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01-24-2006, 05:53 AM #1
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Detractors kill immigrant loan program
http://msnbc.msn.com/id/10985222/
WHEDA drops lending to the undocumented
By Jennifer Batog
The Business Journal of Milwaukee
Updated: 7:00 p.m. ET Jan. 22, 2006
New legislation has required state housing officials to drop a program that some Republicans criticized because it helped banks provide home loans to undocumented immigrants.
The program's detractors attached an amendment killing the program to the so-called modernization bill for the Wisconsin Housing and Economic Development Authority (WHEDA). The bill and amendment passed the state Assembly in November and the Senate in December. Gov. Jim Doyle, a Democrat, signed the bill into law Dec. 21, 2005.
Banks can continue to serve undocumented immigrants, but the program's end means it could be more difficult and costly for undocumented immigrants to obtain home loans. Banks also likely would make fewer loans to such borrowers.
The program's supporters said its elimination could hurt economic development in urban neighborhoods.
"It's going to have a devastating effect," said Maria Monreal-Cameron, president and chief executive officer of the Hispanic Chamber of Commerce of Wisconsin.
The Immigrant Lending Program was a partnership among WHEDA, Mortgage Guaranty Insurance Corp. and 25 banks statewide. Participating banks included Associated Bank, Green Bay; Guaranty Bank, Brown Deer; and Mitchell Bank, Milwaukee.
Some lawmakers, including state Sen. Glenn Grothman (R-West Bend), felt the effort rewarded illegal immigrants and sent a message that Wisconsin didn't take immigration laws seriously.
WHEDA closed 261 loans worth $29.5 million during the program which began in April 2004 and ended in December 2005. That represented about 5 percent of the agency's 2005 loans.
Political maneuver
The Doyle administration decided to give up the immigrant loan program in order to overhaul WHEDA.
The overall WHEDA modernization bill increases income limits for borrowers and raises the agency's bonding authority so it can support more economic development aid for small businesses and multifamily housing developers. The agency estimates those changes could result in a $500 million economic boost for Wisconsin.
"I don't think killing the modernization bill is the best way to help working families and grow the economy in Wisconsin," WHEDA executive director Antonio Riley said.
Under the Immigrant Lending Program, participating lenders could offer undocumented borrowers WHEDA's 30-year fixed mortgage product, which has an interest rate below market rates. That reduced down payments and made it easier for borrowers to avoid defaulting on the loan because they had a fixed payment.
A number of banks lend to undocumented borrowers, but usually use adjustable rate mortgages with higher interest rates. Undocumented people often are issued ITIN numbers, or Individual Taxpayer Identification Numbers, so they can file tax returns and receive refunds. They do not have Social Security numbers.
Ending the loan program was regrettable, Riley said, but he added signs are emerging that the private sector may begin offering fixed-rate loans to undocumented people at conventional rates. The program also increased lenders' knowledge and understanding of how to underwrite and process loans for people without Social Security numbers, he said.
"We think that we've kind of helped the market to settle down around a better way to offer those mortgages," Riley said.
Neighborhood issues
Still, eliminating the effort undermines economic development in low-and moderate-income urban neighborhoods, said Monreal-Cameron. Immigrants are willing to buy homes in urban neighborhoods and renovate them, which adds to those areas' economic development, she said.
"It certainly is a shame that they've turned their backs on a program that would have certainly helped a new wave of immigrants," she said.
Grothman disagreed, saying the number of mortgage loans provided through WHEDA's effort was not enough to make a difference in an area's economic development.
"I think people who were in favor of the program were really making more of a political statement than an economic statement," he said.
MGIC insured mortgages obtained through the housing authority's program. The agency was one of the lenders participating in MGIC's "Building a Life in America" program, which insures mortgage loans for those without Social Security numbers, said Geoff Cooper of MGIC.
"While we're disappointed to see the program discontinued, it was an immaterial portion of our overall volume," he said.
Cooper declined to disclose the number of loans MGIC insured through the housing authority's program or its Building a Life program. WHEDA loans amounted to less than 10 percent of the Building a Life program, he said.
