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Feds Plan Crackdown On Re-Fi Schemes Targeting Veterans

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  • Feds Plan Crackdown On Re-Fi Schemes Targeting Veterans

    Federal officials plan to crack down on what they view as predatory lending schemes - reminiscent of toxic practices seen during the housing boom - targeted at thousands of veterans nationwide who have VA home loans.

    The abuses involve serial re-financings that generate hefty fees for lenders and loan brokers but leave borrowers in worse financial shape than they were before the transaction.

    Lenders are dangling teaser interest rates, "cash out" windfalls and lower monthly payments, sometimes using shady marketing materials that resemble official information from the Department of Defense. Not infrequently, officials say, borrowers end up in negative equity positions, owing more on their loan balance than their house is worth.

    https://www.military.com/daily-news/...ting-vets.html
    The Hackmaster
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