Mortgages for illegal immigrants

Posted on: July 30th, 2007
Filed Under: [ Business ] [ Hispanic News ] [ Real Estate ] [ Blogante Business ]
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Knowledge is Power!

“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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