Trump's Proposed Mortgage Ban for Undocumented Immigrants Sparks Debate

[Social Media]

 

In a recent policy speech, former President Donald Trump announced his intention to ban undocumented immigrants from obtaining home mortgages, a move he argued would help curb rising home prices. This proposal, however, has generated significant debate, as these borrowers make up a small fraction of the U.S. housing market.

 

Trump, the Republican nominee for the 2024 presidential election, made his remarks during an address to the Economic Club of New York, positioning his mortgage ban as a solution to the nation's housing affordability crisis. "The flood of undocumented immigrants is driving up housing costs," Trump declared, stating that his plan would "ban mortgages for illegal aliens." However, he did not provide specifics on how this ban would be implemented.

 

Undocumented immigrants in the U.S. can legally obtain mortgages through special loans designed for taxpayers without Social Security numbers. These loans, while legal, are not widespread. Researchers at the Urban Institute estimate that only 5,000 to 6,000 such mortgages were issued last year. In contrast, over 3.4 million mortgages were granted to all homebuyers in 2023, according to federal data.

 

Trump’s remarks come at a time when housing remains a critical issue for American voters. The pandemic led to unprecedented increases in rent and home prices, and mortgage rates have soared to levels not seen in over two decades. In a recent Wall Street Journal poll, housing ranked as the second-biggest inflation concern for voters, following groceries.

 

Despite Trump's assertions, many affordable housing advocates and real estate professionals believe his mortgage ban would have little impact on home prices. David Dworkin, president of the National Housing Conference, expressed frustration that such a small segment of the market was being targeted. “It’s unfortunate that given the significant housing affordability crisis that is widely acknowledged across most partisan lines, we are arguing about a minuscule segment of the market,” he said.

 

Gary Acosta, CEO of the National Association of Hispanic Real Estate Professionals, criticized the proposal as a political tactic to vilify immigrants. “It’s just another effort to vilify immigrants and to continue to scapegoat them for any issues that we have here in the United States,” Acosta said. He also noted that mortgage loans for undocumented immigrants typically come with higher interest rates and are often issued by regional credit unions and community development financial institutions.

 

While Trump’s mortgage ban has garnered attention, it remains unclear how much it would affect the broader housing market. Residential real estate purchases by foreign nationals, a related but separate issue, are far more significant, especially in cities like New York and Los Angeles. Yet, these sales have been declining, with many foreign buyers opting to pay cash rather than seek mortgage financing.

 

In addition to the proposed mortgage ban, Trump outlined other measures aimed at reducing housing costs, including cutting regulations for builders and expanding development on federal land. These ideas echo similar proposals from Vice President Kamala Harris, who has also been vocal on housing issues during her campaign.

 

As the 2024 election approaches, housing is likely to remain a key issue for voters. Trump’s proposal has added fuel to an already heated debate, but whether it will have the intended effect on home prices remains to be seen.

 

Credit: WSJ 2024-09-07

 

 

 

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[black tabby12345]

An illegal alien without any residency can get a home loan in America?

Amazing USA.

No wonder constant mass influx of illegal migrants to their  southern border.

 

Edited September 7 by black tabby12345

[RichardColeman]

15 minutes ago, black tabby12345 said:

An illegal alien without any residency can get a home loan in America?

Amazing USA.

No wonder constant mass influx of illegal migrants to their  southern border.

 

in the democrat world .............yes.

[thaipo7]

26 minutes ago, black tabby12345 said:

An illegal alien without any residency can get a home loan in America?

Amazing USA.

No wonder constant mass influx of illegal migrants to their  southern border.

 

Only $150,000 and does not  have to pay any money back until they sell the home. Right now only proposed in the "broke" state of CA.

[thaipo7]

1 minute ago, thaipo7 said:

Only $150,000 and does not  have to pay any money back until they sell the home. Right now only proposed in the "broke" state of CA.

Part of the Marxist Democrat plan to destroy the USA, along with most other things they are doing.

