To amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to take certain actions in the case of a default on a home loan guaranteed by the Secretary, and for other purposes.
VA Home Loan Program Reform Act
This bill authorizes the Department of Veterans Affairs (VA) to take certain actions in cases of default on home loans under the VA home loan program and establishes a partial claim program.
First, the bill authorizes the VA to pay the holder of a loan guaranteed by the VA an amount necessary to avoid the foreclosure of the loan, provided that the holder of the loan and the veteran obligated on the loan execute documents to ensure the VA obtains a secured interest in the property covered by the loan.
The VA must prescribe loss mitigation procedures to help prevent the foreclosure of such a home loan. The VA may not take specified administrative actions (e.g., consent to the modification of loan terms) until the sequence of mitigation options has been completed.
Next, the bill establishes a five-year Partial Claim Program under which the VA may make a partial claim (purchase a portion of the indebtedness) on VA loans for primary residences that are in default or at imminent risk of default. Individuals who default on loans for which the VA has made a partial claim under this program must be liable to the VA for any loss resulting from the default.
Finally, the VA must report to Congress on its strategy to ensure that veterans who purchase homes under the VA home loan program are not at a disadvantage when attempting to secure representation by a real estate agent or broker.
Reported (Amended) by the Committee on Veterans' Affairs. H. Rept. 119-104.
Placed on the Union Calendar, Calendar No. 77.
Mr. Bost moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H2126-2129)
DEBATE - The House proceeded with forty minutes of debate on H.R. 1815.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2126-2127)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2126-2127)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Veterans' Affairs.
Senate Committee on Veterans' Affairs discharged by Unanimous Consent.
Senate Committee on Veterans' Affairs discharged by Unanimous Consent.
Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.
Passed Senate without amendment by Voice Vote. (consideration: CR S4373-4374)
Message on Senate action sent to the House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 119-31.
Became Public Law No: 119-31.
Enacted as Public Law 119-31
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line