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Not a huge deal either way, but something I briefly mention only because it's real, and I haven't seen it anyplace else. Eleven million workers (or whatever actual number there is) gaining the sort of legitimacy being discussed would allow home purchase mortgages to some significant number of potential homebuyers who have been totally ineligible until now. In a national housing market that is still only gradually strengthening, doing something that helps increase the floor under it would certainly seem to be a positive. Realistically we are talking about largely lower income families, but FHA financing has ways that three or four wage earners with established earnings histories can end up as joint owner occupants of their own little piece of the American Dream. And then the sellers of those homes can move up, etc. Might we even hope for some relatively near term boost to new home construction, and the employment increase that would result?

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Comment Preferences

  •  Tip Jar (1+ / 0-)
    Recommended by:
    Azazello

    There can be no protection locally if we're content to ignore the fact that there are no controls globally.

    by oldpotsmuggler on Thu Jan 31, 2013 at 03:20:21 PM PST

  •  They would pay taxes other than sales (1+ / 0-)
    Recommended by:
    oldpotsmuggler

    Taxes.

    •  Well they sort of already are because they're (1+ / 0-)
      Recommended by:
      Gooserock

      paying rent, and much of the income of this group, collectively, is subject to FICA, etc. withholding. But I've seen this commented on. My belief, however, is that the reform would relase some housing demand that would not exist otherwise.

      There can be no protection locally if we're content to ignore the fact that there are no controls globally.

      by oldpotsmuggler on Thu Jan 31, 2013 at 03:36:14 PM PST

      [ Parent ]

    •  They already pay SS, Mediciad, Income, property, (0+ / 0-)

      state, local, and every other tax I can think of.

      How big is your personal carbon footprint?

      by ban nock on Thu Jan 31, 2013 at 03:46:50 PM PST

      [ Parent ]

  •  Good point. (1+ / 0-)
    Recommended by:
    oldpotsmuggler

    Once they're legal, these people can get id's. So more alcohol sales, more people going on airplane trips, more people going to R-rated movies.

  •  I don't know how many illegal immigrants you know (0+ / 0-)

    but the ones I know make car payments and pay mortgage and most other things we all do. They have to sell if they face deportation is the only down side. I even know people that ARE selling and intending on starting a small business back  home with money saved.

    How big is your personal carbon footprint?

    by ban nock on Thu Jan 31, 2013 at 03:49:04 PM PST

    •  $800 billion a year is being sent "back home", ... (1+ / 0-)
      Recommended by:
      ban nock

      according to news reports released earlier today.

      "Two things are infinite: the universe and human stupidity, and I am not sure about the universe." -- Albert Einstein

      by Neuroptimalian on Thu Jan 31, 2013 at 04:23:15 PM PST

      [ Parent ]

    •  I used to do mortgages, and I turned down many (0+ / 0-)

      files that we would have closed in a heartbeat if we could have gotten past the SS# check. And, you're right, we closed alot of them that I thought would never get done.

      In any event, there is some pent up demand there that, from my experience, is large enough that it warrants consideration.

      There can be no protection locally if we're content to ignore the fact that there are no controls globally.

      by oldpotsmuggler on Thu Jan 31, 2013 at 08:22:25 PM PST

      [ Parent ]

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