(White House) Every day, the men and women of our military perform incredible service on behalf of our country. And as the President has made clear, just as our service members have made a commitment to America, we have a commitment to them – to have their backs at home while they serve around the world.
A new partnership announced today by President Obama with leading banks and financial services institutions is part of meeting that commitment by making it easier for service members to access important financial protections that will save them money and help protect their financial wellbeing.
In a speech at the American Legion s 96th National Convention today, the President outlined how his Administration and five of the country’s largest mortgage servicers are working together to help more members of our active-duty military lower their monthly mortgage payments. Our preliminary analysis suggests that this new partnership will help tens of thousands of military families save money by reducing their mortgage interest rates. On a $200,000 mortgage, even an interest rate reduction of only 1 percent will result in over $1,500 a year in savings for our military families – money they can put toward daily expenses, retirement savings, or sending their children to college.
read moreSource: www.whitehouse.gov
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