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Congress May Add to Relief For U.S. Military Personnel.(Brief Article)
With 200,000 troops massed on the Iraqi border, lawmakers in Congress are looking for ways to express their support for servicemen and women, and one possibility is lowering the interest rates on their mortgages.
Under the Soldiers' and Sailors' Civil Relief Act, all mortgage lenders are required to reduce mortgage interest rates to 6% for active duty reservists and guardsmen during times of war.
But with current mortgages at 6% or below, SSCRA is not providing much relief.
So Sen. Wayne Allard, R-Colo., asked Department of Housing and Urban Development secretary Mel Martinez for any suggestions at a recent Senate Banking Committee hearing.
With current mortgage rates at 6%, "it would now be appropriate to have something lower than that," secretary Martinez said. The HUD secretary promised to confer with Defense Department officials about any changes and to work with the committee to provide meaningful relief under the SSCRA.
"So I would ...
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Source: HighBeam Research, Congress May Add to Relief For U.S. Military Personnel.(Brief Article)