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Mortgages for illegal immigrants
Tagged: social security numbersPosted on: July 30th, 2007“As part of an effort to tap a burgeoning Hispanic market, banks are increasingly experimenting with mortgage loans that can be obtained by illegal immigrants.
A growing number of financial institutions, including some in the Carolinas, are accepting Individual Taxpayer Identification Numbers on loan applications in lieu of Social Security numbers. The IRS issues so-called “ITINs” solely to process tax payments, regardless of immigration status.
The loans, which represent a fraction of the more than $2 trillion annual mortgage market, are legal. Banks are required to verify the identity of their customers for anti-terrorism and money-laundering purposes but dont have to check immigration status.”
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Filed Under: 1. Hispanic News, Business, Business News, Real Estate
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