Sensing Housing Crisis for Military Members, Lawmakers Attempt to Act Quickly

As the housing market continues to get worse and mortgage defaults become more common, cities and towns where soldiers are stationed are seeing higher foreclosure rates than the national average.  As a result, lawmakers are asking regulators and federal agencies to provide alternative solutions to members of the military who have been impacted by the sagging real estate market, according to Reuters.

In a letter addressed to Treasury Secretary Timothy Geithner and three financial regulators, lawmakers requested that the Treasury Department specifically review the issues facing military personnel who are forced to relocate for work and therefore risk losing their homes.

“Service members and their families are often unable to sell their homes quickly at prices that will enable them to pay off their mortgages, and they cannot generate enough rental income to cover their mortgage,” the letter states, “To address these concerns, we ask that you review these problems comprehensively and develop specific initiatives to address the unique needs of military service members.”

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