Mortgage Foreclosures:: Regulatory Oversight of Compliance with Servicemembers Civil Relief Act Has Been Limited.

摘要

Certain protections under the Servicemembers Civil Relief Act (SCRA) only apply to those servicemembers who obtained mortgages prior to becoming active duty, but at least 15,000 instances of financial institutions failing to properly reduce servicemembers mortgage interest rates and over 300 improper foreclosures have been identified by federal investigations and financial institutions in recent years. Additional independent reviews of financial institutions compliance are under way, and staff from some of these institutions told GAO that they have implemented improved practices--such as creating single points of contact familiar with military issues for borrowers--to better comply with SCRA.