So, the principle is, a major U.S. lender (err, formerly major U.S. lender), offers a “credit” card to anyone who cannot prove himself/herself/itself to be credit worthy, has no means to substantiate (legitimately) their identity and cannot prove their U.S. citizenship (that means they’re not able to do so by either incompetence or illegal presence in the U.S. in nearly a hundred percent of the cases who can’t evidence or don’t know where they were born).
And, because they tested this new “credit without credit or accountability” card in Los Angeles, CA — home to the largest population of illegal aliens in the entire country — they deem the program credible? It’s the “you steal cars better than anyone else” compliment to and about car thieves, the principle here, such as it is.
So, when are they going to start providing money to everyone else without any accountability? Are there any standards — at all — remaining among those who market lending services to others?
‘I want a home mortgage, I want an auto loan, oops, I don’t know where I’m from or how I got here in Los Angeles/U.S./whatever works and I have no (traceable) credit history because I have no Social Security number and presto, BofA says, “here, take this card.”‘
And then will — count on it — stick it to the U.S. consumer for the inevitable liabilities afterward. If I was a customer of BofA, I would not be after this day after reading this:
NEW YORK (Reuters) – Bank of America Corp. has begun offering credit cards to customers without Social Security numbers, typically illegal immigrants, the Wall Street Journal reported on Tuesday.
In recent years, banks across the country have been offering checking accounts and even mortgages to the nation’s fast-growing ranks of undocumented immigrants, most of whom are Hispanic, the paper said, adding these immigrants generally have not been able to get major credit cards.
The new Bank of America card is open to people who lack both a Social Security number and a credit history, as long as they have held a checking account with the bank for three months without an overdraft, the Journal said.
Bank of America tested the program last year at five branches in Los Angeles, and last week expanded it to 51 branches in Los Angeles County, home to the largest concentration of illegal immigrants in the U.S., the Journal said.
The bank hopes to roll out the program nationally later this year, the paper said.
A Bank of America spokesman was not immediately available to comment.
Of course BofA is not “available to comment,” they’re too busy applying their newfound redefinition of just what “credit” actually is. A sad state about the financial markets in the United States, to put it mildly. Meanwhile, enjoy the sound of crickets from the U.S. Congress.
More about this from lonewacko.