CNC Mortgage Blog

Dear Rick,

I agree with your interview with Rep Murry (?) from Arizona.

I think there are some differences that we see with the illegal immigrant workers in Minnesota.

The IRS provides an ITIN ( Individual Tax Identification Number ) so that the illegal immigrants can prepare their Federal tax returns. That same ITIN is given to foreign investors (in London, Frankfurt, Sao Paulo, etc) when they have investments in the US that produce interest or dividends.

That way they declare their taxes and sometimes have taxes returned to them when they have been withheld in excess. The government still collects some income taxes from them.

The ITIN cannot be used to obtain employment. To obtain employment the illegals have been using either an invented social security number or someone else's (yes, identity theft.) So the employer sent the Social Security contributions to either someone else's account or nobody's. The SSA black hole you spoke about.

I did not see too many cases of ID theft (by illegals) that resulted hurting the original customer. Sometimes they were able to obtain a mortgage with the fake social security number.

Some banks gave mortgages based on the ITIN and the income reported on the tax returns. This was a legal mortgage because the customer presented legal documents.

If you consider that the 12,000,000 million illegal immigrants could buy 3,000,000 houses, you might think that it could make a good dent in the housing glut.

On Anderson Cooper’s show where they showed grape pickers and spoke of the percentage of illegals in the construction business you can appreciate the benefits these people bring to the US. They help to keep down farm prices and the cost of construction.

Saludos,