Lost somewhere between the Casey Anthony trial and the debt ceiling debate in Washington is the greatest news story of the year, which received scant coverage by the mainstream news channels.
In flagrant violation of the decades-old Servicemembers Civil Relief Act, many banks continue to charge illegal fees and foreclose on the homes of our military service members. I am not surprised by the lack of news coverage this issue has received. Perhaps it lacks the pizzazz of some civilian getting killed by a wayward bomb or a misstep by someone in uniform.
The SCRA was enacted during World War II to “protect those who have been obliged to drop their own affairs to take up the burdens of the nation.” The law was updated in 2010 and prohibits foreclosures against service members without specific court orders and limits interest rates and fees banks can charge.
Obeying this law is the least we can do to assist those fighting to protect our freedom.
A Congressional staff report presented July 12 to Senator John D. (Jay) Rockefeller IV and Representative Elijah E. Cummings goes into detail about the abuses committed against our service members by some of the nation’s largest financial services companies, including Bank of America and Morgan Stanley. Many of these same institutions accepted billions in taxpayer-funded bailouts. Their callous disregard for the law and the rights of our soliders should infuriate every American.
The worst offender so far is JPMorgan Chase & Co., which paid a $56 million fine. The company was forced to issue an apology and conduct an executive sacrifice of the poor soul who ran the responsible department.
The banks cannot run away from this issue fast enough.
As an independent mortgage lender, I have a deep admiration and respect for those who are protecting my family. Unfortunately, I am well past the expiration date of being able to put on a uniform and raise my right hand. I have decided to join the fight to assist and protect our service members.
I enlisted with USA Cares, a nonprofit that provides financial and advocacy assistance to active duty military service personnel, veterans and their families. I offer my residential mortgage lending experience to any service member who needs help in navigating the maze of lending rules.
I am proud to join the ranks of civilian volunteers for this organization, including former President George W. Bush and the comedian Dennis Miller, who is USA Cares’ national spokesman. To date this group has assisted thousands of our military heroes, and it actively lobbies members of Congress on their behalf.
Front and center is the foreclosure mess.
I call on all of my colleagues in the residential lending community to help educate our service members about their mortgage rights.
Having worked with consumers for my entire career, I have a couple of suggestions for the banks and their mortgage servicing divisions.
First: If banks can track borrowers’ interest rates and other terms, by keeping databases of information from the loan application and closing documents, how hard can it be for them to track which borrowers are serving in the military? Why not create a special code for military members attached to their loan number?
And if they can stuff monthly statements with fliers for other products, perhaps they should include with military borrowers’ bills a note advising them of their rights.
Finally, and I know this from firsthand experience, improve your client services. Anyone who has called a mortgage servicer recently is hard pressed to tell whether they are dealing with a live person or a computer.
Our active service members do not need the added stress of having to worry about their home being seized when they are in harm’s way. Aside from being illegal, it detracts from their ability to focus on the mission.
In short, it endangers all of us.
Richard Booth is a certified mortgage banker with America’s First Funding Group LLC, a residential and commercial lender in Neptune, N.J.
Lost somewhere between the Casey Anthony trial and the debt ceiling debate in Washington is the greatest news story of the year, which received scant coverage by the mainstream news channels.
It is the growing problem of home foreclosures on active-duty military. Despite being protected by the decades-old Servicemembers Civil Relief Act, many banks continue to violate the law by charging illegal fees and foreclosing on the homes of our service members. I am not surprised by the lack of news coverage this issue has received. Perhaps it lacks the pizzazz of some civilian getting killed by a wayward bomb or a misstep of someone in uniform.
The SCRA was enacted during World War II to “protect those who have been obliged to drop their own affairs to take up the burdens of the nation.” The law was updated in 2010 and prohibits foreclosures against service members without specific court orders and limits interest rates and fees banks can charge.
This is the least we can do to assist those fighting to protect our freedom.
A Congressional staff report presented July 12 to Senator John D. (Jay) Rockefeller IV and Representative Elijah E. Cummings goes into detail about the abuses committed against our service members by some of the nation’s largest financial services companies including Bank of America and Morgan Stanley.
Many of these same institutions accepted billions in taxpayer funded bailouts. This should infuriate every American.
The worst offender so far is JPMorgan Chase & Co., which paid a $56 million fine. Its CEO was forced to issue an apology and conduct an executive sacrifice of the poor soul who ran the responsible department.
They cannot get away from this issue fast enough.
Nor should we let them.
As an independent mortgage lender, I have a deep admiration and respect for those who are protecting my family, whether it is in the U.S or in some foreign land. Unfortunately, I am well past the expiration date of being able to put on a uniform and raise my right hand. I have decided to join the fight to assist and protect our service members. I enlisted with USA Cares, a nonprofit that provides financial and advocacy assistance to active duty military service personnel, veterans and their families. I offer my residential mortgage lending experience to any service member who needs help in navigating the maze of lending rules. I am proud to join the ranks of civilian volunteers for this organization, including former President George W. Bush and the comedian Dennis Miller, who is USA Cares’ national spokesman. To date this group has assisted thousands of our military heroes, and it actively lobbies members of Congress on their behalf.
Front and center is the foreclosure mess.
I call on all of my colleagues in the residential lending community to help educate our service members about their mortgage rights.
Having worked with consumers for my entire career, I have a couple of suggestions for the banks and their mortgage servicing divisions.
First: If banks can keep track of borrowers’ interest rates and other terms, by keeping information from the loan application and closing documents in a database, how hard can it be for them to track which borrowers are serving in the military? Why not create a special code for military members attached to their loan number? And if they can stuff monthly statements with fliers for other products, perhaps they should include with military borrowers’ bills a note advising them of their rights.
Finally, and I know this from first hand experience, improve your client services. Anyone who has called a mortgage servicer recently is hard pressed to tell whether they are dealing with a live person or a computer.
Our active service members do not need the added stress of having to worry about their home being seized when they are in harm’s way. Aside from being illegal, it detracts from their ability to focus on the mission.
In short, it endangers all of us.
