The Official Minuteman Civil Defense Corps

Press Release - Government Action related to Illegal immigration

U.S. Banks Target Illegal Immigrants for Home Loans: Minutemen to Boycott

For Immediate Release
9 August 2005
Contact: Connie Hair - media@minutemanhq.com

Tombstone, AZ – On the heels of an industry report this week that major financial companies are beginning to target those who have entered this country illegally for new home loan business, the Minuteman Project—the all-volunteer mission to secure U.S. borders—announced plans to boycott.

According to a CNN Money report today, many U.S. banks are expanding their home loan business to include the illegal immigrant “market.”

“This is a huge untapped market with people that live and work in this country and are capable of buying homes to realize the American dream,” explained Chan Peterson, executive vice president and head of community banking at Banco Popular.

"Illegal immigrants are here to stay and banks are recognizing that. If you do a niche market well and know how to price it, banks can have some attractive margins,” said Alenka Grealish, manager of the banking group at Celent, an independent research and consulting firm. Banco Popular joins Fifth Third Mortgage Company and Bank of America among those institutions either looking at the market or already into it.

Chris Simcox, founder of the Minuteman Civil Defense Corps replied, “It’s a sad day when American business has sold itself to the highest bidder and thrown caution—and national security—to the wind.” Simcox and MinutemanHQ.com are taking inventory of financial institutions that have engaged this market in preparation for a nationally publicized boycott. “It only takes one person gaining entrance to this country illegally with a mission to plan and execute another 9/11-type action to cause serious devastation to this country. These participating banks are poised to ensure that a terrorist can now make these plans under his or her own roof.”

MinutemanHQ.com—the combined effort of the Minuteman Civil Defense Corps and the Minuteman Project—has now established at least 25 Minuteman chapters along the U.S./Mexico border. Minuteman volunteers are trained to peacefully assist in the detection of illegal immigration, which is then reported to U.S. Border Patrol officials. For more information, please visit www.minutemanhq.com.

URL of Story: http://www.minutemanhq.com/hq/article.php?sid=21