Report: Undocumented Residents Make Better Homeowners - NBC Bay Area

Report: Undocumented Residents Make Better Homeowners

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    Report: Undocumented Residents Make Better Homeowners

    The LA Times has blown the whistle on illegal residents who also happen to own homes: They're better at it than card-carrying U.S. citizens. Mortgages held by undocumented residents in California and beyond have had fewer delinquencies than the average account due, in part, to stricter lending requirements. No Social Security number? No problem! Over 12,000 home loans were issued last year to folks holding a government taxpayer I.D. number— not a Social Security number. Such numbers are ostensibly issued to foreign-born residents living legally in the U.S., but it's widely known by those in the know that they're largely used by illegals, too. It's all good though, apparently: some were underwritten by the Hispanic National Mortgage Association, and a partnership between Citibank and Acorn Housing reports some of the lowest delinquency rates of all affordable housing programs. So about that risk of being booted from the country at any given moment— sticky sitch, no?
    · Illegal residents but responsible homeowners [LAT]

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