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 Veteran’s Affairs home loan program.
Warren, a Massachusetts Democrat, said 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 said those refinancing offers can come less than a year after an original mortgage.
Tillis, a North Carolina Republican, said the bill would essentially require that any refinancing package benefit the veteran, not the mortgage company.
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