Senator John Kerry introduced legislation today to protect military service members from mortgage foreclosure, as America grapples with the housing crisis. The legislation would protect service members and veterans involved in the wars in Iraq and Afghanistan by securing a longer grace period for payment. Kerry's bill would extend the time from 90 days to one year.
"The thought of our men and women in uniform being thrown out of their homes because of mortgage foreclosures is miles beyond unacceptable. This bill protects those that protect us. The soaring and staggering foreclosure statistics are directly affecting Americans from all walks of life, and our military is not exempt from the pain. By extending the deadline to one year, I hope we can take one small step to prevent future joblessness and homelessness throughout the veteran's community," said Senator Kerry.
Kerry's legislation comes after a recommendation from the Commission on the National Guard and Reserves to take preventative action. The Commission found that the transition from military to civilian life extends well beyond the current timeline, which forces many service members to focus their attention on imminent foreclosure instead of first locating a competitive job or addressing any mental or physical health concerns.