|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.
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- Prestamo ITIN