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

Abstract

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.

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Document Details

Document Type
Technical Report
Publication Date
Jul 01, 2012
Accession Number
AD1156404

Entities

People

  • Christine Houle
  • Cody Goebel
  • Jennifer Schwartz
  • John Mcgrail
  • Mark Ramage
  • Matthew J. Scire
  • Meghana Acharya
  • Rachel Batkins
  • Rudy Chatlos

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Human Systems

DTIC Thesaurus Topics

  • Active Duty
  • Coast Guard
  • Commerce
  • Congress
  • Department Of Defense
  • Department Of Homeland Security
  • Department Of Veterans Affairs
  • Families (Human)
  • Finance
  • Governments
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  • House Of Representatives
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  • Military Families
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  • Money
  • National Guard
  • National Security
  • Statistical Samples
  • Test Methods
  • Trade Associations
  • Training
  • United States
  • United States Government

Readers

  • Defense Acquisition Program Management
  • Metallurgy
  • Military Mobilization and Reserve Forces Studies.