Mitchell Bank closed 40 mortgages totaling $3.4 million under WHEDA's program, said James Maloney, the bank's board chairman. None of those are delinquent.
The bank will continue to offer mortgages to people without Social Security numbers, but the process will be slower, interest rates will be higher and the type of home buyers can afford will be different, Maloney said. He noted that home ownership in the bank's near south side neighborhood is only about 20 percent. That was beginning to change with WHEDA's program, he said.
"The real disappointment is that we were making so much good progress in putting people in homes and they were actually fixing up the neighborhood," Maloney said. "It's shortsighted, but those are the political realities."
Rep. Steve Wieckert (R-Appleton) authored the legislation and voted for the amendment eliminating the program. He said modernizing WHEDA was too important to hold up because of one program. He noted that ending the program doesn't mean those with ITIN numbers cannot get loans -- it just means they can't use WHEDA's product.
The loan program's supporters could reintroduce the program in future legislation, Wieckert said.Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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01-24-2006, 09:03 AM #2
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https://www.alipac.us/article1003.htmlJoin our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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01-24-2006, 11:51 AM #3
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Listen...we're going to deport those so called 'immigrants' and when we do they will have to default on those loans...now just WHO do you think will end up holding the bag?? Guess.
RRThe men who try to do something and fail are infinitely better than those who try to do nothing and succeed. " - Lloyd Jones
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01-24-2006, 07:28 PM #4
This is insane. Before reading this I had not realized just how far all of this has gone.How the *&*# do you get aITIN if you are not a U.S. citizen. For goodness sake you have to get it from the U.S. government how do they not know your a citizen. Lets get real most of us would not file tax returns if not made to unless we
knew we were getting a refund,so its only follows why they would file taxes.Apparently they don,t have to worry about the INS finding them.It's not like they are part of the same government Not only are they fed before they are sent back across the boarder if they don't get caught they are rewarded in some states with loans and if they get hurt at a job they are not suppose to be working anyway{BECAUSE THEY ARE NOT HERE ILLEGALLY]what the heck lets give them workmans comp too. They are the only group {ILLEGALS] that I know of that are rewarded for breaking the laws. OH WHAT HAVE WE BECOME
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01-24-2006, 07:48 PM #5
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Hi Chocko, Welcome to ALIPAC.
Yes, it is truly amazing that ILLEGAL IMMIGRANTS are rewarded for breaking the law.
They can get loans, jobs, use hospital emergency rooms until they actually close the hospitals & deliver babies at no charge to them & have taxpayers provide for each anchor until s/he graduates from high school-colleges in some states, can drive drunk without licenses, insurance or even tags, send their kids to schools that have to provide ESL teachers & get free/reduced lunches. But they are able to send BILLIONS of $$s out of the US each year. And so on and so on and so on.Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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01-24-2006, 08:11 PM #6Originally Posted by chocko
https://www.alipac.us/ftopict-12995-workers.html+compSupport our FIGHT AGAINST illegal immigration & Amnesty by joining our E-mail Alerts at http://eepurl.com/cktGTn
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01-24-2006, 09:35 PM #7
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Hi Chocko and welcome to the board. You'll find many shocking things occuring in these United States of America these days.
Please join right in and help us fight these battles...it's sorta like trying to turn the tide, but with ever greater numbers of angry taxpayers i believe we can do just that.
Be sure and tell your friends and family....we can use all the help we can get...and the more informed citizens we have the better we can lay 'em low.
Cheers,
RRThe men who try to do something and fail are infinitely better than those who try to do nothing and succeed. " - Lloyd Jones
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01-24-2006, 10:39 PM #8
Welcome to ALIPAC Choco.
The rabbit hole goes a lot deeper than this.
Please check out our stories archive and make sure you read about "Building a North American Community" from the Council on Foreign Relations CFR.
They are giving them loans because they plan for the illegals to stay.
They plan to completely merge the economies and populations of the continent.
Some little things like 200 million angry Americans and the US Constitution standing in their way.
WJoin our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
EXPOSED! UNITED NATIONS HAS A SECRET PLAN TO INVADE AMERICA |...
05-20-2024, 11:43 PM in Videos about Illegal Immigration, refugee programs, globalism, & socialism