Obama Vows to Cut Red Tape Stymieing Homeowners Loans: Mortgages
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Anthony Andrade was forced to rent the San Antonio, Texas home he planned to buy after Bank of America Corp. approved a mortgage and then scuttled three closings over two months with last-minute document requests.
“It was crazy,” said the 54-year-old Army veteran whose travails ended Jan. 10 after he switched to a local mortgage broker who got the loan backed by the Department of Veterans Affairs approved. “My wife was in tears because I had to sign the same things over and over. If we were superstitious people, we would have thought this house was not meant to be ours.”