Thread: Mortgage Program to Help Both Illegal & Legal Immigrants

http://cbs2chicago.com/local/local_story_345174045.html
Nov 11 2005 10:36 pm US/Central

Mortgage Loan Program To Help Poor, Immigrants
Mike Parker
Reporting

(CBS) CHICAGO Illinois is now only the second state in the nation to offer affordable mortgages to residents who have jobs but don't have a credit history or Social Security numbers.

CBS 2's Mike Parker reports on who will benefit from these opportunity loans.

British born Man Lee Yee has a good job at the Chinese mutual aid association and wants to buy a home in the Chicago area. But without a credit history, she couldn't -- until now.

A new state of Illinois program is now in effect to make home ownership available to hard working immigrants and low income people. It provides low interest loans and down payments on real estate for first time buyers and keeps those buyers out of the hands of unscrupulous lenders and their exorbitant interest rates.

"The program keeps those families from being exploited by predatory lenders. Instead, they can go through our program if they need a down payment on the American dream," said Gov. Rod Blagojevich.

Man Lee Yee talked about her plight as state housing officials and congressmen announced the program, known as Opportunity I-Loan.

"Now that we have hope of owning our own homes now, and I'm just so glad that other hard working immigrants like myself have not been forgotten now," she said.

"At the end of the day, irregardless of their immigration status, they too should be able to share in the American dream of home ownership," said U.S. Rep. Luis Gutierez (D-Ill.)

The Illinois real estate market continues to be hot, with well over 100,000 homes trading hands every year. The Blagojevich administration hopes the new program will turn up the temperature even further.

In response to the governor's new program, state Sen. Bill Brady, a Republican candidate for governor, said he will introduce legislation in the General Assembly next month to prevent taxpayer funds from being used to support mortgages for illegal immigrants in Illinois.

The launch of the Opportunity I-Loan program Sunday makes Illinois the second state to provide state-guaranteed mortgages to people without traditional credit histories, checking accounts or Social Security numbers, Gov. Rod Blagojevich's office said.

The program will instead accept paycheck stubs, rent receipts and phone bills to prove credit worthiness.

Applicants also must prove they have paid income taxes for the past two years. For people who do not qualify for Social Security numbers, including undocumented immigrants, tax returns with Internal Revenue Service-issued Individual Taxpayer Identification Numbers will be accepted.

"This is a chance for us to really make a difference," said Illinois Housing Development Authority spokesman Bryan Zises. "Otherwise you're ignoring the population that is most vulnerable and needs it (loans) the most."

But the program is already drawing fire from groups opposed to government-funded programs that support undocumented immigrants.

"How illegal can an illegal alien be if the government is subsidizing his mortgage?" said Mark Krikorian, executive director of the Washington-based Center for Immigration Studies.

Under the program, borrowers will receive below market interest rates for a 30-year fixed rate mortgage.

A similar program was launched in Wisconsin about a year ago. Legislation to terminate the loan program, which finances mortgages for individuals with an IRS number, is on Gov. Jim Doyle's desk. Doyle has not decided whether he'll sign the bill, a spokeswoman said.

Blagojevich's office defended the Illinois program, saying it would help thousands of people in the state build better lives.

"Immigrants have come here to work hard and provide for their families and realize the American dream, and a big part of that dream is owning their own home," said Blagojevich spokesman Gerardo Cardenas.

To receive a home mortgage, borrowers must got through an IHDA-approved partner bank. The banks that currently origininate the Opportunity I-Loan are:

First Bank Mortgage
Frank Montanez
5310 W. Cermak Rd.
708-656-6330

Harris Bank
Roselyn Lockett
111 W. Monroe St.
312-461-6394

Hemlock Bank
Ana Garcia
3030 W. Cermak Rd.
773-277-0606

Letty Deagueros
234 Bolingbrook Dr.
Bolingbrook, IL
630-739-3400

LHI Mortgage
Emily Annerino
2700 W. Higgins Rd.
Hoffman Estates, IL
847-884-9300

Mid America
Alex Gardner
630-663-5589

Second Federal
Leo Escobedo
4811 W. Cermak Rd.
Cicero, IL
708-222-6340

My step children cannot get a home loan. Years ago they had to take bankruptcy, and they have no credit history. They do not have credit cards, etc.

BUT THESE ILLEGALS AND LEGALS CAN GET LOANS!

THIS IS NOT THE AMERICA I GREW UP IN AND LOVED.

Under the program, borrowers will receive below market interest rates for a 30-year fixed rate mortgage.

U.S. citizens who financed their mortage through these banks, that recieved above market rate interest rates due to so-so credit history, should collectively scream FOUL with a big fat lawsuit!