Bill Edwards, president of shuttered VA loan provider, cites refi laws at 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 an element of the conversation centers around mortgages supported by the Department of Veterans Affairs.

The brand new recording brings in your thoughts the famous statement by previous FBI Chairman James Comey during testimony towards the U.S. Senate in 2017: “Lordy, i really hope there are tapes! ”

Bill Edwards, the previous president of Mortgage Investors Corp., or MIC, the now-defunct loan provider that when had been the largest originators of VA loans, complained to Trump from the movie about brand brand new laws targeted at preventing loan churning that is so-called.

Churning occurs when loan providers encourage regular refinances, because of the charges rolled in to the loan’s principal and paid down with interest within the full lifetime for the home loan. Whenever refinances are done abusively, it drives up prices on all government mortgages, the Urban Institute reported a year ago.

In the movie, Edwards complains to Trump about then-pending bipartisan legislation with new laws targeted at preventing loan churning within the VA’s Streamline Refinance system. Weiterlesen