House Approves MBA-Supported Servicemember Civil Relief Act Extension
The House, by unanimous consent, approved yesterday a Mortgage Bankers Association-supported bill that would extend the Servicemembers Civil Relief Act through 2017.
The vote came after MBA and eight other industry trade groups sent a letter to Capitol Hill urging support for S.2393, the Foreclosure Relief and Extension for Servicemembers Act of 2015. The bill restores and extends the one-year protection from foreclosure for military personnel leaving active duty under SCRA through 2017. S.2393 provides time for active-duty servicemembers transitioning to civil life to address their financial issues and debt upon leaving the military.
MBA President and CEO David Stevens, CMB, issued a statement following the vote, commending the House for its quick action. “SCRA provides the brave men and women of our military with the certainty they won’t lose their home when they transition back to civilian life,” he said. “That’s something that should never happen. Our industry is committed to helping members of the military stay in their homes and we are grateful Congress has renewed this vital homeownership tool.”
Earlier yesterday, MBA and other industry trade groups sent a letter to House Speaker Paul Ryan, R-Wis., and Minority Leader Nancy Pelosi, D-Calif., urging passage.
“We support a continuation of this one-year uniform standard that enables the mortgage industry to provide a consistent experience for their military homeowners,” the letter said. “S. 2393 is good public policy and will help provide the best service for military service members.”
Joining MBA in the letter: the American Bankers Association; Association of Military Banks of America; Consumer Bankers Association; Consumer Mortgage Coalition; Housing Policy Council of the Financial Services Roundtable; Independent Community Bankers of America; National Association of Home Builders; and the National Association of Realtors.
S. 2393, originally introduced by Sen. Sheldon Whitehouse, D-R.I., passed the Senate in December. The bill now goes to President Barack Obama for his signature.
