Statement from Senator Warren on Ginnie Mae Steps to Crack Down on Predatory Lenders
Washington, DC - United States Senator Elizabeth Warren (D-Mass.) today issued the following statement after Ginnie Mae, the government corporation responsible for approving lenders to securitize VA-backed mortgages, announced it would take additional steps to prevent loan churning by predatory lenders:
"I'm glad Ginnie Mae Acting President Michael Bright has responded so quickly and aggressively to the concerns I raised in September about veterans getting exploited by predatory lenders. There is more to be done, but this is a good first step to cracking down on unscrupulous lenders who are lining their pockets at the expense of both veterans and taxpayers."
Earlier this year, Senator Warren urged Ginnie Mae to combat the aggressive and misleading marketing of mortgage refinancing by some lenders. Following her inquiry, Ginnie Mae publicly pledged to work with Senator Warren and other key federal agencies to hold lenders accountable, and created a joint task force with the Department of Veterans Affairs (VA) to address the issue.
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