LAT Money Center offers mortgages to illegal aliens

LAS VEGAS & ARLINGTON, Texas–(BUSINESS WIRE)–LAT Money Centers, a Hispanic-owned financial services company, has introduced the industry’s first nationwide financing program for undocumented workers that want to buy homes. This lending program will offer loans to potential homeowners using Individual Taxpayer Identification Numbers (ITIN) and Matricula Consular IDs in lieu of social security numbers. The company announced the new initiative at the 2006 Hispanic Marketing Convention & Expo hosted by the National Association of Hispanic Real Estate Professionals this week in Las Vegas.The program will be made available to 14,000 NAHREP members in more than 48 states across the nation. “Recent industry research has shown that Hispanic homeowners are less likely to default on their home loan than other borrowing groups,” said LAT Money Centers COO Samuel Angueira. “The Hispanic community takes pride in home ownership and that results in fewer missed payments, less defaults, and a higher return for investors.”

“NAHREP’s 2004 study estimated that the market potential for these loans is conservatively $44 billion in new mortgages,” said Timothy Sandos, NAHREP President and CEO. “A number of ITIN loan pilot programs have confirmed since then that these type of loans perform as well or better than conforming loans. We applaud LAT Money Centers for being the first lender to make this kind of program available nationwide.”

LAT Money Centers is a Hispanic owned Financial Services Company that provides a variety of financial services and education to the Hispanic and Latino communities. The company is a subsidiary of Latino Bancshares, Inc., a Nevada Corporation based in Arlington, TX. Latino Bancshares, Inc. and its subsidiaries are active in Mortgage and Investment Banking, Insurance, and Real Estate.

If you would like more information concerning the Lat Family of Companies or its ITIN Lending product, please contact Hector Arroyo at the numbers listed below.

Yes, by all means we should contact these people and inform them of the illegality of their program.

LAT Money Centers
Hector Arroyo, 817-276-0888
Cell: 682-433-6259
Fax: 817-276-0999
hector@latmoneycenters.com

Lets take a look at how wrong their program is:

First encouraging an illegal alien to stay in this country is a violation of 1907 Title 8, U.S.C. § 1324

Secondly, LAT plans on having a loan program based upon the Individual Taxpayer Identification Number, which according to the IRS is to be used for reporting federal taxes ONLY.

Interestingly enough, the IRS doesn’t even accept the Matricula Consular ID as a valid form of ID to obtain a ITIN.

Furthermore, any bank that does business with an illegal alien is guilty of the crime of money laundering.

I would urge everyone to use the information provided above to contact LAT and let them know how wrong this decision is.

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~ by antifed on November 6, 2006.

One Response to “LAT Money Center offers mortgages to illegal aliens”

  1. I AM A MORTGAGE BROKER IN IDAHO AND LAST YEAR I DID MILLIONS OF DOLLARS OF TRANSACTION WITH THE HISPANIC COMMUNITY. MY REALTORS THAT HELP BRING THIS BUSINESS IN WALKED AWAY FROM A LOT OF PEOPLE WE SIMPLY DID NOT HAVE A PROGRAM FOR (TIN NUMBER LOANS) AND COULD NOT HELP. DO YOU BROKERS TO PLACE LOANS WITH YOU

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