Free Republic

A coalition including Citibank, Bank One, and 33 other banks—banded together as the New Alliance Task Force—are rolling out a model loan program meant to bring undocumented Chicago immigrants into the mortgage mainstream. A few lending pioneers already provide home financing to immigrants with no Social Security numbers, and the task force's hotly debated plan provides guidance to other banks that are interested in following this lead. Without Social Security identification, banks can quantify applicants' credit risk by contacting employers, landlords, and utilities; but the greater risk of extending credit to these borrowers is reflected by a higher interest rate....

AMERICAN DREAM DOWNPAYMENT ACT -- (Senate - November 24, 2003) Mr. ENSIGN. Mr. President, I ask unanimous consent that the Banking Committee be discharged from further consideration of S. 811 and the Senate now proceed to its immediate consideration. The PRESIDING OFFICER. The clerk will report the bill by title. The legislative clerk read as follows: A bill (S. 811) to support certain housing proposals in the fiscal year 2003 budget for the Federal Government, including the downpayment assistance initiative under the HOME Investment Partnership Act, and for other purposes. There being no objection, the Senate proceeded to consider...