Deportation fears lead to big drop in Mortgage applications

The Chicago Tribune reports:

Home loans to illegal immigrants have plummeted this year, bankers say, as a federal crackdown and a sluggish real estate market have combined to scare away potential buyers.

Chicago banks were among the first in the nation to offer the controversial mortgages earlier this decade, allowing applicants to use a taxpayer identification number provided by the IRS when they were unable to get a Social Security number. The loans proved popular.

If your area is depending on illegals for loans to prop up the housing market,good luck.