Georgia Immigration Reform Scares Illegal Immigrants From Buying Homes
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In an interesting twist, Georgia’s new Immigration Law has slowed home buying by Hispanics has slowed down greatly. What would typically happen is that they would illegally use social security numbers that belonged to someone else.
What is amazing to me is that this is mortgage fraud in itself. So someone is illegally in the country committing mortgage fraud, and according to the tone of the article and a mortgage broker we should feel bad for them? Or that this will directly impact the housing market and we need a call to action?
Come on, if I was the Georgia government I would investigate this lender Raymond Amengual and see how many ways he has committed intentional and unintentional mortgage fraud making loans on illegal identification. Or maybe I should refinance using fake information as it looks like this is okay to do now.
There’s no question that there’s a panic in the Hispanic community,” said Raymond Amengual, a lender with AHM Mortgage. “The problem is not so much their immigration status as the new laws that make them think they might not be able to work.”
Illegal immigrants buy homes with Social Security numbers that don’t belong to them or with individual tax identification numbers from the Internal Revenue Service.
Amengual says eight of every 10 of his clients use the tax IDs. He’s averaging three loans a month this spring, down from 10 a month last year.
Real estate agents who cater to buyers with tax IDs report similar drops.
How much the pause in home-buying among some Latinos will affect the national real estate market is difficult to tell. Housing industry professionals say much of the future growth in their industry hinges on minorities and immigrants, legal and illegal, because the Anglo population is not expanding as fast. via Star-Telegram
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