Monday, July 29, 2013

Va. governor apologizes, repays loans to donor

McDonnell's relationship and thousands of dollars in gifts he and his family received from the donor, Jonnie Williams, are at the center of state and federal investigations. No charges have been filed and the Republican governor has said he did nothing illegal. With less than six months remaining on his term, the governor issued an extraordinary apology for his ties to Williams, the chief executive of troubled nutritional supplements maker Star Scientific Inc. "I am deeply sorry for the embarrassment certain members of my family and I brought upon my beloved Virginia and her citizens. I want you to know that I broke no laws and that I am committed to regaining your sacred trust and confidence. I hope today's action is another step toward that end," the governor said in the statement released through his private communications consultant, Rich Galen. McDonnell said the repayments, totaling $124,115, include principal and interest and settle both debts. The statement marked the governor's first substantial public reckoning over the gifts he and his family have received since he took office in January 2010.

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SHOULD YOU TRY A VA HOME LOAN?



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QUICKEN LOANS: REFINANCING WITH VA LOANS



But since his only income is from Social Security, there's nothing he can afford. Bell, 64, said many of the younger veterans he encounters on the streets are struggling with drugs or mental health problems and need shelter and counseling. "They have bad dreams at night," he said. "I overcame mine." As far back as 1998, a report from the legislative analyst's office said the veterans loan program was losing its usefulness and criticized Cal-Vet for having done "no analysis of veterans' needs." Congress was also slow to respond. It wasn't until 2008 seven years after U.S. forces arrived in Afghanistan, and five years after the invasion of Iraq that federal rules governing the use of the tax-free bonds were changed. That allowed California's home loan program to be opened to those who served after the Vietnam War. With eligibility expanding, state officials expected an influx of new applicants.

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VETERANS HOME-LOAN BOND MONEY GOING UNTAPPED



The loans require no down payment and are available from most lenders. In addition, the government limits the amount of closing costs and origination fees lenders can charge, as well as the appraisal fees. In general, the loans are available to some veterans, active service members, reservists and members of the Public Health Service.

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