Mortgages

I have pointed out in the past that a mortgage company called New Day which specializes in loans for Vets was encouraging Vets to take out loans with no cost so that every time the house increased in value they would take out another loan. My warning was that when housing values dropped many of these people would be underwater. Someone must have contacted them because the new loans now add how to spend the money when they say use it to pay down credit card debt or payoff other loans like care loans. People will still use this money to buy new things but the mortgage company will be off the hook if people lose their homes.