The subject of predatory lending with VA refinance mortgage products has been a trending topic with our government and many VA lenders as of lately.
Recently the house veterans panel has investigated a home loan refinance practice known as mortgage churning. The committee believes that this type of predatory lending mortgage practice targets veterans and military service members. The Department of Veterans Affairs is proposing rule changes to its home loan guarantee program to try to stop lenders in this so called predatory lending practice.
However I’m not buying this. There is something deeper here that they are not revealing. Eric Kandell exposes what might truly be the issue in his video about mortgage churning and wolves in sheep’s clothing. Unfortunately our governments track record with VA benefits hasn’t always been exactly trustworthy. Never the less this is a very interesting topic that VA home owners should be aware of.
The video above is about home loan churning practices and how veteran home buyers are being affected. I highly recommend grabbing some popcorn and watching this one. If you are a veteran home owner I’m curious to hear your thoughts on this matter. Please leave any comments you may have below. Also I highly recommend this blog post on Protecting Veterans from Proposed Legislation by Low VA Rates. There article is highly thought out and worth the read.