Supporters of illegal immigration will be saddened to learn that a bill signed into law last year will prevent the Wisconsin Housing and Economic Development Authority (WHEDA) from giving home loans to illegal aliens.
The
article with the news is from the Business Journal of Milwaukee and the author is Jennifer Batog, but it doesn't appear to be at their site. In any case, it's located at MSNBC under the misleading title "Detractors kill immigrant loan program". Those in question aren't "immigrants", they're "illegal aliens". And, if MSNBC were in favor of this I doubt whether they would have used such negative words and in a negative sense.
"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.
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.
Previously:
Home loans for illegal aliens facing resistance in Wisconsin
Immigration · Mon, 01/23/2006 - 16:25 ·
·
Importance: 1
Comments
Besides the usual failure to make a distinction between legal and illegal immigrants there's an interesting unnoted issue.
The Mortgage Guarantee Insurance Corp has a huge interest in allowing illegal immigrants to keep the demand for housing up when there is a possible bubble that could create massive liabilities for it. The relationship between housing prices and immigration is rarely talked about and references to it are most commonly termed "demographics" to obfuscate the issue.
Posted by: Jeff at Jan 24, 2006 11:29 AM
Of course private banks are making loans to illegals everywhere. It's done every day. The sob story approach is just a ploy to get federally insured loans, which then lenders could exploit to generate more, and sometimes less credit worthy, loans and profits.
Posted by: Pat at Jan 24, 2006 8:56 AM