Deciding that amnesty from breaking immigration law and access to taxpayer-provided welfare and other public benefits was just not enough, President Obama is now turning the screws to the financial sector to grant credit to millions of illegal aliens.
As part of a recently released 37 page report by the Consumer Financial Protection Bureau on so-called “credit invisibles” the agency is demanding credit scores be generated using cell phone payment records, utility bills and “immigration remittances.”
It hopes that once they secure a FICO score, they can move a step closer to qualifying for mortgages, car loans and credit cards.
But analysts say most of these “unscorables” are not creditworthy, and according to preliminary estimates, their median credit score falls well below the subprime cutoff (535 vs. 620). Public records show many are subject to third-party debt collection and tax liens.
Lenders rely on the three-digit credit score as an indicator of how likely it is a borrower will repay a debt. Stale files or thin credit history does not allow FICO and other risk modelers to accurately predict future credit performance — that is, the likelihood, relative to other borrowers, that a consumer will become 90 or more days past due on a credit obligation in the following two years.
Using “alternative” inputs in the models, such as utility payments and remittances, could water down the models and make credit scores less reliable, leading banks to make even riskier lending decisions.
It was just a few years ago when so-called “subprime” mortgage lending caused a major financial panic leading to a severe recession. Now, President Obama wants to give subprime mortgages, loans and credit cards to millions more shaky credit risks. And giving credit to illegal aliens, who already have shown a blatant disregard for American law, seems to be a recipe for another major financial collapse.
no doubt you cannot make this crap up ? Obama and crew are simply quite insane and will destroy everything they touch !
BUST HIM ! WHATEVER YOU THINK IT MEANS !
IS THAT HIS P-NIS?
Where the Hell is Oswald when we need one?
Credit for crimmigrants?…so the economy can crash again when 3rd worlders decide to default on their debt? We already know they cannot be trusted and they could care less about thw law as evidenced by the occupation of American land illegally …will the American taxpayer be left to bailout these 3rd worlders again….how many more illegal alien clownhouses will this create?
..and this is going to help America how?
Oswald wouldn’t shoot a fellow communist.
Congress should let it be known, there will be NO bailouts if they give credit to illegals. Make the banks well aware no one is going to help them, when this insanity goes belly up.
That little white dot on the end of that p-nis is his brains.
LOL
Hey, the economy is about to implode anyway, this will just hasten the planned demolition.
In the meantime, let’s start demanding that these practices be applied to ALL applicants, not just to The Zero’s “protected puppies”.
Once you get your new ObamaVisa, your first purchase should be to Buy More Ammo.
The U.S. is their Candy store! They are here to take advantage as they tell their children to do openly!
We don’t even know if he shot JFK.
Most Americans are non-violent with Christian values. Any other type would have not taken all this.
lol, but you have to love the irony of the joke.
This is nuts! ILLEGALS should get nothing in terms of tax payer expenditures. No welfare, no healthcare, no nothing. Obama has turned the U.S. into a Banana Republic where a single progessive loon makes arbitrary decisions on a whim, contrary to Constitutional law.
This corrupt MF has his dream job of destroying our country; he is suppose to enforce laws and protect our country from invasion; he is doing the opposite…remember to vote out all of your dems / gop, congress & senate, who are in office under this MF and put in new gop…dems will only get you more of the same
I am with you on this….every day I say, someone make my day….