A residential housing development stands in northwest Atlanta, Georgia. Photographer: CHRIS RANK/Bloomberg News
Mortgage brokers and lenders appear to be skirting new rules that are meant to protect U.S. military veterans from abusive loan practices.
In September, there was a clear sign that someone might be preying on homeowners. Roughly 5,000 veterans and active military members took cash out of their homes by refinancing loans, according to estimates from Ginnie Mae, a government-owned corporation whose job is making mortgages more affordable. The figure startled Ginnie officials because with interest rates rising, they expected about 50 borrowers to pull equity from their homes.
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