Trump promises to ban mortgages for undocumented immigrants

Former President Donald Trump announced his plans to ban mortgages for undocumented immigrants during a speech at the Economic Club of New York. Trump believes this measure will help address housing affordability by reducing costs. However, the number of mortgages held by undocumented immigrants is relatively low compared to the overall market. Only a small number of mortgages were issued to holders of Individual Tax Identification Numbers (ITINs) in 2023. It is challenging for undocumented immigrants to obtain home loans, despite the acceptance of ITINs by some banks. In addition to the mortgage ban, Trump intends to make housing more affordable by eliminating costly regulations and opening up federal land for large-scale housing projects in low-tax and low-regulation zones. He also expects falling interest rates to reduce mortgage rates, making financing more accessible. Trump’s stance on undocumented immigrants may pose challenges to efforts to lower home prices as the residential construction industry supports an increase in legal immigration to address labor shortages and boost housing supply.