The Obama administration wants to offer credit to deadbeats and illegal immigrants, whose credit can't even be scored, "as part of its amnesty program," according to Investors Business Daily (IBD).
A report just released by the Consumer Financial Protection Bureau (CFPB) describes what it refers to as "credit invisibles," which it says are victims of the current credit-scoring system, IBD says in an editorial.
Because many of these individuals are minorities, the administration has concluded that this is a result of discrimination by the financial industry.
"These results suggest that the problems that accompany having a limited credit history are disproportionately borne by blacks, Hispanics and lower-income consumers," the CFPB says in the report.
In a recent press call, CFPB Director Richard Cordray said that "our report found that black and Hispanic consumers are more likely than white or Asian consumers to have limited credit records."
Cordray said that "about 15 percent of black and Hispanic consumers are credit invisibles compared to 9 percent of white consumers, (and) about 13 percent of black consumers and 12 percent of Hispanic consumers are thought to be among the unscored — compared to only 7 percent of white consumers."
He added that "these consumers face reduced access to credit that continues to hamper their opportunities for growth throughout their lives."
To fix this apparent problem, the Obama administration is asking credit reporting agencies to use cellphone and utility payments when assessing credit scores of individuals in these minority groups, including illegal immigrants.
The ultimate goal is to help these individuals achieve a high enough FICO score that they are able to qualify for home mortgages, car loans and credit cards, the CFPB says.
More here
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8 comments:
Sure he wants to offer it to them, anything to tear down the USA, which he hates.
What??? Get their FICO score to where they can buy a home?? So they can walk away and it go into foreclosure not soon after, then we all pay with higher interest rates? What a sad sack of monkey sh*t Obama is. You know how you build credit? YOU WORK FOR IT. Pay your bills on time and be responsible.
I love this country but I'm embarrassed to live here under this sniveling coward.
Next thing will be interest free mortgages for minorities. 2016 can't come soon enough.
When your income is welfare and selling drugs, it's hard to earn a credit score.
But it's really not that difficult to build a credit profile. Plunk down $200 for a crappy, secured credit card and you're on the way to debt serfdom.
look what the american people offered to a deadbeat the white house and the presidency he is just returning the favor the democratic party what a bunch of losers we have elected hopefully the gop candidates will stop their squabbling and retake the white house otherwise they will lose that and congress
These homes should be in the neighborhood of every Politian before allowed to expand out. Then we will see who votes to approve these BS. This type of individual have ruined our neighborhood now.
They're not deadbeats; thy're democrats who can probably vote. Get your facts straight!
There already is interest free loans for immigrants, and no taxes. They come in, get the loans, and buy a business in Ocean City. Then when the finely have to pay taxes, they sell it to their cousin that just arrived, then he doesn't pay any taxes. It just keeps going.
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