In a pilot program described as the first of its kind, an agency created by the state government is making it easier for illegal immigrants in Wisconsin to obtain mortgage loans. Immigrants who do not have Social Security numbers - a common requirement for loans - can use an alternative government-issued tax number to get financing for new homes, under the Wisconsin Housing and Economic Development Authority (WHEDA) program.
Some say the Wisconsin program is an example of how groups and companies are starting to recognize the potential market of immigrants. Critics say the program provides a reward for those who are violating immigration laws. Some banks already issue mortgage loans to illegal immigrants, but WHEDA is believed to be the first and only quasi-government organization to buy such loans from the banks, said Geoff Cooper, director of emerging markets for MGIC Investment Corp., and Gary Acosta, president of the National Association of Hispanic Real Estate Professionals.The agency, which funded more than 4,000 home mortgages last year, underwrote 87 mortgage loans to ITIN holders since the program started in April.
Illegals are getting help with loans from our gov't to buy houses here, which they would illegally reside in...what's wrong with this picture? But I'm happy for the Iraqis that GWB is concerned about their border security. At least someone is having their country's sovereignity protected. |