Stabilize Lending: Real Immigration Reform

It’s the most patriotic event I’ve witnessed in years. Americans standing – cheering – many are crying as a young man sings our National Anthem.
 
The American Flag is on screen, waving, and we’re about to be treated to a one on one interview with George W. Bush. We’re in Texas and of all the dates: It’s 9/11/17.
 
Before the introduction of President Bush one of the associations prominent members gets the crowd excited about what is to come, about who each of them are and closes with: We Stand with DACA!
 
What?
 
This isn’t just any opening General Session at a mortgage or Real Estate conference, it’s opening day at NAHREP!
 
Those Americans (most) are Latino Americans reciting the Pledge of Allegiance, everyone participates, hands on their hearts with great respect for a Country that does not fully embrace or respect them.
 
Except for very a few states Latino Americans are viewed as immigrants and often, illegal immigrants even though they were born in the United States.
 
It’s time, past time for real immigration reform! We can argue over the moral aspects of DACA but let’s approach it from a mortgage lending perspective.
The Mortgage Bankers Association says over the next 15 years that Latinos will make up over 60% of the home purchase market. Enough said!
 
This is an economic and market stabilization decision that must move forward. The programs and guidelines need to be reworked in order to effectively lend to this group of Americans. If immigration reform is not addressed, not accomplished, the Real Estate, mortgage-lending business will be in serious trouble.
 
This is a political hot potato, it shouldn’t be. We fail miserably as a country around this because neither the Republicans nor Democrats view this as an American issue.
 
Two things must happen. First the right leaning public must accept Latino Born Americans as … Americans. They’re us and deserve every Right we embrace. The left leaning public must accept The Rule of Law. Immigrants that cross the border illegally cannot continue to ask for and be given amnesty or allowed to stay because they have children.
 
There will be those that say this is too simplistic. Why does it have to be difficult? It’s a start to take the big issues and the prejudices off the table.
 
Name an ethnic group, you won’t find one with a stronger work ethic, discipline to save, that live within their means, love of family and country and as deep a belief in God than Latinos. Their desire for homeownership far exceeds the millennial market in the United States today.
 
Fix it, it’s not hard but fixed it must be once and for all, for all the reasons, moral, political and economic.



David G. Kittle, CMB is a founding partner and serves as President & Vice Chairman of the Mortgage Collaborative.