Immigration Reform’s Effect on Housing

The mortgage and banking industries are reacting to President Donald Trump’s announcement on Tuesday that he will end the Deferred Action for Childhood Arrivals (DACA) immigration policy, which was enacted during former President Barack Obama’s administration. According to CNN, the program has protected almost 800,000 undocumented immigrants from deportation. While no more applications will be accepted, the President has said that he will allow a 60-day extension to give Congress time to “help them and do it properly.”

On Wednesday, the National Association of Homebuilders (NAHB) issued an official statement supporting legal immigration reform, but staying away from any commentary on the President’s actions.

“President Trump’s call to Congress to find a permanent legislative solution to protect the ‘Dreamers’ underscores the urgent need for lawmakers to pass comprehensive immigration reform. NAHB believes that any comprehensive reform should protect our nation’s borders; include a new, market-based visa program… and provide a workable employment verification system.”

The Bipartisan Policy estimates that immigrant households make up over 16 million households in the United States, which represents 14 percent of all American homes. Their contribution, if removed, could have unknown effects on the economy.

Jamie Dimon, Chairman, President and CEO of JPMorgan Chase released a statement in response to the news, Bloomberg reports. “America is and always has been a country of immigrants. And, when people come here to learn, work hard and give back to their communities, we should allow them to stay in the United States.”

Along the same lines, Wells Fargo also issued an official statement, according to the same report: “Wells Fargo believes young, undocumented immigrants brought to America as children should have the opportunity to stay. DACA is relevant to our team members and the communities we serve.”