Bill would require SSN number for a home loan

WASHINGTON — New legislation on Capitol Hill seeks to curb an increasingly popular mortgage concept: providing home loans to applicants using their Individual Taxpayer Identification Number (ITIN), in lieu of a Social Security number.

ITINs are issued by the Internal Revenue Service to assist immigrant workers who do not qualify for a Social Security number — but do have taxable income — to report their income and pay federal taxes.

Dozens of banks around the country have begun offering home mortgages to undocumented immigrants using ITINs, but their programs generally have been low-key and small in volume. Bank of America stirred controversy earlier this month when it announced a pilot program in Los Angeles to provide credit cards to resident-alien customers who lack Social Security numbers but have ITINs.