Some mortgage lenders are facing federal scrutiny for questionable loans to military veterans
Federal investigators have issued subpoenas to several mortgage lenders that make loans to military veterans, seeking information on delinquencies and payments.
from regulators after they sold short-term, adjustable-rate mortgages to military homeowners as interest rates climbed. One VA program in particular — the Interest Rate Reduction Refinance Loan, or IRRRL — allows lenders to put existing VA borrowers into new loans without an appraisal or underwriting and was ripe for abuse.
Jeffrey London, executive director of the VA’s Loan Guaranty Service, did not respond to requests for comment.whether to exclude some of those VA loans from its pooled securities in an effort to tackle a wave of rapid-fire mortgage refinancings that have left some military service members deeper in debt.for input, the government mortgage agency called the practice, known as churning, “unhealthy” for the agency.
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