Mortgages for illegal immigrants

Bank of America kicked up a stink when it came to light several months ago that it had been quietly testing a credit card in California that didn’t require an applicant to possess a Social Security number, which was tacit acknowledgement that BofA was marketing the card to illegal immigrants. Now comes a story in The Charlotte Observer that a number of banks (not including BofA, however) are experimenting with mortgages in which the lenders accept Individual Taxpayer Identification Numbers on loan applications in lieu of Social Security numbers. The Observer notes that the IRS issues so-called “ITINs” solely to process tax payments, regardless of immigration status.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.