Tuesday, March 6, 2012

Mortgage servicers settlement will help some veteran home owners

At a press conference that just wrapped up, President Obama announced a series of steps aimed at helping homeowners who have served in the Armed Forces.
When the nation’s five largest mortgage servicers reached a settlement with the federal government and 49 state attorneys general, they agreed to provide substantial relief to the nation's veterans who were victims of wrongful foreclosures or who were otherwise disadvantaged in the mortgage process because of the obligations of their service.
Here's how veterans and their families will benefit because of the settlement:
  • Any service member who saw their home wrongfully foreclosed will be substantially compensated for what the bank did;
  • Any member of Armed Forces who was wrongfully denied the chance to refinance and reduce their mortgage payments through lower interest rates will receive a refund from their bank equal to the money he or she would have saved;
  • Many service members who lost money because they were forced due to sell their homes due to Permanent Change of Station orders will also receive relief; and
  • Finally, under the settlement, the banks will also pay $10 million into the Veterans Housing Benefit Program Fund, which guarantees loans on favorable terms for service members.
We'll have a full video and transcript from the press conference soon, so be sure to check back.

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