January 12, 2018

Springfield Republican: Elizabeth Warren, Thom Tillis offer bipartisan Senate bill to protect veterans from predatory lending

U.S. Sens. Elizabeth Warren, D-Massachusetts, and Thom Tillis, R-North Carolina, announced legislation this week that aims to protect veterans from predatory home loan practices by requiring lenders to show how borrowers would benefit from refinancing their mortgages.

The lawmakers said the proposed bill, known as the Protecting Veterans from Predatory Lending Act of 2018, would target lenders abusing the Department of Veteran's Affairs' home loan program through misleading advertisements and "churn," or soliciting a VA borrower to refinance a mortgage to generate fees and profits.


"The government shouldn't be backing lenders who exploit veterans just to line their own pockets. All three of my brothers served in the military and I understand the incredible sacrifices made by those who fight for our country - they deserve better," she said in a statement.

Read the full article on the Springfield Republican website here.