Didn't know rdb3 was a fed... And all this time I thought it was the government's job to enforce the law.
Thrift targets mortgage product to undocumented (ILLEGAL) Hispanics
A new mortgage product for immigrants who lack Society Security numbers has been unveiled by New South Federal Savings Bank.
Casa Mia, a 20-year, fixed-rate loan, allows people to borrow as long as they have two years of residency, two years' steady employment and an Individual Tax Identification Number from the IRS. The borrower must also have sufficient credit standing.
Geared toward Hispanic people, Casa Mia is being launched in Birmingham and will then be expanded to the Atlanta/Duluth, Phoenix and Houston markets. The bank found that, based on chamber numbers, Birmingham is at the center of north Alabama's growing Hispanic population, which increased 208 percent between 1990 and 2000. Six of the state's seven counties with an Hispanic growth rate exceeding 575 percent are within 75 miles of Birmingham.
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Mexican consul general Maria De Los Remedios Gomez-Arnau and New South Federal's vice president of community reinvestment, Marth Walters-Pierce, are scheduled to join Couch Monday morning at the Crestwood Boulevard location to introduce the new product. Loan applicants receive counseling about the responsibilities of homeownership.