U.S. Representative Brad Miller and Holly Petraeus with the Consumer Financial Protection Bureau (CFPB) were in Raleigh Monday to hear firsthand about the financial hardships facing military men and women.
Rep. Miller says it is troubling to hear cases of wrongful foreclosures involving active and reserve military in North Carolina.
Under the Servicemembers Civil Relief Act (SCRA), mortgage servicers must follow special procedures when foreclosing on homes belonging to active-duty members of the armed forces.
But the Congressman notes that ten leading U.S. banks may have unlawfully foreclosed on the mortgages of nearly 5,000 active-duty members of the US military, according to data recently released by the Treasury Department.
Petraeus, the wife of retired General David Petraeus, Director of the Central Intelligence Agency, says the CFPB is also paying close attention to predatory lending and the aggressive practices of many for-profit colleges targeting military members for their Tuition Assistance and G.I. Bill money.
Members of the military and consumers alike can file their mortgage or credit card complaints with the CFPB at http://www.consumerfinance.gov/.
To hear Rep. Miller comment on the financial pressures facing today’s military personnel, click below: