NJ Today, September 22, 2021, Predatory Lenders NewDay USA & Federal Saving Bank Exploit Military BorrowersÂ
One of New Jersey’s most outspoken progressive Democrats, McCormick said AWOL: How Watchdogs Are Failing to Protect Servicemembers from Financial Scams is a report that analyzes new government data and shows that NewDay USA and The Federal Saving Bank, two loan companies that have been punished in the past for misconduct, charge veterans tens of thousands of dollars more 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.
