U.S. World Business Lifestyle
Today: July 29, 2025
Today: July 29, 2025

Trump promises to ban mortgages for undocumented immigrants

Trump promises to ban mortgages for undocumented immigrants
September 06, 2024
Tami Luhby - CNN

(CNN) โ€” Former President Donald Trump plans to ban mortgages for undocumented immigrants, he said in a speech at the Economic Club of New York on Thursday.

Trump claimed the measure would help address housing affordability because a โ€œfloodโ€ of people entering the country illegally are pushing up housing costs, but undocumented immigrants only make up a tiny portion of the mortgage market.

In 2023, only 5,000 to 6,000 mortgages were made to holders of Individual Tax Identification numbers, according to a recent Urban Institute report. Those who are not legally authorized to work in the US obtain ITINs to file taxes, since they are not eligible for Social Security numbers. Most ITINs are issued to those from Latin American countries.

Some 4.3 million first mortgages were originated in 2023, according to Equifax.

Itโ€™s often very difficult for undocumented immigrants to obtain home loans, even though the USA Patriot Act of 2021 allowed banks to accept ITINs as a form of identification.

โ€œA small yet growing set of lenders offer mortgage products to ITIN holders, often at higher interest rates and with stricter lending requirements, despite anecdotal evidence that this type of lending does not pose additional risk to the housing finance system,โ€ the Urban Institute report states.

The former president said he would make housing more affordable by getting rid of regulations that increase costs and by opening up some federal land available for large-scale housing construction in low-tax, low-regulation zones.

He also said falling interest rates will send mortgage rates down to 3% or even lower, which will make financing less expensive for homebuyers.

Trumpโ€™s broader views on undocumented immigrants โ€” and his insistence that he would deport millions of them โ€” could also hamper the push to lower home prices. The residential construction industry, which is suffering from a labor shortage, has long pushed for an increase in the number of immigrants allowed to work legally in the US to bolster its workforce and enable it to build more homes. A lack of housing supply is a major factor driving up prices, especially as demand has grown in recent years.

The-CNN-Wire
โ„ข & ยฉ 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

Related Articles

Deportation flights from โ€˜Alligator Alcatrazโ€™ have begun Deported Venezuelan imprisoned in El Salvador files formal complaint against US House GOP seeks to censure Democrat McIver over New Jersey detention center incident Abrego Garcia to remain behind bars for at least a month even as judge rejects Trump administrationโ€™s claim heโ€™s dangerous
Share This

Popular

Business|Crime|Economy|Finance|US|World

At least 2 people shot at Manhattan office building housing financial firms and NFL, source tells AP

At least 2 people shot at Manhattan office building housing financial firms and NFL, source tells AP
Business|Economy|Finance|Political|World

Kim Jong Unโ€™s sister dismisses US intent to resume diplomacy on North Korea denuclearization

Kim Jong Unโ€™s sister dismisses US intent to resume diplomacy on North Korea denuclearization
Business|Economy|Environment|Technology|World

Trump team hears pitches on access to Myanmar's rare earths

Trump team hears pitches on access to Myanmar's rare earths
Business|Economy|Finance|World

UK shop prices rise by most since April 2024, British retailers say

UK shop prices rise by most since April 2024, British retailers say

Economy

Business|Economy|Environment|Science|Technology

Cheyenne to host massive AI data center using more electricity than all Wyoming homes combined

Cheyenne to host massive AI data center using more electricity than all Wyoming homes combined
Business|Economy|Political|Travel|World

The Latest: Trump calls for more Gaza aid during meeting with UK's prime minister

The Latest: Trump calls for more Gaza aid during meeting with UK's prime minister
Business|Crime|Economy|Environment|Health|Political

States file lawsuit against Trump administration over efforts to collect SNAP recipients' data

States file lawsuit against Trump administration over efforts to collect SNAP recipients' data
Business|Economy|Health|Science|Technology

Sarepta will resume gene therapy shipments after FDA review of recent patient death

Sarepta will resume gene therapy shipments after FDA review of recent patient death