Homes stand in this aerial photograph taken above New Jersey, U.S. Photographer: Craig Warga/Bloomberg
Freedom Mortgage, one of the largest U.S. home lenders, is being punished by a government -owned mortgage guarantor amid concerns that the Mount Laurel, N.J.-based company is helping to enable unnecessary refinances of veterans' loans.
Effective July 1, Freedom will be restricted from issuing Ginnie Mae bonds with loans insured by the Department of Veterans Affairs intermingled with loans from other lenders, Ginnie Mae said Friday in a statement on its website. Buena Park, Calif.-based lender Sun West Mortgage Co. will face the same restriction, the agency said. Ginnie guarantees mortgage-backed securities including loans backed by the Department of Veterans Affairs.
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