Rep. Tom Tancredo (R-Colo.) has demanded that any bailout of the finance industry should include safeguards that prevent the bank or lender from recouping funds spawning from their own fraudulent or dishonest activities.

Tancredo also wants to ensure that taxpayers do not provide assistance to illegal aliens who have lost their homes and do not absorb any bad debts owed to financial institutions. He maintains that these protections are a "must" for any bailout package.

Rep. Tancredo also wants legislation passed that would require banks to verify the legality of potential home buyers to ensure that illegal aliens do not benefit from federally backed home loans.

Click here to read Rep. Tancredo's entire press release and click here to read a column by Michelle Malkin on the subject.

Updated: Wed, Sep 24th 2008 @ 8:59pm EDT