This is not a "loose", but a precise, faithful remake of 1958 Monicelli's classic "I Soliti Ignoti" with Toto', Mastroianni, Gassman, Cardinale etc. And that's the reason is good, it copies all the funny characters and the plot, even in details (like the scene where the photographer steals the camera from the local market).
I have watched the superb old version many times and I knew by heart all the gangs and the ending but I still enjoyed "Welcome to Collinwood", which has its own freshness and atmosphere. It is interesting to see how the life and ways of the little thieves in 1950's Italy are adapted to 2002's USA. Things haven't changed much. 8/10.