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Sen. Sinema’s First Bill Protects Veterans From Predatory Lending

By on July 17, 2019 0 740Views

Arizona’s senior Senator Krysten Sinema’s first bill, Protecting Affordable Mortgages for Veterans Act, is just one signature away from becoming law. The senator posted the following statement on her Twitter account: “Our first bill, which helps veterans achieve homeownership, PASSED the House! Now, it’s headed to the President’s desk to be signed into law.”

The legislation was cosponsored by Republican Senator Thom Tillis. “Passage of our bill shows what can get done when we work across party lines and stay focused on fixing issues for everyday Americans. I’m proud to have worked with Arizona veterans and my colleagues to get this done, and ensure our veterans have full access to the homeowner benefits they’ve earned,” said Sinema, a member of the Senate Veterans’ Affairs Committee.

Sinema, who was elected just seven months ago, collaborated with G-II Varrato II, a veteran and the Arizona state director of the Veterans Association of Real Estate Professionals to protect military veteran homeowners from falling into debt. According to Varrato II, veteran homeowners are struggling with debt after being coaxed into refinancing their homes with the promise of lower mortgage rates.

“It was easy money for these lenders to continue to churn and churn and churn, and they could tap a single veteran in a number of months and have him load tens of thousands on top of his loan. The veteran can no longer be assaulted by these lenders who wanted to prey on us, and we stopped it,” Varrato said.