Illegal Immigrants Have Little Problem Securing Home Loans in Mid-South - KAIT Jonesboro, AR - Region 8 News, weather, sports

Memphis, TN

Illegal Immigrants Have Little Problem Securing Home Loans in Mid-South

NOVEMBER 13, 2006 - Posted at 7:32 a.m. CST

 

MEMPHIS, TN - Real estate and mortgage companies say its profitable to them to offer services to immigrants in the country illegally.

One bank, the Bank of Bartlett, started a mortgage program for people without Social Security numbers, which likely includes some illegal immigrants.

Bank Chairman and CEO Bob Byrd says federal banking officials gave him the idea at a conference.

Federal officials say they encourage banks to offer services to immigrants, but don't take a position on lending to those in the country illegally.

Many immigrants are attractive borrowers because they have substantial savings from their jobs and pay a lot of cash up front.

But Steve Camarota with the Center for Immigration Studies in Washington says the process is still unethical.

(The Associated Press contributed to this report.)

Powered by Frankly