Who Appears At The Intersection of Every Legislative and Regulatory Failing of the Mortgage System?
merriemarie says:
CONTINUED ........ Consider the findings of the auditor: "Over 50% of the sub primes were for cash-out refi’s. Regardless of the loan criteria used to pull random samplings for audits, the majority of the last names were Hispanic. The loans I audited were primarily in CA, NV, AZ, FL, CO, compare those to the states with the highest number of foreclosures & ille... read more
In 2004, a Congressional effort to limit the use of MCCs was defeated by a consortium of financial institutions, immigrants’ rights groups, consumer groups, and many others. These organizations had formed a loose coalition to defeat, again, limitations on the use of consular ID cards by banks, credit unions, thrifts and other financial institutions.
By a vote of 222 to 177, the House passed a bipartisan amendment (HA 754), introduced by Representatives Barney Frank (D-MA), Pastor (D-AZ), Hinojosa (D-TX), Oxley (R-OH) and Kolbe (R-AZ). It prohibited the Treasury Dept. from implementing regulations regarding the acceptance of FCCs by financial institutions.
But prior to that hearing, the FBI was adamantly opposed to the use of MCCs as valid identification. Assistant Director Steve McCraw’s testimony before Congress in 2003 was blunt: “…consular ID cards are primarily being utilized by illegal aliens in the United States.
See more at directorblue.blogspot.com

