The (illegal) American Dream
May 3, 2007
The nation’s big banks, scrambling for customers, are pitching mortgages to illegal immigrants.
Two years ago, making home loans to people who are in the U.S. illegally was largely limited to community banks that wanted to revitalize neighborhoods by offering low-cost mortgages to local workers. There are signs that these loans, which comply with regulatory requirements and which represent a sliver of the nation’s $10 trillion mortgage market, are starting to take off in the broader banking industry.
Whoever hits the street first with these loans will be the winner,” says Timothy Sandos, president of the National Association of Hispanic Real Estate Professionals. The group says at least $85 billion of mortgages could be originated from 375,000 households occupied by undocumented renters, up from an estimated $44 billion from 216,000 households a few years ago.
Good call Timothy. You bet $700,000,000,000 that being a racist who lends money to criminals would be a financial winner. Unfortunately it looks like you bet with our money.
From his bio at The National Association of Hispanic Real Estate Professionals:
Sandos was executive vice president of Emerging Markets for St. Louis-based CitiMortgage, where he led the company's programs and initiatives that targeted minority and underserved market segments throughout the nation.