08 N1211P12003HSome active duty soldiers and veterans are being “grossly” overcharged for VA home loans, and federal regulators need to suspend or ban alleged bad actors and strengthen their oversight over lenders, according to a new report from the office of Rep. Katie Porter, D-Calif.

The report alleges that NewDay USA and The Federal Savings Bank are aggressively refinancing loans with fees and interest rates that could cost borrowers tens of thousands of dollars more over the life of the loans compared to other lenders.

“It is despicable that corporate executives would prey on veterans and military families to line their pockets,” said Porter in an announcement of the report, titled “AWOL: How watchdogs are failing to protect servicemembers from financial scams.”

The report “calls out the lenders that are continuing to single out vulnerable military borrowers for overpriced, cash-out refi mortgages.

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