How predatory lending practices targeting veterans affect thousands of home buyers

Posted by on February 15, 2018 6:25 am
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Categories: News

By Kenneth R. Harney

Could predatory lending practices affecting veterans also be inflating interest rates paid by thousands of unsuspecting home buyers using FHA loans?

The answer appears to be yes — and the underlying abuses in home loans to veterans are prompting action by federal authorities and legislation on Capitol Hill.

Here’s what’s happening: According to officials, some lenders active in the Department of Veterans Affairs (VA) home-mortgage program have been inducing borrowers to refinance their loans frequently to generate fat fees for the lenders themselves, rather than benefiting veterans with lower costs or better loan terms.

Read more at The Washington Post

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