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.