Mr. Chairman. this amendment will prevent the governmentsponsored enterprises. or OSEs. from purchasing any mortgage from a lender where the person who received the mortgage did not use a valid Social Security number. In my State of California. it has been calculated that each legal resident in the State pays approximately $1.200 every year for illegal immigrants to use taxpayerfunded resources. including our highways. hospitals. and schools. Reducing the opportunities for illegal immigrants to purchase primary residences in the United States will be an important step toward decreasing the burden illegal immigrants impose upon our society. Fannie Mae and Freddie Mac support the residential mortgage market by purchasing mortgages from lenders that. in turn. use the proceeds to make more loans available to home buyers. These organizations. chartered by Congress. should not be in the business of assisting illegal immigrants to purchase homes. The size of the GSEs portfolios represents a concentration of mortgage market risks. and this has been observed before. that led former Federal Reserve Board Chairman Alan Greenspan and others to urge Congress to consider ways to shrink the size of the GSEs asset portfolios. What better way to reduce the size of these portfolios than to prohibit mortgages for illegal immigrants. Not only will this change decrease the market risk. but it will also eliminate one more incentive that draws Illegal immigrants to our country. When a person applies for a mortgage. he is asked whether the loan is for a primary residence. a secondary home. or an investment property. According to my amendment. only a person seeking to buy a primary residence would be required to have a Social Security number.
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illegal immigrants Illegal immigrants