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As lenders targeted veterans with risky mortgages, VA failed to act

Posted by   /  November 13, 2017  /  No Comments

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Veterans Affairs has had a fix in the works since the spring of 2016 but has yet to finalize it.

By Lorraine Woellert | Politico

The Department of Veterans Affairs has known for more than a year that military service members were being sold a flood of costly and risky mortgages and done little to stop it. The result: Borrowers have been saddled with thousands of dollars in fees, and interest rates have risen for millions of rank-and-file homeowners.

Lenders, hunting for business in a slow market, have swarmed into VA mortgages, sometimes selling military homeowners new loans every few months. Some are pushing short-term adjustable-rate mortgages even as interest rates climb. The churn adds fees at every turn, driving homeowners deeper into debt.

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