A member of Iowa's state legislature last week introduced a bill prohibiting mortgage loans to borrowers who are not U.S. citizens or permanent residents under federal law. Iowa House File 2446, introduced by Rep. Bill Dix, R-Shell Rock, provides that "a mortgage banker or mortgage broker...or other mortgagee...shall refuse to provide certain mortgage loans to a person who is not either a citizen of the United States or a lawful permanent resident under the federal Immigration and Nationality Act." On the national front, a bill, H.R. 2043, that would, among other things, amend the Truth in Lending Act to prohibit residential mortgages for so-called "illegal aliens," is under consideration in the U.S. House of Representatives. As the real estate market slows, some industry observers have s...
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