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American Banker: Senators, Delaware AG Propose Further Credit Relief For Troops
WASHINGTON – Four Democratic senators and Delaware Attorney General Beau Biden unveiled a bill Tuesday to offer more credit relief for military families.
The legislation – sponsored by Sens. Jack Reed, D-R.I.; Dick Durbin, D-Ill.; Sheldon Whitehouse, D-R.I.; and Mark Begich, D-Alaska – would amend the Servicemembers Civil Relief Act, which generally sets a 6% interest rate cap on mortgages for active duty personnel and bans foreclosures on their homes without judicial order.
The new bill – titled the Servicemember Housing Protection Act – would expand the types of “military orders” that allow service members to claim active-duty-related credit protection, as well as extend the foreclosure restrictions to their surviving spouses.