Yesterday, bipartisan legislation introduced by Senators Thom Tillis (R-NC) and Kyrsten Sinema (D-AZ), members of the Senate Veterans' Affairs Committee, that safeguard veterans from predatory loan practices and helps them more easily access their earned homeowner benefits was signed into law.
Last year, Senators Tillis and Elizabeth Warren (D-MA) introduced the Protecting Veterans from Predatory Lending Act of 2018
, bipartisan legislation that was codified into law
that protects veterans from targeted predatory home loan practices by requiring lenders to demonstrate a material benefit to veterans when refinancing their mortgages. The bipartisan Protecting Affordable Mortgages for Veterans Act
ensures veterans can continue to easily use their VA home loan guarantee to refinance their mortgages and allows veteran homeowners to save money, pay off their mortgages, and avoid falling prey to predatory lenders.
"I was proud to introduce bipartisan legislation to protect veterans from targeted predatory home loan practices and build the support needed to get it codified into law," said Senator Tillis
. "Passage of the Protecting Affordable Mortgages for Veterans Act continues my work to protect veterans and ensure they receive the benefits they rightly deserve."
- Contact: Daniel Keylin