September 30, 2008

United Americas Bank of Atlanta Georgia: A pioneer in making mortgage loans to illegal aliens. Sam Zamarripa, ( Jerry’s bossman) founding partner

Posted by D.A. King at 6:08 pm - Email the author   Print This Post Print This Post  

From 2004

Abaco Mortgage, a mortgage broker in Sandy Springs, also originates tax ID mortgages, said president Benjamin Rincon. Both Abaco and Phoenix work with United Americas Bank, which has been making tax ID loans for four years. Another financial institution, Banco de Nuestra Comunidad, started making the loans in February of this year.

Interest rates on tax ID mortgages range from 4.65, with a 30 percent down payment, to the far more common 7.5 percent to 9.5 percent, for smaller down payments. Officials said several factors justify the higher rates on such loans.

The applicants, most of whom are undocumented, have uncertain immigration status and could leave the country unexpectedly, said Guillermo Zuniga, head of compliance and community outreach for Banco de Nuestra Comunidad. They also do not have credit histories, which means the risk to the bank is higher, he said

HERE