"It's going to have a devastating effect," said Maria Monreal-Cameron, president and chief executive officer of the Hispanic Chamber of Commerce of Wisconsin.Previously: Home loans for illegal aliens facing resistance in Wisconsin
The Immigrant Lending Program was a partnership among WHEDA, Mortgage Guaranty Insurance Corp. [contact them] and 25 banks statewide. Participating banks included Associated Bank, Green Bay; Guaranty Bank, Brown Deer; and Mitchell Bank, Milwaukee.
Some lawmakers, including state Sen. Glenn Grothman (R-West Bend), felt the effort rewarded illegal immigrants and sent a message that Wisconsin didn't take immigration laws seriously.
...Ending the loan program was regrettable, [WHEDA executive director Antonio Riley] said, but he added signs are emerging that the private sector may begin offering fixed-rate loans to undocumented people at conventional rates. The program also increased lenders' knowledge and understanding of how to underwrite and process loans for people without Social Security numbers, he said.
...MGIC insured mortgages obtained through the housing authority's program. The agency was one of the lenders participating in MGIC's "Building a Life in America" program, which insures mortgage loans for those without Social Security numbers, said Geoff Cooper of MGIC.
...[Mitchell Bank] will continue to offer mortgages to people without Social Security numbers...
...The loan program's supporters could reintroduce the program in future legislation, Wieckert said.
Immigration · Mon, 01/23/2006 - 17:25 · Importance: 1