IT BOGGLES THE MIND THAT THEY EVER COULD BORROW MONEY: Trump regulators move to curtail lending to undocumented immigrants.
In new guidance, regulators said that undocumented immigrants may present an “elevated credit risk” and warned banks to account for the risk that they may lose their job or be deported as they underwrite new loans.
Financial institutions, the guidance says, should take into account that a customer’s status as an unauthorized immigrant may pose a risk to their ability to repay credit cards, mortgages, auto loans or other loans.
The guidance also says that financial institutions “might consider” requiring customers to provide “evidence of continuing work authorization,” among other documentation, as part of their assessment of a customer’s ability to repay a loan.
How about, “You aren’t here legally, no money.”