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  • Home Loans to Illegal Immigrants Sturdy But Show Some Cracks

    10/17/2007 10:30:51 AM PDT · by JZelle · 29 replies · 567+ views
    The Washington Times ^ | 10-6-07 | Miriam Jordan
    Despite the downturn of the mortgage market, a type of home loan has remained surprisingly sturdy: one extended to illegal immigrants. Now, the question is whether these loans will continue to hold up. A number of factors -- including a possible government crackdown on illegal workers and a slowdown in job prospects for undocumented laborers -- threaten the ability of these borrowers to keep paying. And there are signs of a slowdown as some lenders have raised the interest rates they charge because of the recent mayhem in the credit markets. Known as ITIN mortgages because applicants must have an...