Days before a critical housing program to keep servicemembers from foreclosure was set to expire, President Obama has signed into law Senator John Kerry (D-Mass.)'s bill, which would keep military families in their homes.
The legislation, S. 4058, the Helping Heroes Keep Their Home Act of 2010, provides enhanced protections for servicemembers and military families against foreclosure and increased interest rates as part of the Servicemembers Civil Relief Act (SCRA). The SCRA extends protections Senator Kerry previously enacted into law to expand protections from foreclosure for nine months after active duty servicemembers return home and provide one year relief from increases in mortgage interest rates. The current program was set to expire tomorrow, December 31, 2010. Senator Kerry's legislation extends the program for an additional two years.
"This program ensures that we protect the heroes who so bravely protect us," said Sen. Kerry. "Our servicemembers deserve the peace of mind that comes with knowing their families and homes are protected while they are deployed overseas and that they have a lifeline to come home to in the face of foreclosure. In the final hours before this program was set to be ripped away from the men and women who need it most, I'm proud to have worked with President Obama to provide for our military families this holiday season."