FOX 5 Special: I-Team VA Loans

Updated: Wednesday, 11 Nov 2009, 3:17 PM EST
Published : Monday, 09 Nov 2009, 7:26 PM EST

Dale
Russell

Reported By: Dale Russell | Edited By: Leigha Baugham

ATLANTA (MyFOX ATLANTA) - A FOX 5 I-Team investigation uncovered allegations of a nationwide scheme by banks and mortgage companies to defraud U.S. military veterans. The scheme, spelled out in court documents, claims banks are overcharging veterans on home refinancing loans.

The I-Team obtained thousands of pages of legal documents and personally examined more than a hundred closing statements belonging to veterans.

According to federal loan records, there have been some 884,000 veteran home loans refinanced during the past eight years.

The question raised in a racketeering and class action law suit is how many of those loans involved banks defrauding U.S. military veterans.

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