Header Ad Module

Collapse

Announcement

Collapse
No announcement yet.

More Banks to Offer Illegal Immigrants Mortgages

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • More Banks to Offer Illegal Immigrants Mortgages

    More Banks to Offer Illegal Immigrants Mortgages

    (July 25, 2005) -- Illegal immigrants residing in metropolitan Phoenix, Ariz., now have access to mortgages, provided that they have an Internal Revenue Service taxpayer ID number, a two-year employment history, and a decent credit rating.

    Banco Popular North America of New York and Alabama's New South Federal Savings Bank are providing such mortgages to Phoenix residents, and the National Association of Hispanic Real Estate Professionals expects other banks to follow suit.

    Many small banks are using these loans to forge loyal customer relationships and reach out to a group they believe is largely underserved.

    However, many larger lenders are hesitant to enter the market just yet, as Fannie Mae and Freddie Mac do not yet purchase and sell these loans on the secondary market. While there is no state or federal law to prevent lenders in Arizona from financing undocumented residents, the trend has raised the ire of illegal-immigration critics such as state Rep. Russell Pearce (R-Mesa), who intends to roll out legislation to block such mortgages.

    Source: Mohave Daily News (07/25/05)
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx
Working...
X