For years, FHA and VA mortgages have made homeownership possible for military vets. Those service members’ modest incomes often keep them from saving a large-enough down payment to secure a prime loan; the federal programs helped them find affordable financing that fit within their budgets.
Until the mortgage boom, that is. Private lenders managed to hawk subprime mortgages with ballooning payments under the FHA and VA umbrellas. Now, as more vets transition from the war zone to the home front, they’re finding that they can no longer afford their homes.
Which is why you should read “Home From War and Facing Eviction,” a riveting story of struggling vets and how the financial sector gamed the system to screw them. Written by Pulitzer winners Donald Barlett and James Steele, it comes via our partners at New American Media, and it’s damned important. If you don’t mind the pain of being rapped hard on your empathy bone, give it a look-see.