Thread: Illegal residents pass up mortgages

Illegal residents pass up mortgages
Deportation fears lead to big drop in applications
By Vanessa Bauza

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 “ITINâ€

This story is so scewed it's not even funny!

A lot of these "homeowners" buy houses as rental properties. They rent out rooms to illegals for higher than market value rents.

They exploit their own people. Hispanics do it, Russians do it, etc. Their profit is made on the backs of the poor.

Part of the higher default rate on prime mortgages may be due to the job competition from immigrants damaging natives' careers. I've certainly seen that happen. I'm old enough to remember if you worked hard and behaved yourself, your career would be stable and your income would go up over time. If that were still the case, some of these ARMs wouldn't be the worst idea (still not bright, but not as disastrous as they are in this economy). There's no such thing as a 'steady' job any more.

It's nice to know that illegals can get mortgages easier than the rest of us. I wonder what kind of interest rate they paid for that priviledge. It's always about money. I hope these lenders are prepared because as deportations increase, their delinquency rate will skyrocket.

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