I heard that on the radio yesterday but haven't had a chance to check it out.  Hope you have Woof..if not you'll be accused of "hollerin' before you're bit."   You know how it gets on here if you haven't substantiated every dotted I and crossed T.  :-)

On the surface it's insanity on the banks part because when they default..and a lot will..who's going to pick up the tab?  Is BofA going to attach their wages?   I need to research this one.

OK..here's the scoop.  They won't be required to have SS #'s but will be required to have a Fed ID #. 

http://business.bostonheral...

Woof..they don't to a very good job of tracking them with or without #'s.    Isn't it crazy how banks are so tied into making the almighty dollar that they are willing to extend credit to people who will take the money and run (so to speak).  It's their money so I guess we shouldn't complain...the trouble is, when businesses (and banks) lose money..we all pay.

Thanks for bring the subject to the blog.

It makes American Banks (but I guess any country would./could do this for their illegal immigrants) look greedy.  These poor immigrants will pay way HIGHER interest rates. 

Do you think the "illegals" will still be scared of Immigration, because they have to get a Federal ID....well, now I gotta research that.  Why/how do they get Fed ID's...is it only a temporary thing?  I get the fact they need an ID to work.

I guess Immigration can try and get the records of people who are not citizens....will that deter the illegals from getting a credit card....not so much anymore....they have no fear of coming here illegally anymore, no fear of being sent home...

Like i said, now I'm off to do more research too.

PPete how do they get mortgages then? 

U.S. banks, including Wells Fargo, are giving checking accounts and mortgages to immigrants based on their tax identification numbers, which are granted by the Internal Revenue Service to people who either do not have or are not eligible for Social Security numbers. The tax numbers are issued regardless of immigration status because nonresidents may owe taxes, meaning that those who enter the country illegally can obtain them.

Lenders believe the onus should not be on them to check an applicant's citizenship status.

Wow, this blows me away.  Why am I complaining about this...this is a bigger apple than I can chew.

Here's a great article from Business Week,  in terms I understand. 

Trying to read this CIS article "made me go cross-eyed", mind you, this one's from '02

Nancy, my understanding is, if you have a golfer from another country competing in a competition he wins, he has to be able to pay tax on his winnings.  In order to do that, he needs the Fed ID #. 

PPete, yeah the "onus" line cracked me up too.  But don't  you think someone should be penalized for giving loans to ILLEGAL IMMIGRANTS????  It makes it ok, then doesn't it.  There should be a law for being an accomplice to a crime of helping illegal foreigners....right????

The ITIN has been linked in media stories to the burgeoning popularity of the matricula.  Banks need an official U.S. tax number to open an interest bearing account and, by definition, illegal aliens are not legally entitled to a Social Security number.  So Mexican consulate staffs have been suggesting the ITIN as an acceptable alternative and, apparently, neither the banks nor the IRS raised objections.  However, within the last three months, both the Treasury Department and IRS have thrown up strong warning signals that the ITIN cannot (or should not) be accepted as an identification document.

OHHHHH, strong warnings....so, so scared....NOT WORKING!!!

I guess this is my point:  For more than two decades, America's illegal aliens have been the target of national attention -- largely for negative reasons. Their growing numbers put downward pressure on U.S. wages and new demands on schools, hospitals, and other public services. Fears of heavier social burdens and higher tax bills have led citizens and local officials to object with renewed vigor to what many perceive as an unwanted invasion from Mexico and other countries, especially to newer destination states such as Alabama, Georgia, North Carolina, and Tennessee.  Yet all the while, farms, hotels, restaurants, small manufacturers, and other employers have continued to hire the undocumented with little regard to the federal laws intended to stop them.
 

I'm taking a break, I gotta get outta the house more....check back later. 

Mattloch, did you just spank me with a rolled up newspaper?  I did mention the Business Week article, it's 8th down from the top.  Next time, I'll better link it.....yip yip yip!