Military Family Homes Protection Act
Senator John Kerry introduced the Military Family Homes Protection Act structured to expand the Service Member Civil Relief Act (SCRA) that would provide US soldiers relief for one year from any increase in their mortgage rates. Instead of 90 days to do something about a foreclosure, the bill extends the time to nine months after active duty soldiers return home. The Mortgage Revenue Bond program will be provided an extra $10 billion dollars of tax-exempt bonds that will be used to refinance subprime loans, mortgages for first time borrowers, and multifamily rentals.
“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.”
Senator 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.
“This legislation will help families that have been caught in the subprime mortgage crisis and may be the difference between a service member’s family having a home or being homeless. Senator Kerry, thank you for concentrating on the changes that can make all the difference in veterans’ lives,” said Dennis Cullinan of the Veterans of Foreign Wars.
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