as a result of financial institutions lowering requirements for lending. Then I heard a woman comment that the US government must bail these two million homeowners out because they a responsibility.

Huh? The government does not have the responsibility to bail the citizens out of bad decisions.

I would love to see everyone who wants to be in a home, be in one. However, not at the risk of bending the rules so they can get a mortgage they can't afford under terms (usually interest only) they don't understand. In the end, these people wind up on the street and someone else, usually the taxpayer winds up bailing them out.

Second, who in America does not have a social security number?

Bank of America stands by its statement that this new no-requirement of a social security number to be issued a credit card has a lot of people irate. I can't seem to find BA's official press release on it, however I did find this statement:

Bank of America CEO Ken Lewis says they are issuing the card "to help Bank of America customers build a credit history." He also states the card requires customers to have an account in good standing for at least three months prior to the issuing of the card.

Now let's think about this. What adult wouldn't have a social security number? And how many of these folks would be banking at a financial institution?

Not many. Which leads me to believe that Bank of America is indeed offering this program because they want the business of illegal aliens. Come on, you can't tell me a big business like BA doesn't want to capitalize on the billions of dollars earned by illegals in America every year.

Third, the Patriot Act allows financial institutions to accept official ID issued by foreign governments, which includes the Matricula consular card issued by Mexican consulates and ITIN's which are Individual taxpayer ID numbers issued by the IRS to non-citizens who live outside the US but have American bank accounts and pay taxes in America.

Now, I work with international students who are on research assistantships and they are required to have social security or ITINs. And because they are paid, they need to have bank accounts. They have official business in this country, they are here legally. When our students open their bank accounts here, the institution requires proof of legal status.

ALL banks should REQUIRE proof that the person is here legally. Our students have official documentation showing they are here legally, in the form of an I-20 for one. This document shows they are here for the purpose of education and it shows the start and expiration date.

The damn government wants to regulate everything else, why not mandate the banks do this?

It's simple--the politicians want the illegal votes, they are also in bed with the bankers who want the money from the illegals.

Fourth...allowing illegal aliens to pay in-state tuition at US Universities and Colleges.

I can't even tell you how sick that makes me.

So let's see sum this up....I could never qualify for a home loan when I was single because I didn't make enough. Now I am married and although DH and I make good money for DINKS (dual income no kids) and our credit history is nothing short of excellent, with ratings over 750, however WE cannot qualify for a home loan. That's because we owe some debt, no problem, we're paying it off.

Then you have Joe Smith and family down the street who because they are poor, and have shitty or no credit, qualify for a home loan immediately. Five years later they are whining because they can't keep up with the adjusted interest rate which has just gone up and they find out the interest only thing is killing them.

Fast forward now to the fact I can't SPIT on the sidewalk unless I provide my SS first. Now mind you, I don't give my social to ANYONE even if they say they require it, unless it's for official business in which it is truly required. Not at the grocery store, not at the video rental place, not even at the doc's office. In fact, I crusaded against AvMed till they FINALLY sent us new ID cards without our socials on it! I refuse to give it.

But yet the government REQUIRED me to submit one when I joined my credit union. They require it for me to get a credit card.

And now a bank is allowed to offer credit cards to people who cannot be traced? Face it, the social tracks us anywhere we go. We hate it but that's the way it is.

And about that college thing? That just sucks!

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