Senate Passes Kerry Housing Legislation to Protect Veterans from Foreclosure
By admin - Posted on April 11th, 2008
Victory on Kerry-Smith Mortgage Revenue Bonds Will Also Help 87,000 Families
04/10/2008 -- Washington, DC – The Senate today voted 84 to 12 to pass the Foreclosure Prevention Act of 2008, which included Senator John Kerry’s provisions to protect active duty service members and their families from foreclosure, and Kerry’s Mortgage Revenue Bonds proposal to give localities new tools to help keep thousands more American families in their homes.
Kerry introduced The Military Family Homes Protection Act to expand the Service Member Civil Relief Act (SCRA) which provides returning soldiers with one year relief from increases in mortgage interest rates. It will also extend the existing protections from foreclosure from 90 days to nine months after active duty service members return home. The SCRA helps members of the military and their families deal with the special financial burdens associated with serving their country.
A Kerry provision that would expand the Mortgage Revenue Bond program was also included, which would provide an additional $10 billion of tax-exempt private activity bond authority to be used to provide for the refinancing of subprime loans, mortgages for first-time homebuyers, and multifamily rental housing.
“Today’s passage of these provisions will help ensure our military families won’t lose their home to foreclosure or face skyrocketing mortgage interest rates. Combine a housing crisis with an unemployment rate for young veterans that has been as high as triple the national average and it’s clear Congress needed to act,” said Senator Kerry. “I’m also glad we succeeded in expanding the mortgage revenue bond program which will help families facing foreclosure and first-time buyers looking for a safe, fair mortgage.”
Kerry’s military legislation was supported by The National Guard Association of the United States (NGAUS), Veterans of Foreign Wars, Reserve Officers Association and the National Military Families Association.
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