Thread: Lenders import ways to extend Mortgages to Migrants

http://www.bankrate.com/brm/news/mortga ... 0324a1.asp

Lenders import ways to extend mortgages to immigrants

By Holden Lewis • Bankrate.com

Immigrants are increasingly getting the message: "Welcome to America. Now buy a house."

An immigrant with a scant credit history? Solvable. A family who wants to pool money to make a down payment? That's just fine. A borrower who is in the United States illegally? Not an insurmountable problem.

The federal government's policy is to raise the homeownership rate, and the most-efficient way to do that is to concentrate on minorities and immigrants.

Last year, Countrywide introduced its Optimum Loan program, under which borrower education is just one facet. Optimum combines disparate features of many loan products into one:

*allowing low or no down payment;

*supplementing the credit record
with "nontraditional" credit;

*recognizing cash income, and rent from housemates;

*permitting the pooling of money for down payment and closing costs.

This was a recipe for certain failure. And it came full circle yesterday as the Dow dropped 387.18 on bad news about these very mortgages.

Its a path weve been on for seven years. Its shocking to go to their websites and see them cater to illegal aliens. Everything from using ITINs to Matricula for forms of ID. And now they want the feds to bail them out.

Yea the mortgage sector is hurting! People got home loans in the past 5 years or so on a false sense of security! Lenders would run credit checks but not if you could really afford the home over XX period of years! Where I live there has been major build up of homes and condos that start at a low low price of $500,000!!! The biggest joke is the rental market is no better as for another 300-500 dollars more a month you can get a mortgage and get a house! The housing market stretched to far an will in almost no doubt to hurt the economy! Also strangely the gas prices in my area started to drop while the oil prices continue to rise? It has me a bit skeptical???