U.S. regulators push for military borrower protections

The Federal Reserve and other U.S. financial regulators released new rules on Thursday to help prevent unfair treatment of military borrowers by ensuring mortgage servicers provide information necessary to modify loan terms or sell their homes due to reassignments.  The regulators said the intent of the guidance is to make it easier for military borrowers to understand loan terms while making property decisions upon receiving orders to relocate. About one-third of those serving on active duty are required to move each year. Since the 2006 collapse of the real estate market, tens of thousands of service members have lost homes to foreclosure and lenders have come under scrutiny for violating federal laws in place for military homeowners.

Reuters

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