h/t lulu57
This afternoon President Obama will hold his first full news conference since November to discuss new protections and payouts for troops that were harmed by unfair mortgage practices. Back in February, a $26 billion settlement was announced that would help millions of homeowners, and the new programs are an extension of that.
Some of the specifics:
* Plans for mortgage lenders to review thousands of mortgages of veterans an military members to make sure that they were done properly. If they were foreclosed on wrongly, they would get $116,785 in compensation in addition to their lost equity.
* Troops that were incorrectly charged over 6% on their mortgage could get reimbursed 4 times what this caused them to overpay.
*The Homeowners' Assistance Program will be expanded, and the Veterans Housing Benefit Program Fund will get $10 million in funding to help provide. low-cost loans to eligible veterans
President Obama will also discuss how non-military homeowners with government-insured loans will be able to get help. These programs will not require congressional approval.
More information here, here and here.
Thanks for reading! I will update if necessary after the press conference.
This is more great news, and another reason why I Vote For Democrats! :)
12:58 PM PT: Quick summary of the press conference here:
http://www.washingtonpost.com/...
When I can get video I will add as well
Thank you to everyone who stopped by, I won't be able to comment until later.