To amend title 38, United States Code, to clarify the rights of veterans with regard to procedures for housing loans upon default, and for other purposes.

Summary

Revises provisions with respect to the loan default procedure for veterans' housing loans guaranteed by the Department of Veterans Affairs. Authorizes the Secretary of Veterans Affairs to reimburse the holder of the loan obligation for such advances, costs, and attorney's fees properly and reasonably incurrred in connection with the default and to receive an assignment of the loan and security. Directs the Secretary to notify the mortgagor, within ten days after receiving a notice of default from the veteran, that the Secretary may purchase the loan from the holder. Outlines notification and loan purchase requirements. Directs the Secretary to obtain and hold a quitclaim deed from the mortgagor to the Secretary for the real property securing the loan after the loan is purchased from the loan holder and before the Secretary makes any modifications to the loan instruments or grants any forbearance. Allows such unrecorded quitclaim deed to be returned to the mortgagor if the mortgagor brings the loan current and keeps it current for 12 consecutive months. Makes permanent all such loan default procedures (currently terminated as of December 31, 1992).

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 8 June 1993

   Introduced

   Referred to the House Committee on Veterans' Affairs.

   Source: IntroReferral

2. 8 June 1993

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 June 1993

   Introduced

   Introduced in House

   Source: IntroReferral

4. 11 June 1993

   Referred

   Referred to the Subcommittee on Housing and Memorial Affairs.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 8 June 1993 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 June 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 8 June 1993

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 8 June 1993

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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Sponsors

• Rep. Evans, Lane [D-IL-17] · D · Sponsor
• Rep. Kennedy, Joseph P., II [D-MA-8] · D · Cosponsor
• Rep. Frank, Barney [D-MA-4] · D · Cosponsor
• Rep. Gutierrez, Luis V. [D-IL-4] · D · Cosponsor
• Rep. Lipinski, William O. [D-IL-3] · D · Cosponsor
• Rep. Filner, Bob [D-CA-51] · D · Cosponsor
• Rep. King, Peter T. [R-NY-2] · R · Cosponsor
• Rep. Barrett, Thomas M. [D-WI-5] · D · Cosponsor
• Rep. Torres, Esteban Edward [D-CA-34] · D · Cosponsor
• Rep. Slaughter, Louise McIntosh [D-NY-25] · D · Cosponsor
• Rep. Barlow, Tom [D-KY-1] · D · Cosponsor
• Rep. Olver, John W. [D-MA-1] · D · Cosponsor
• Rep. Pelosi, Nancy [D-CA-11] · D · Cosponsor
• Rep. Kopetski, Mike [D-OR-5] · D · Cosponsor
• Rep. Unsoeld, Jolene [D-WA-3] · D · Cosponsor
• Rep. Jefferson, William J. [D-LA-2] · D · Cosponsor
• Rep. Maloney, Carolyn B. [D-NY-12] · D · Cosponsor
• Rep. Edwards, Don [D-CA-10] · D · Cosponsor
• Rep. Wilson, Charles [D-TX-2] · D · Cosponsor
• Rep. Hochbrueckner, George J. [D-NY-1] · D · Cosponsor
• Del. Faleomavaega, Eni F. H. [D-AS-At Large] · D · Cosponsor
• Rep. Bonior, David E. [D-MI-10] · D · Cosponsor
• Rep. Andrews, Thomas H. [D-ME-1] · D · Cosponsor
• Rep. Barca, Peter [D-WI-1] · D · Cosponsor
• Rep. Williams, Pat [D-MT-At Large] · D · Cosponsor
• Rep. Engel, Eliot L. [D-NY-16] · D · Cosponsor
• · hsvr00 · Standing

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