Bill would rein in mortgage companies targeting veterans

BOSTON (AP) - Backers of a bill aimed at cracking down on mortgage lending companies targeting veterans say the measure is gaining support.
    
The bill's sponsors - U.S. Sens. Elizabeth Warren and Thom Tillis - said Thursday the goal is to protect veterans, particularly those who purchase homes through a U.S. Department of Veterans Affairs home loan program.
    
Warren, a Massachusetts Democrat, says while most mortgage companies are working to help homebuyers, some are trying to get veterans to refinance their mortgages just to rake in fees, whether or not it makes sense for the veteran.
    
She says those refinancing offers can come less than a year after an original mortgage.
    
Tillis, a North Carolina Republican, says the bill would essentially require that any refinancing package benefit the veteran, not the mortgage company.
 

© 2018 Associated Press


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