The Biden Administration is threatening banking institutions that refuse to provide credit lines and loans to illegal aliens.
I don’t blame them. Do you remember when the Democrats forced banks to give mortgages to people who couldn’t afford a mortgage? They got them to put people who failed mortgage applications on the subprime system, which ended up creating a housing bubble, the reason why houses prices skyrocketed. They did it for 30 years. Bill Clinton federalized the scam and exacerbated the damage to the markets by creating quota systems for banks to loan to people who couldn’t afford a home. He made things so bad that by 2008, after Clinton was out of office; it crashed the economy.
To his credit, George W Bush tried to stop the scam by asking Congress for a new regulatory agency for Fannie Mae and Freddie Mac. The Democrats, who controlled Congress at that time, told Bush to screw off, claiming there was nothing wrong with Fannie or Freddy. When the system crashed in 08, the Democrats naturally blamed Bush and the Republicans.
I predict the same thing is going to happen with this stupid plan of Biden’s where he wants to force banks to give credit lines and loans to illegal aliens, people the banks have no idea who they are, where they live, or what kind of job they have if any.
In a joint statement issued this week, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) warned banks and lending institutions.
“The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status,” the CFPB said in a statement.
VISIT OUR YOUTUBE CHANNEL“The CFPB and Justice Department are issuing this statement because consumers have reported being rejected for credit cards as well as for auto, student, personal, and equipment loans because of their immigration status, even when they have strong credit histories and ties to the United States and are otherwise qualified to receive the loans.” According to them,
“Fair access to credit is crucially important for building wealth and strengthening household financial stability,” said CFPB Director Rohit Chopra. “The CFPB will not allow companies to use immigration status as an excuse for illegal discrimination.”
They went through all of this trouble for people who are not only not citizens of our country, but they came here illegally!
Assistant Attorney General Kristen Clarke of the DOJ’s Civil Rights Division cautioned banks that if they do not lend to illegal aliens, they may be breaking the law. Did you ever think you would read a statement like that? If banks don’t lend money to people who legally do not belong here they could be charged with crimes.
“Lenders should not deny people the opportunity to take out a loan to buy a home, build their businesses or otherwise pursue their financial goals because of unlawful bias and without regard to their actual ability to repay,” Kristen Clarke, an attorney, said. “This guidance reminds lenders that denying someone access to credit based solely on their actual or perceived immigrant status may violate federal law.”
I guess citizenship under Joe Biden means nothing. Not only do the taxpayers have to support Biden’s 8 million and growing illegal alien army, but now banks have to prioritize them or be punished by the government. How many loans do you think will be paid back in full? So who is going to pay for those loans? The banks aren’t going to eat them all.
Joe Biden is going to create a bubble that will eventually crash and the only hope the Democrats will have is that is crashes when another Republican is in the White House. This is a dangerous and asinine idea.
