The men and women serving in the U.S. military may be some of the hardest hit in the housing crisis, including here in North Carolina.
Bloomberg News is reporting that foreclosures in military towns is outpacing the national foreclosure average, four-fold. That's based on information from RealyTrac. Bloomberg News names Havelock as an example, home to Marine Corps Air Station Cherry Point. Foreclosures there have more than doubled in the past year.
Bloomberg News says military members have been targeted for risky loans because they're more likely to have weak credit, due to frequent moves, low wages, and deployments.
The law offers some protection from foreclosure for military members. Get the facts by clicking here.
There is also a bipartisan effort to strengthen the Servicemembers Civil Relief Act by lengthening the grace period to protect military members from foreclosure. Two senators recently introduced the Casey-Isakson Bill.