Skip to main content

Five Dem Senators Running for President Back Federal Mortgages for DACA Recipients

Jun 24, 2019
Photo credit: Getty Images/BackyardProduction

Five senators who are currently bidding to receive the Democratic Party’s 2020 nomination for president have backed legislation designed to that would enable illegal immigrants brought to this country as children to participate in federal mortgage programs.
 
The legislation, the Homeownership for Dreamers Act, would allow recipients of the Deferred Action for Childhood Arrivals (DACA) recipients–commonly known by the program’s advocates as “Dreamers”–to access mortgage loans back by the Federal Housing Administration (FHA), Fannie Mae, Freddie Mac and the U.S. Department of Agriculture. Similar legislation passed out of the House Financial Services Committee. The legislation would void a recent policy pronouncement by Housing and Urban Development Assistant Secretary for Congressional and Intergovernmental Relations Len Wolfson that DACA recipients are not eligible for FHA mortgages.
 
The five senators running for President who have co-sponsored the bill are New Jersey’s Cory Booker, Vermont’s Bernie Sanders, Minnesota’s Amy Klobuchar, California’s Kamala Harris and New York’s Kirsten Gillibrand. Sen. Bob Menendez (D-NJ), the ranking member of the Senate’s Housing Subcommittee, introduced the bill.
 
"There is no legitimate reason for the Trump Administration to deny FHA-backed mortgages to Dreamers who worked so hard to secure protected status under DACA and who continue to contribute so much to the country they call home,” said Menendez. “It’s clear that this Administration, hamstrung by federal rulings that have prevented the mass deportation of DACA recipients, is now actively weaponizing the Department of Housing and Urban Development to carry out its bigoted anti-immigrant agenda. The Homeownership for Dreamers Act will prohibit for the federal government from discriminating against DACA recipients when applying for government-backed mortgage loans and in doing so ensure DACA recipients can continue to pursue the American dream of homeownership.”

 
About the author
Published
Jun 24, 2019
Bank On Borrowers, Not Rate Predictions

Chasing rate forecasts wastes resources better spent on cold, hard business

Dec 10, 2024
Rocket Mortgage Sues HUD Over Regulatory, Enforcement Discrepancies

Rocket seeks dismissal of the DOJ's October lawsuit alleging the lender committed racial appraisal bias.

Dec 05, 2024
West Capital Lending Acquires Locally-Focused Brokerage, Red Tree Mortgage

The 2024 Broker Brawl reaffirmed West Capital's commitment as a relationship-focused lender

Dec 03, 2024
First FICO 10T-Backed MBS Issuance Achieved

Comprised of VA loans, the pool offers proof of concept for changes to be required by the FHFA by late 2025.

Dec 03, 2024
BAC Co-Founder Reveals Mega Brokers May Undergo CFPB Audits

Brendan McKay of BAC revealed the main takeaways in a LinkedIn post

Dec 02, 2024
AnnieMac Data Breach Impacts 171,000 Customers

Letters detailing the Aug. 23 breach were mailed to thousands of affected customers across multiple states last week.

Nov 18, 2024