Banks Launch Programs to Aid Military Families

Banks Launch Programs to Aid Military Families

In following a recent move by J.P. Morgan Chase, Bank of America Corp. announced it would launch a new program geared to reducing loan balances for military borrowers who are struggling to pay their mortgages as they leave active duty.

Many of the banks' measures go beyond protections already provided to military borrowers in the Servicemembers Civil Relief Act. The SCRA forbids foreclosures on active-duty military and caps interest rates at 6 percent.

See the entire story from REALTOR Magazine Online Daily and source Dow Jones Business News.