VA Buying Mortgages to Stop Foreclosures, Drawing Concern of Overreach

Published on November 28, 2023

The Veterans Administration (VA) says it has helped 145,000 veterans stay in their homes over the past year and avoid foreclosures. On the back of that success, the VA is doubling down and calling on mortgage companies to pause future foreclosures of VA-guaranteed loans through May 31, 2024. However, some are skeptical about the VA’s long-term goal and have other concerns. One of them is the speed at which the VA decided to add to the pause of foreclosures and launch its own home retention option, the VA Servicing Purchase (VASP) program. Through VASP, the agency will buy defaulted VA loans from mortgage servicers, modify them, and place them in the VA-owned portfolio as direct loans....

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