Feds warn banks about lending to unauthorized workers

A Federal Reserve working paper found that illegal immigration between 2021 and 2024 significantly contributed to increased housing and rental costs in metro areas. In response, a guidance issued by U.S. financial regulators advises banks and credit unions to consider an immigrant’s work authorization when evaluating mortgage and credit applications to manage associated credit risks. The guidance emphasizes that lack of legal work status can impact borrowers' income stability and overall creditworthiness.

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