Lordy, there is a tape of Trump speaking about VA loan legislation
Bill Edwards, president of shuttered VA loan provider, cites regulations that are refi Mar-a-Lago occasion
There’s a second undercover video clip of President Donald Trump at an event that is private Lev Parnas and Igor Fruman, and area of the conversation centers around mortgages supported by the Department of Veterans Affairs.
The brand new recording brings in your thoughts the famous declaration by previous FBI Chairman James Comey during testimony to the U.S. Senate in 2017: “Lordy, i really hope you can find tapes! ”
Bill navigate to website Edwards, the previous president of Mortgage Investors Corp., or MIC, the now-defunct lender that as soon as had been the greatest originators of VA loans, reported to Trump from the video about brand brand new laws directed at preventing loan churning that is so-called.
Churning is when loan providers encourage regular refinances, using the charges rolled in to the loan’s principal and paid down with interest within the full life associated with the home loan. Whenever refinances are done abusively, it drives up prices on all federal government mortgages, the Urban Institute reported a year ago.
In the video clip, Edwards complains to Trump about then-pending legislation that is bipartisan brand new laws directed at preventing loan churning within the VA’s Streamline Refinance system.
“Where’s the situation? Into the Senate or even the homely house? ” Trump asks.
“The Senate, ” Edwards reacts, citing an attempt by Sen. Elizabeth Warren (D-MA) and Thom Tillis (R-NC). The legislation ended up being later on used.
MIC in 2013 consented to spend a $7.5 million fine to be in a Federal Trade Commission lawsuit, without admitting fault. The company was prevented from soliciting refinancings while misrepresenting itself as the VA and required to stop contacting veterans on the federal Do Not Call list in the court order.