Loving the San Francisco Bay Area... Community development, urban ministry, trying to defeat poverty, faith, religion, politics, good music, the quest for the perfect pizza, the Yankees, motorcycles... All in a 'day's life'

Sunday, November 05, 2006

New check for credit opens door to housing for immigrants

"Creditors such as Citigroup Inc.'s Citibank see recent immigrants as a growing market niche, but those who lack Social Security numbers or legal status in the U.S. are often rejected by the three major credit bureaus.

A handful of new credit reporting systems already used by 200 real estate brokers, community groups and mortgage counselors nationwide allows them to calculate risk by evaluating a prospective client's utility bills and rent checks."

"Gateway states like California and Texas will disproportionately benefit from the housing boom because so manyof their residents are immigrants," said Gary Acosta, the association's co-founder, speaking from the group's annual convention in Las Vegas. "Boosting homeownership among these populations is a positive contribution to the overall fabric of our society and our economy."


Read the entire story here.

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