Transcript: Obama on relief for military service members who lost homes to wrongful foreclosure

 


Excerpt from White House press briefing held on March 6, 2012 – President Barack Obama on relief for military service members who lost homes to wrongful foreclosures: 

“We’re also taking a series of steps to help homeowners who have served our country.  It is unconscionable that members of our armed forces and their families have been some of those who have been most susceptible to losing their homes due to the actions of unscrupulous banks and mortgage lenders.  Over the last few years that happened — a lot.

“So as part of the landmark settlement we reached with some of the nation’s largest banks a few weeks ago, here’s what we’re going to do:  If you are a member of the armed forces whose home was wrongfully foreclosed, you will be substantially compensated for what the bank did to you and your family.  If you are a member of the armed forces with a high interest rate who was wrongfully denied the chance to lower it while you were in active serve, which banks are required to do by law, the banks will refund you the money you would have saved along with a significant penalty.


“The settlement will make sure that you aren’t forced into foreclosure just because you have a permanent change in station but can’t sell your home because you owe more than it’s worth.  Some of the money will also go into a fund that guarantees loans on favorable terms to our veterans, and there will be more foreclosure protections for every man and woman who is currently serving this country in harm’s way.

“As I’ve said before, no amount of money is going to be enough to make it right for a family who has had their piece of the American Dream wrongfully taken away from them, and no action — no matter how meaningful — will entirely heal our housing market on its own.  This is not something the government by itself can solve.  But I’m not one of those people who believe that we should just sit by and wait for the housing market to hit bottom.  There are real things that we can do right now that would make a substantial difference in the lives of innocent, responsible homeowners.  That’s true in housing, and that’s true in any number of different areas when it comes to ensuring that this recovery touches as many lives as possible.  That’s going to be my top priority as long as I hold this office, and I will do everything I can to make that progress.”

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