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Banks to 700 veterans: Oops, sorry for the foreclosures

- The Washington Times - Monday, March 4, 2013

A couple of the biggest banks in the United States have admitted that they were wrong to foreclose on 700-plus military families, at a time when the soldiers were actively serving in war zones.

At fault: Citigroup and Wells Fargo, a report from Newser states. The information on veterans surfaced while the banks were being investigated by federal authorities for foreclosure abuses during the nationwide housing crisis.

"It's absolutely devastating to be 7,000 miles from your home fighting for this country and get a message that your family is being evicted," said one retired Air Force lawyer representing the troops, in the Newser report. "We have been sounding the alarms that the banks are illegally evicting the very men and women who are out there fighting for this country."

The banks say they will compensate those affected by their wrongful foreclosures, Newser reports.

Federal law states that banks have to get court orders before evicting members of the military who are on active duty.

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