Daniel Ortega (right) with Castro
Articles documenting Sotelo/Plaza loans to illegals:
“…it’s what he didn’t have that worried him the most: A legitimate Social Security number; A credit file.; Legal immigration status…”
“The illegal-immigrant buyer from Federal Way, who asked that his name not be used because of the stigma associated with illegal immigration…”
“I was very honest with my Realtor from the start,” he said. “I told him I didn’t have a Social Security number and that I was undocumented. He said it wouldn’t be a problem … .”
“In Seattle, El Centro de la Raza operates what appears to be the only community-based program in the state for these kinds of loans…”
“In Seattle, El Centro de la Raza, which mainly serves Seattle-area Latinos, has worked with two small local lenders, Plaza Bank and Liberty Financial, to help illegal immigrants obtain mortgages.”
“There’s huge demand for these kinds of loans,” said Jean Withers, Northwest regional director at Acorn Housing, a Chicago-based community organization that operates a program to help low- to moderate-income and illegal-immigrant households buy homes.
Acorn doesn’t offer such mortgages for illegal immigrants in Washington because its partner lender in the program, Citibank, has no presence here, Withers said.
“…the interest rates on Acorn loans are at or below market rate.”
Area real-estate agents say that while the demand for home ownership among illegal immigrants in this region is strong, it’s going largely unfulfilled. That’s in part because many would-be borrowers have Social Security numbers that aren’t legitimate, raising a red flag as soon as they try to use it to apply for a loan.
Roberto Molina, a real-estate agent with Coldwell Banker in Federal Way, said he receives calls regularly from immigrants with questionable Social Security numbers asking if they can buy a house.
As their numbers grow here, Hispanics become big business [For Plaza Bank]
“Last year, an estimated $36 billion was sent to Latin America by immigrants to the U.S., according to the Inter-American Development Bank.” [That’s money that does not get re-invested in America, but enriches the corrupt Mexican aristocracy]
Sotelo and Plaza Bank
Business & Technology: Wednesday, March 15, 2006
Latino owners get federal aid
Mortgages for illegal immigrants getting more common