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Government Invokes Soldiers & Sailors Relief Act.
Housing secretary Mel Martinez has invoked one of the government's war powers that requires all mortgage lenders to provide interest rate relief for reservists and members of the National Guard called to active duty.
The Department of Housing and Urban Development has advised Federal Housing Administration lenders to reduce mortgage interest rates to 6%, as required by 1940 Soldiers' and Sailors' Civil Relief Act. The Department of Veterans Affairs has issued similar guidance.
HUD also is suggesting that FHA lenders may voluntarily suspend principal payments when part-time soldiers are called up for active duty.
"We want to reassure our servicemen and women that while they are focused on protecting America, we will do everything we can to protect their families' housing needs," secretary Martinez said.
However, HUD has not yet spelled out how it would reimburse servicers for advances of principal payments.
Under the SSCRA, all mortgage lenders are required to reduce mortgage interest rates for active duty reservists and guardsmen during times of war.
On FHA-insured and VA-guaranteed loans, Ginnie Mae reimburses servicers for advances of interest payment to investors. This precedent was established during the 1990 Gulf War, a HUD spokesman said.
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Source: HighBeam Research, Government Invokes Soldiers & Sailors Relief Act.