It looks like they are doing whatever it takes to sell houses and illegal aliens are on their radar screen.
Realtors project housing boom if alternate credit scores adopted
No law requires that buyers be in the country legally in order to purchase real estate. Citibank, for instance, doesn't require that borrowers be citizens or legal residents of the United States, Citigroup spokeswoman Janis Tarter said. As with many other minority and immigrant communities, bringing Hispanic families into the mortgage market is a continuing challenge, say officials at Federal Reserve Banks across the country.
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Creditors like Citigroup Inc.'s Citibank see recent immigrants as a growing market niche, but those who lack Social Security numbers or legal status in the U.S. are often rejected by the three major credit bureaus.
A handful of new credit reporting systems already used by 200 real estate brokers, community groups and mortgage counselors nationwide allows them to calculate risk by evaluating a prospective client's utility bills and rent checks.
Should the new reporting methods gain wider acceptance on Wall Street and among secondary mortgage lenders like Fannie Mae, housing markets in places like California's Central Valley would stand to gain the most...
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"...those who lack Social Security numbers or legal status in the U.S. are often rejected by the three major credit bureaus."
It is outrageous that they don't track the illegals! The next time one of the financial institutions uses my credit score for anything, I'm going to go ballistic.
"Juan Romo, a part owner in Su Casa, said he's seen the number of Spanish-speaking real estate agents in the Memphis area jump from two or three in 1999 to about 50 today. He said that when people without Social Security numbers buy homes, they help develop the economy."
"They integrate more into Memphis, too," he said. "I don't see any wrong in doing that, really." "
He doesn't see anything wrong with it? They help develop the economy? The number of real estate agents has jumped to 50 in about 7 years! And this is Memphis, not a border state! They are even having problems in Maine! Listen up people, if you don't stand up now, you're going to be speaking espanol! Just say NO!
I guess what really chaps me is that we are thinking of having a home built up in rural N.E. Texas...
We have the land, the site picked out...We don;t want anything fancy or ornate, hard to maintain etc etc...
Just a nice cabin in the woods so to speak...
I plan on using my VA benefit to secure the loan, but I figure we're still going to have to jump through some major hoops to get our deal done...
And to think people here illegally can grease right through and aquire fantastic rated loans, buy houses, vehicles with little or no hassle...
Something slightly wrong here...