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Iowa bill prohibits home loans for those without permanent status

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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 said the growing immigrant population, along with Baby Boomers, women-run households and the second-home market, will continue to drive the strength of real estate in 2006. The home-ownership rate for ...