FEWER ILLIEGAL RESIDENTS APPLY FOR HOME LOANS



Deportation fears lead to big drop in applications

By Vanessa Bauza

Tribune staff reporter

November 13, 2007

Home loans to illegal immigrants have plummeted this year, bankers say, as a federal crackdown and a sluggish real estate market have combined to scare away potential buyers.

Chicago banks were among the first in the nation to offer the controversial mortgages earlier this decade, allowing applicants to use a taxpayer identification number provided by the IRS when they were unable to get a Social Security number. The loans proved popular.

And as the credit crunch put many borrowers in jeopardy in recent months, the so-called "ITIN" mortgages proved uncommonly stable -- immigrants with such loans had far lower delinquency rates than sub-prime borrowers, and even had a better history of timely payments than borrowers in conventional mortgages.

READ FULL STORY HERE!

 
Posted by Latino Real Estate Community Online on 12/12/2007 09:46 AM   Comments (2)   ,  
Post is included in group: ITIN Loans

2 Comments on FEWER ILLIEGAL RESIDENTS APPLY FOR HOME LOANS

Probably the reason for this falls under the definition of aiding & abetting felony-statue on federal law Section 8 USC 1324(a)(1)(A)(iv)(b)(iii)

This law has a 6 year statue of limitations and companies currently violating these laws can be prosecuted up to 6 years in the future

02/07/2008 08:33 PM by Jeffrey Allen (GlobalCrossroadsCapital.com)

Jeffrey,

If our Federal Government would enforce the laws currently on the books we wouldn't have so many illegally owned guns on the streets of all our large cities in the USA.

If our Federal Government would enforce the laws currently on the books we wouldn't be the larges manufacturer of refined illegal drugs in the world.

If our Federal Government would enforce the laws currently on the books many of our co-workers in the real estate community would not licensed (because of their illegal activities) - and maybe we would have avoided this "mortgage meltdown" that sent shock waves around the world.

If our Federal Government would enforce the laws currently on the books we wouldn't need to have a Comprehensive Immigration Reform.

So why don't we just elect another series of law makers that will continue to create more government programs that can't be financed or enforced by the Federal Government.

So could you see the FBI, Home Land Security, State Troopers, Local Police, and/or Sheriff Officers rounding up the CEOs, CFOs, Realtors, Brokers, LOs, and Title Clerks involved with creating jobs for dozens of American citizens by legally selling homes to families in transition of obtain proper documentation from a antiquated immigration system.

02/08/2008 04:07 AM by Eliud Gautier (Casa Latino Delaware Valley)

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