Thread: Illegal immigrants have little problem securing home loans

http://www.newschannel5.com/Global/story.asp?S=5668430

MEMPHIS, Tenn. Real estate and mortgage companies say its profitable to them to offer services to immigrants in the country illegally.

One bank, the Bank of Bartlett, started a mortgage program for people without Social Security numbers, which likely includes some illegal immigrants.

Bank Chairman and C-E-O Bob Byrd says federal banking officials gave him the idea at a conference.

Federal officials say they encourage banks to offer services to immigrants, but don't take a position on lending to those in the country illegally.

Many immigrants are attractive borrowers because they have substantial savings from their jobs and pay a lot of cash up front.

But Steve Camarota with the Center for Immigration Studies in Washington calls the process is still unethical.

How do they do a credit check without an SSN??

Here:

http://www.alipac.us/modules.php?name=F ... ht=#243892

There are special loans programs targeting illegals that are advertized in Spanish-language publications. I am told they are federally backed.

In my neighborhood, we have had a rash of homes being bought by illegals on these programs only to be abandoned within a year or so when illegal activity at the homes catches the attention of neighbors or law enforcement. Several narcotics dens cum illegal halfway houses have been busted in this neighborhood that had previously had zero narcotics problems.

At my local crime watch, our liason officer has pointed to easily obtainable loans with little or no documentation as a key reason these drug and smuggling dens are popping up like weeds.

How can they make loans to persons that can not legally occupy the real estate?
If I want to buy a property that I won't live in, I have to have a major down payment and pay several points more in interest. Seems real estate investors are being discriminated against by mortgage lenders. This needs to be addressed.

Originally Posted by loservillelabor

How can they make loans to persons that can not legally occupy the real estate?
If I want to buy a property that I won't live in, I have to have a major down payment and pay several points more in interest. Seems real estate investors are being discriminated against by mortgage lenders. This needs to be addressed.

The banks are driving the agenda and they are in a position to drive the agenda. They already know what the eventual outcome will be, so they are capitalizing on it now.