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ImmigrationProf Blog
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A Possible Legislative Response to Bank Pursuit of Undocumented Immigrant Market

By immigrationprof

A bill has been introduced by Rep. John T. Doolittle (R-Roseville) would amend the Truth in Lending Act to bar an increasingly popular mortgage concept: providing home loans to applicants using an Individual Taxpayer Identification Number in lieu of a Social Security number. Dozens of banks around the country have begun offering home mortgages to undocumented immigrants using ITINs.  The LA Times article about the proposal can be found here.

Bank of America provoked a controversy (here) recently when it announced a pilot program in Los Angeles to provide credit cards to resident alien customers who lack Social Security numbers but have ITINs.

KJ