A bill to amend chapter 37 of title 38, United States Code, to authorize the administrator of Veterans' Affairs to provide mortgage assistance to veterans with loans guaranteed by the Veterans' Administration in order to avoid foreclosure of such loans.

Summary

Authorizes the Administrator of Veterans Affairs to make advances to the holder of a veteran's primary mortgage when such veteran: (1) is temporarily unemployed; (2) is at least six months delinquent in payments; and (3) has a reasonable prospect of being able to resume full payments within six months. Sets limits on the amount of assistance which may be advanced. Requires the veteran to repay the advance with interest at the rate specified by the Administrator for veterans' guaranteed loans within 54 months. States that if the veteran defaults on the mortgage despite the advances made, the advances do not reduce the obligation of the Administrator under the guaranty on the primary mortgage. Specifies that advances be made from the Direct Loan Revolving Fund established for veterans' loans. Makes the Administrator's decisions regarding advances final and nonreviewable. Terminates the advance program after two years.

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Timeline

1. 19 April 1983

   Introduced

   Referred to House Committee on Veterans' Affairs.

   Source: IntroReferral

2. 19 April 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 April 1983

   Introduced

   Introduced in House

   Source: IntroReferral

4. 21 April 1983

   Committee

   Subcommittee Hearings Held.

   Source: Committee

5. 21 April 1983

   Referred

   Referred to Subcommittee on Housing and Memorial Affairs.

   Source: Committee

6. 21 April 1983

   Committee

   Executive Comment Requested from VA.

   Source: Committee

7. 28 April 1983

   Committee

   Executive Comment Received From VA.

   Source: Committee

8. 28 April 1983

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

9. 9 May 1983

   Committee

   Clean Bill H.R.2948 Forwarded by Subcommittee to Full Committee in Lieu.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 19 April 1983

  Open at official source

Sponsors

• Sen. Shelby, Richard C. [R-AL] · D · Sponsor
• Rep. Montgomery, G. V. (Sonny) [D-MS-3] · D · Sponsor
• Rep. Smith, Christopher H. [R-NJ-4] · R · Sponsor
• Rep. Edgar, Robert W. [D-PA-7] · D · Sponsor
• Rep. Evans, Lane [D-IL-17] · D · Sponsor
• Rep. Richardson, Bill [D-NM-3] · D · Sponsor
• · hsvr00 · Standing

Related records

• related to ← Veterans' Housing Benefits Amendments of 1983