Thread: Home-buying program has cash, controversy

http://www.signonsandiego.com

Home-buying program has cash, controversy


Undocumented residents being recruited for loans
By Janine Zúñiga
UNION-TRIBUNE STAFF WRITER
February 6, 2006

A major U.S. bank has funded its first home loans to undocumented Mexican immigrants in San Diego County in a move that targets a lucrative, wide-open market while providing new grist for the debate over illegal immigration.

The local program, which uses tax identification numbers instead of Social Security numbers, is similar to programs run by small lenders – and two state agencies – around the country that have distributed millions of dollars to undocumented immigrants over the past few years.

“There is a huge untapped market out there, but it is a controversial program,â€

BOYCOTT CITIGROUP!

http://www.signonsandiego.com

Home-buying industry busy wooing Latinos


By Janine Zúñiga
UNION-TRIBUNE STAFF WRITER
February 6, 2006

Savvy real estate professionals are capitalizing on what they see as a huge market of first-time home buyers among Latinos, who make up the fastest-growing minority group in the United States.

Forty million Latinos live in the United States, according to the U.S. Census Bureau's 2004 figures, and 30 percent of them are in California. Nearly 1 million Latinos make San Diego County their home, and real estate agents, brokers and lenders are busy pursuing them.

Ruben Gonzalez started Latino Lending Network, a local company that links lenders and borrowers, after seeing a need for Latinos to guide other Latinos through the complicated home-buying process.

The business has grown from what was a one-man office in Mission Valley 2½ years ago to 10 employees today. Gonzalez said he hosts seminars at churches, sends out mailers and places ads on a Spanish-language Christian radio station.

That's how he met Gilberto and Julia, who recently purchased their first home – a Chula Vista four-bedroom house – for $500,000. While Julia has a green card and lives in the United States legally, Gilberto does not. The couple spoke with The San Diego Union-Tribune on the condition their full names not be used.

The home is in Julia's name, and they both contribute to the $3,017 monthly mortgage.

“We never thought it would happen,â€

I know a lot of people have Citibank credit cards. Here's your chance to make a statement. Cut your card in half and send it back with a note telling them why you're no longer going to use their services.

I'm glad I'm in this article telling people there is opposition, but they slaughtered my quotes.

“We're seriously looking at getting these banks charged with aiding and abetting someone who's a criminal,â€

They are giving the loans to the illegals because they know the illegals have jobs and are going to get to keep them, while the Americans who may still have a job are about to lose it to an illegal, guest worker, or visa holder.

THAT's Globalism--Bush Style!

Not only are they using our tax dollars for these loans but the illegals get a better rate of inerest then we can ever hope to get. Talk about screwing American's left, right and center!