CFPB applauds Treasury's updated guidance on military-housing program

09/30/2011 | AmericanBanker.com (free registration)

The Consumer Financial Protection Bureau touted updated guidance from the Treasury Department that loosens standards for military members to qualify for the Home Affordable Foreclosure Alternatives program. "Servicemembers in this situation face an array of tough choices that can include years-long separation from family, foreclosure and even financial ruin," said Holly Petraeus, the assistant director of the Office of Servicemember Affairs at CFPB. "I applaud the Department of Treasury for updating its program guidance to recognize that military orders to move can trigger a genuine hardship for military homeowners."

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