Taxpayer-backed mortgages for undocumented immigrants?Dean Foust
The governor of Illinois, Rod Blagojevich, recently unveiled a proposal that garnered controversy almost before he even finished his speech: He wants to create a new state-backed mortgage loan program that is intended to make home ownership more accessible to first-time buyers -- regardless of immigration status (Wisconsin already has such a program). The program, as described in this Chicago Tribune article (registration may be required), simply requires borrowers to have lived in Illinois and filed tax returns for at least two years, according to the Trib. The program would make loans for up to 97% of property value if the borrow makes a downpayment for the remaining 3%.
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