Protection From Repos
Posted on April 15, 2008
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House resolution 3321 was passed by the Senate. It would give protection to veterans and servicemen from the clutches of foreclosures. For them repos would be delayed for nine months from the day of the serviceman’s return from the front. This means a six month extension from the usual time allowed. Also the bill gives the personnel relief for a year from rising interest rates. Counseling will also be available for service holders and veterans who are facing financial troubles.
There are also other clauses in the bill beneficial to the group. The limit on the house loans will increase to $730,000 from $417,000 – a welcome steep hike. This facility they will be able to avail of from the end of this year. The increase is the same as that being offered lately by Federal Home Loan Mortgage Corporation.
Service personnel on active duty who have been disabled will qualify for grants related to housing matters. This will be for totally disabled veterans but not for totally impaired servicemen on active duty undergoing medical treatment. Veterans with severe burns will qualify for this facility.
Last Thursday, 10th April 2008 the bill was passed by 84/12. It will now go to the house of representatives. It is debatable whether the bill will finally become law or not because of acute differences between the Congress and White House. The bone of contention is over what measures should be taken to tackle the problems of falling real estate and rising foreclosures. Talks for a compromise have however begun. The House Financial Services Committee will put forward its own rendering of the HR3321 this month.
The chairperson of the Senate Veteran’s Affairs Committee, Senator Daniel Akaka (Democrat) is pressurizing the Congress to take quick action because ‘veterans and other Americans are struggling with the national housing crisis.’
The veterans are those who fought World War II and the servicemen are those out in Iraq and Afghanistan today. The veterans had to queue up at the post offices shops during Christmas – unrecognized and forgotten. They have formed a committee – The American Veterans Committee, to sort out pressing individual problems related to education, health and housing. The main thing that they want is to be a productive member of the community and not a special group set aside. But with rising unemployment triggered by the repos crisis the veterans seem to be asking for a sky-flower.
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