TCF offers undocumented immigrants mortgages

TCF Bank plans to write mortgages for undocumented immigrants in the Chicago area, opening up a potentially massive pool of consumers major banks long have ignored, according to reports in Crain’s Chicago Business.
The Minnesota-based bank, which has more than 190 branches in Illinois, said it would offer mortgages to immigrants with taxpayer identification cards issued by the Internal Revenue Service instead of requiring social security cards.

Undocumented home buyers will pay interest rates currently about 1.5 percent above the standard rate.

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