[thaibeachlovers]

9 hours ago, Social Media said:

David Dworkin, president of the National Housing Conference, expressed frustration that such a small segment of the market was being targeted. “It’s unfortunate that given the significant housing affordability crisis that is widely acknowledged across most partisan lines, we are arguing about a minuscule segment of the market,” he said.

It's not minuscule to anyone not able to get a house because illegals bought them.

 

I'm boggled that illegals are able to even get a mortgage. As they are liable to be deported at any time, they must be an unacceptable risk to the lenders.

[John Drake]

9 hours ago, Social Media said:

David Dworkin, president of the National Housing Conference, expressed frustration that such a small segment of the market was being targeted. “It’s unfortunate that given the significant housing affordability crisis that is widely acknowledged across most partisan lines, we are arguing about a minuscule segment of the market,” he said.

 

If it's such an insignificant issue for realtors, there should be no trouble or argument against banning home loans to illegals, yes? Besides, isn't the best time to stop this, now, while it's still "a minuscule segment of the market" and before it blows up into a gargantuan one?

[Chomper Higgot]

41 minutes ago, thaipo7 said:

Part of the Marxist Democrat plan to destroy the USA, along with most other things they are doing.

As in Government deciding who private businesses can lend money to.

 

Sounds a lot like centralized government authoritarianism to me.

[JonnyF]

Should give them a ban on not being deported immediately. 

[simple1]

1 hour ago, black tabby12345 said:

An illegal alien without any residency can get a home loan in America?

Amazing USA.

No wonder constant mass influx of illegal migrants to their  southern border.

 

 

Red meat for MAGA. From the OP...

 

Undocumented immigrants in the U.S. can legally obtain mortgages through special loans designed for taxpayers without Social Security numbers. These loans, while legal, are not widespread. Researchers at the Urban Institute estimate that only 5,000 to 6,000 such mortgages were issued last year. In contrast, over 3.4 million mortgages were granted to all homebuyers in 2023, according to federal data.

[simple1]

41 minutes ago, thaibeachlovers said:

It's not minuscule to anyone not able to get a house because illegals bought them.

 

I'm boggled that illegals are able to even get a mortgage. As they are liable to be deported at any time, they must be an unacceptable risk to the lenders.

 

Easily fixed, but...

 

Undocumented immigrants in the U.S. can legally obtain mortgages through special loans designed for taxpayers without Social Security numbers.

[bubblegum]

1 hour ago, thaipo7 said:

Part of the Marxist Democrat plan to destroy the USA, along with most other things they are doing.

Should I from now onwards refer you other right-wingers as Fascist Republicans or will you finally stop your Marxist BS?

[thaibeachlovers]

18 minutes ago, simple1 said:

 

Easily fixed, but...

 

Undocumented immigrants in the U.S. can legally obtain mortgages through special loans designed for taxpayers without Social Security numbers.

I did see that, but have no idea why they would be able to. Illegals broke the law to be in the US and they are given loans to buy a house- madness.

[spidermike007]

This hateful and racist candidate would say or do anything to demonize people who are not white and who are not wealthy. He is a filthy liar, and he is morally bankrupt, so he'll do anything to try to get elected. There are no boundaries to his degradation. 

 

Researchers at the Urban Institute estimate that only 5,000 to 6,000 such mortgages were issued last year. In contrast, over 3.4 million mortgages were granted to all homebuyers in 2023, according to federal data. 

 

So, he thinks one fifth of one percent is going to change things? Or is he just OK with telling his 47,000th lie? 

[spidermike007]

2 hours ago, thaipo7 said:

Part of the Marxist Democrat plan to destroy the USA, along with most other things they are doing.

Just another simpleton reply labeling all Democrats or half the nation, Marxist or Communist.  Very thoughtful of you, we all appreciate the tremendous amount of intellect that you apply to this forum. 

