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H.R. 480, To amend the Truth in Lending Act to prohibit issuance of residential mortgages to any individual who lacks a Social Security account number (3 comments ↓)
H.R. 480 would amend the Truth in Lending Act to prohibit issuance of residential mortgages to any individual who lacks a Social Security account number.
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Thinker
I'm guessing this amendment is centered around preventing illegal immigrants from benefiting from homeownership. This is pure posturing.
I've been in the mortgage industry for 8 years, and I can't think of one example where a bank would take such a risk as to lend money to someone who is here illegally. Questions of citizenship or work authorization are already asked. The last thing a bank would want was for someone to skip the country with their money. However this would unnecessarily impede foreign workers, here legally. from obtaining financing.
This amendment isn't worth the ink.
win
You apparently are not in one of those states like Illinois with a loan program through banks specifically for "undocumented workers"
We need this law. The specialty treatment some states and local government give to illegal aliens have just gone to far.
Chicago is a "sanctuary city". Chicago is the majority of the population in Illinois. The Chicago political machine pretty much runs the whole state. So even the down state areas are stuck with the laws the Chicago politicians write. In fact Chicago makes the down state vote not count for Presidential elections, senators, Governor etc.
ivagrey
First of all, in order to receive loans through programs like the one in Illinois, undocumented workers must pay taxes and prove to lenders that they are creditworthy just like any other citizen. In fact, these types of loans actually encourage undocumented workers to pay taxes and research has shown that undocumented workers actually have a lower default rate on their mortgages than the average American citizen. (Yes, that's right, undocumented workers DO pay taxes like the rest of us.)
Secondly, your characterization of Chicago is ridiculous! Last time I checked Chicago's population was barely 20% of the State of Illinois'. Maybe the solution would be to increase voter turnout in your own area? But I'm sure you'd rather just complain about some spooky "political machine" that still allows dead people and pets to vote.