Trump promises to ban mortgages for undocumented immigrants
CNN
Former President Donald Trump plans to ban mortgages for undocumented immigrants, he said in a speech at the Economic Club of New York on Thursday.
Former President Donald Trump plans to ban mortgages for undocumented immigrants, he said in a speech at the Economic Club of New York on Thursday. Trump claimed the measure would help address housing affordability because a “flood” of people entering the country illegally are pushing up housing costs, but undocumented immigrants only make up a tiny portion of the mortgage market. In 2023, only 5,000 to 6,000 mortgages were made to holders of Individual Tax Identification numbers, according to a recent Urban Institute report. Those who are not legally authorized to work in the US obtain ITINs to file taxes, since they are not eligible for Social Security numbers. Most ITINs are issued to those from Latin American countries. Some 4.3 million first mortgages were originated in 2023, according to Equifax. It’s often very difficult for undocumented immigrants to obtain home loans, even though the USA Patriot Act of 2021 allowed banks to accept ITINs as a form of identification. “A small yet growing set of lenders offer mortgage products to ITIN holders, often at higher interest rates and with stricter lending requirements, despite anecdotal evidence that this type of lending does not pose additional risk to the housing finance system,” the Urban Institute report states.
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