Mortgages for illegal immigrants

“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.”

Stumble it! | |