MSNBC Real Estate’s Derek Kravits, reports that two mortgage lenders will have to pay over $22 million to settle charges by the federal government. These settlement charges are in regards to 178 military homes improperly foreclosed while those military personnel were serving in Iraq and Afghanistan. Bank of American and Morgan Stanley failed to obtain the correct court orders before ordering the foreclosures between 2006 and 2009. Each settlement averaged $125,562 in payments toward those military personnel victims of these improper foreclosures. One would figure that the least the armed forces deserve while serving out country is to know that their home will not be taken away while they are fighting for our freedom. Many hope that this settlement will spark the beginning of new mortgage protections for the military, more specifically during their deployment periods.
