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.
