Mortgage lenders should start gearing up to serve the burgeoning ranks of immigrants, says James Johnson, chairman of the Federal National Mortgage Association. He explained why in a speech at the annual convention of the Mortgage Bankers Association of America. Excerpts follow.

The Census Bureau released a new estimate in 1992 that projects net immigaration to this country in the 1990s and 8.8 million above their previous estimate. If their prediction is accurate, the 1990s willmatch the peak level if immigration this country experienced between 1901 and 1910.

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