Democratic Underground, August 3, 2021, Rep. Porter Report Details Exploitation In VA Home Loan Program
Congresswoman Katie Porter (CA-45) today released a report revealing how predatory mortgage lenders are still exploiting military borrowers, despite years of efforts to prevent such abuses. “AWOL: How Watchdogs Are Failing to Protect Servicemembers from Financial Scams” analyzes new government data and shows that NewDay USA and The Federal Saving Bank, two lenders that have been punished in the past for misconduct, charge veterans tens of thousands of dollars more for the same loan than their competitors.
“New Day consistently charges veterans exorbitantly high prices for VA guaranteed loans, including higher origination fees and interest rates, when compared to other VA lenders,” said Jason Richardson, Director of Research and Evaluation at the National Community Reinvestment Coalition.
