Loans for immigrants come to a halt

October 22, 2008 09:25AM

A special type of mortgage issued since 2003 to illegal immigrants who did not have social security numbers has come to a halt, owing to both the economic slowdown and efforts to crack down on illegal immigration. The loans are called ITIN mortgages, after the Individual Taxpayer Identification Number that the Internal Revenue Service grants illegal immigrants in lieu of a SSN. The mortgages averaged around $100,000 and usually had fixed rates; overall they did not perform poorly. ITIN mortgages had a delinquency rate of about .5 percent nationally last year, compared to a rate of around 9.3 percent for subprime mortgages.

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