January 04, 2005

Welcome to the wacky world of corruption

MILWAUKEE - In a pilot program described as the first of its kind, an agency created by the state government is making it easier for illegal immigrants in Wisconsin to obtain mortgage loans.

Immigrants who do not have Social Security numbers - a common requirement for loans - can use an alternative government-issued tax number to get financing for new homes, under the Wisconsin Housing and Economic Development Authority (WHEDA) program...

...Some banks already issue mortgage loans to illegal immigrants, but WHEDA is believed to be the first and only quasi-government organization to buy such loans from the banks, said Geoff Cooper, director of emerging markets for MGIC Investment Corp., and Gary Acosta, president of the National Association of Hispanic Real Estate Professionals...

...But state Sen. Glenn Grothman, R-West Bend, is threatening legislative action if WHEDA doesn't kill the program, which he contends rewards people for breaking the law.

"It is an insult to border guards and immigration officials who are trying to enforce the immigration law," he said. "It is an insult to people who are waiting patiently to enter the country legally..."

Past coverage of banking corruption starts here.

Posted to Immigration2005a at January 4, 2005 12:00 PM

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