Law provides 6% reduction on loans for active military serving in war zones
Editor:
While discussing some veteran's situations, as well as active duty people with the Department of Veterans Affairs, I brought up something about the banks and other financial organizations being required to reduce interest rates of mortgages and other loans for active military. The people at Veteran Affairs said they would have to research this situation about the banks because they could not find it their mandates. I got a call back from these folks. I was right. People serving on Active Duty in a war zone are supposed to get a reduction of 6% on mortgages and other loans. This is from U.S. Code Title 50, which became a law in 1940 and was revised in 2003.
So did banks and loan companies here in the Ohio Valley do this for the people who are protecting us from terrorism?
Jerry Smith, Ph.D.
Somerton, Ohio
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