 

 

Edited September 7 by spidermike007

[Sweet Swede]

Trump is obviously and for all to see, a mental sick lunatic and lack connection with reality: His weird family should find a mental institution that can take care of this old and grossly demented predetator. 

[bubblegum]

2 hours ago, Sweet Swede said:

Trump is obviously and for all to see, a mental sick lunatic and lack connection with reality: His weird family should find a mental institution that can take care of this old and grossly demented predetator. 

I a way he's like Nostradamus, predicts the future but in a weird way. Lock her up could very well be true except for the "her" part.

[Wake Up1]

7 hours ago, black tabby12345 said:

An illegal alien without any residency can get a home loan in America?

Amazing USA.

No wonder constant mass influx of illegal migrants to their  southern border.

 

If you think being an illegal immigrant in the USA is an easy life then you are naive and brainwashed by BS blame the immigrants propaganda. 
 

I have hired many Mexican illegal immigrants and they are the best workers. Honest and simply trying to survive. Before Trump’s attacks in 2016 demonizing the Mexican illegal immigrants  name me one politician that claimed we have a problem with  the Texas border. 
 

None.
 

I grew up in Texas and if you have mass deportation then you have mass inflation and none of the dirty jobs will be done. Get real and get off the hate words of the weird orange man.  Can you believe that any real man would follow another man that paints his face orange and does that weird thing with his hair loss?  Talk about weird the Donald talks and acts weird  

 

Just as weird are the grown ups dressing up in the Donald outfits  😂😂😂😂

[thaibeachlovers]

15 hours ago, spidermike007 said:

Researchers at the Urban Institute estimate that only 5,000 to 6,000 such mortgages were issued last year.

That's 5 to 6 thousand too many then.

 

Should be zero mortgages for criminals.

If they were actual approved asylum seekers they'd be documented, so It's just the undocumented criminals that I'm talking about.

[thaibeachlovers]

11 hours ago, Wake Up1 said:

If you think being an illegal immigrant in the USA is an easy life then you are naive and brainwashed by BS blame the immigrants propaganda. 
 

I have hired many Mexican illegal immigrants and they are the best workers. Honest and simply trying to survive. Before Trump’s attacks in 2016 demonizing the Mexican illegal immigrants  name me one politician that claimed we have a problem with  the Texas border. 
 

None.
 

I grew up in Texas and if you have mass deportation then you have mass inflation and none of the dirty jobs will be done. Get real and get off the hate words of the weird orange man.  Can you believe that any real man would follow another man that paints his face orange and does that weird thing with his hair loss?  Talk about weird the Donald talks and acts weird  

 

Just as weird are the grown ups dressing up in the Donald outfits  😂😂😂😂

So that would make you a criminal too if you knowingly employ criminals.

Do you pay them as much as you would a US citizen? Same benefits?

[thaibeachlovers]

14 hours ago, Sweet Swede said:

Trump is obviously and for all to see, a mental sick lunatic and lack connection with reality: His weird family should find a mental institution that can take care of this old and grossly demented predetator. 

Not as demented as his once upon a time opponent that still lives in the White House.

[thaibeachlovers]

11 hours ago, Wake Up1 said:

If you think being an illegal immigrant in the USA is an easy life then you are naive and brainwashed by BS blame the immigrants propaganda. 

If they don't like it then they shouldn't have paid criminal gangs to illegally bring them to the US.

 

[stoner]

11 hours ago, Wake Up1 said:

I have hired many Mexican illegal immigrants

 

i mean you should probably shut up after this. you are a criminal and part of the problem. then you go on a cultish like rant about trump.

 

 

[stoner]

5 minutes ago, thaibeachlovers said:

So that would make you a criminal too if you knowingly employ criminals.

 

you beat me to it :)

[bamnutsak]

17 hours ago, simple1 said:

Researchers at the Urban Institute estimate that only 5,000 to 6,000 such mortgages were issued last year. In contrast, over 3.4 million mortgages were granted to all homebuyers in 2023, according to federal data.

 

I think the figure was 4.2 million mortgages (not 3.4 million).

