Serve Your Country, Lose Your House
All during the presidential campaign, candidates of both parties practically tripped over themselves declaring their support for America’s veterans and vowing to do all they could to support them.
But I never heard either President-elect Obama or Sen. John McCain talk about the devastating financial problems that face some of the newest returning veterans, who find themselves readjusting to life, recovering from injuries – and facing foreclosure, the New York Times says.
From the Times:
While few Americans are sheltered from the jolt of the recent economic crisis, the nation’s newest veterans, particularly the wounded, are being hit especially hard. The triple-whammy of injury, unemployment and waiting for disability claims to be processed has forced many veterans into foreclosure, or sent them teetering on its edge, according to veterans’ organizations.
This sad situation also is the inevitable result of the targeting by subprime lenders of military families. Bloomberg reported last spring that foreclosures in towns near military bases were four times higher than the national average. Until a recent crackdown, payday lenders regularly clustered around military bases. Soldiers and their families were subprime targets because they moved often, they had modest salaries, and some had little financial experience.
Michelle Obama has said she’ll use her role as First Lady to highlight the problems of military families. It’s about time the financial stress they face, and their vulnerable position as sitting ducks for the subprime lending industry, gets the attention it deserves.