News
Filner Calls for Foreclosure Protections for Servicemembers to be Made Permanent
FOR IMMEDIATE RELEASE
February 9, 2011
Washington, D.C. - Following today’s Committee hearing on mortgage-related violations of the Servicemembers Civil Relief Act (SCRA), Ranking Democratic Member Bob Filner (D-CA) called on Congress to make current protections against foreclosures permanent.
“The shocking actions of JP Morgan Chase overcharging military families and improperly foreclosing on some highlight the need for Congress to make permanent the foreclosure protections found in the SCRA and look to ways to improve the protections we provide to the men and women who defend us,” stated Filner. “How many other military families have been harmed by financial institutions that refuse to follow the rules?”
The SCRA provides vital financial protections to enable servicemembers to answer the call to service without worrying about some of the financial effects of that service. The SCRA protects against evictions, foreclosures, default judgments and high interest rates.
“I applaud the recent action by Elizabeth Warren to create an Office of Servicemembers Affairs within the Consumer Financial Protection Bureau and I look forward to working closely with Holly Petraeus to make sure our servicemembers get all the protections that are available to them under law,” said Filner. “The tragic stories of those who have been adversely affected by the failure of our financial institutions to play by the rules further highlight the necessity of effective legal and regulatory protections for our servicemembers and veterans.”
“I’m proud of the work we did in the 110th and 111th Congresses to strengthen the SCRA, including strengthening the 6% interest rate cap protections and extending the mortgage foreclosure protections from 90 days to 9 months. One of the last acts we did last year was to continue this period through 2012, and my legislation will provide this 9-month protection permanently.”