 

https://www.urban.org/sites/default/files/2024-02/ITIN Mortgages.pdf

 

So 0.14% (6,000/4.2m) of the mortgages were issued to those with ITINs (non-citizens)?

 

I'd say focus on the larger issues, affordability, supply, incentives/credits.

 

But if this minuscule 'issue' has you in a lather simply demand that Congress amend the Patriot Act (2001) to remove this loophole.

 

This loophole also applies to credit cards and auto loans.

 

Edited September 8 by bamnutsak

[thaibeachlovers]

2 minutes ago, bamnutsak said:

 

I think the figure was 4.2 million mortgages (not 3.4 million).

 

https://www.urban.org/sites/default/files/2024-02/ITIN Mortgages.pdf

 

So 0.14% (6,000/4.2m) of the mortgages were issued to those with ITINs (non-citizens)?

 

I'd say focus on the larger issues, affordability, supply, incentives/credits.

 

But if this minuscule 'issue' has you in a lather simply demand that Congress amend the Patriot Act (2001) to remove this loophole.

 

This loophole also applies to credit cards and auto loans.

 

Seems that in the US crime does pay.

[Dan O]

45 minutes ago, thaibeachlovers said:

That's 5 to 6 thousand too many then.

 

Should be zero mortgages for criminals.

If they were actual approved asylum seekers they'd be documented, so It's just the undocumented criminals that I'm talking about.

I guess you really don't understand what was being said in the OP. That home loan program is not for illegal aliens. Its a program for Americans that dont have a Social Security number. Without a valid number there isn't an easy way to prove you are a citizen legally as thats the one identifier that's used constantly in the US. Illegals often obtain SS numbers on the black market or can provide other documents (fictitious or stolen). They could potentially  apply and appear as a citizen without proper ID if they want to take a chance at getting caught. California is the only state that tried to my knowledge to offer loans to illegals and it was vetoed a few days ago.  

Edited September 8 by Dan O

[john donson]

20 hours ago, black tabby12345 said:

An illegal alien without any residency can get a home loan in America?

Amazing USA.

No wonder constant mass influx of illegal migrants to their  southern border.

 

 

they might get tax payer help for securing the loan, i think i read up to 135.000 $

[thaibeachlovers]

1 hour ago, Dan O said:

I guess you really don't understand what was being said in the OP. That home loan program is not for illegal aliens. Its a program for Americans that dont have a Social Security number. Without a valid number there isn't an easy way to prove you are a citizen legally as thats the one identifier that's used constantly in the US. Illegals often obtain SS numbers on the black market or can provide other documents (fictitious or stolen). They could potentially  apply and appear as a citizen without proper ID if they want to take a chance at getting caught. California is the only state that tried to my knowledge to offer loans to illegals and it was vetoed a few days ago.  

Surely it's easy enough to check if an applicant has citizenship before granting loans. Every citizen will have a birth certificate at least.

If illegals are scamming the system, fix the system.

[spidermike007]

2 hours ago, thaibeachlovers said:

That's 5 to 6 thousand too many then.

 

Should be zero mortgages for criminals.

If they were actual approved asylum seekers they'd be documented, so It's just the undocumented criminals that I'm talking about.

I assume you are calling them criminals due to their illegal immigration status? A rather narrow minded and simplistic view. There are dozens of reasons why people emigrate, and many illegals contribute to the US economy in a very positive manner. 

 

Substantial research has assessed the relationship between immigration and crime. Numerous studies show that immigration is not linked to higher levels of crime, but rather the opposite. Studies have also examined the impact of the concentration of immigrants in a community on crime patterns, finding that immigration is associated with lower crime rates and an increase in structural factors — such as social connection and economic opportunity — that are linked to neighborhood safety.

 

https://www.brennancenter.org/our-work/analysis-opinion/debunking-myth-migrant-crime-wave?gad_source=1&ms=gad_illegal immigrant crime_700983500566_8628877148_163578260112