Veterans' Housing Amendments Act of 1989

Summary

Veterans' Housing Amendments Act of 1989 - Revises the maximum amount of a home loan to be guaranteed by the Department of Veterans Affairs (VA) for the benefit of eligible veterans. Prescribes maximum amounts to be guaranteed to veterans in the case of a loan made to refinance a construction loan, an installment land sales contract, or a loan obtained by a previous owner of property which was assumed by the veteran as the lesser of the reasonable value of the dwelling or farm residence or the sum of the outstanding balance of the refinanced loan plus closing costs. Limits the maximum amount of the loan to be guaranteed in all other cases to be no more than 90 percent of the reasonable value of the dwelling or farm residence. Grants the Secretary of Veterans Affairs authority to sell vendee loans (to maintain the effective functioning of the loan guarantee program) without recourse after: (1) consulting with a professional financial advisor; (2) reviewing the experience of other Federal agencies that have conducted loan asset sales without recourse; (3) exploring such marketing strategies as overcollateralized loans or private reinsurances; and (4) accepting bids only when they appropriately reflect the prevailing interest rates and characteristics of the loans. Extends through FY 1991 the authority of the Secretary to collect loan fees from veterans being guaranteed housing or other loans through the VA. Repeals provisions relating to the inspection of manufactured homes purchased by veterans, and deems as meeting required standards any manufactured housing unit displaying a certificate of conformance to Federal manufactured home construction and safety standards. Repeals provisions placing certain restrictions on such VA manufactured home loans. Limits the maximum VA liability under such loan guarantees. Repeals provisions which prohibit the VA from guaranteeing loans for newly constructed residences in areas not served by public or community water and sewage systems. Permits the VA to collect debts arising out of the housing loan program by offsetting the debtor's Federal tax refund. Requires any veteran desiring a housing debt waiver to make such request within 180 days of the notification of such indebtedness (unless the Secretary determines that a longer period is reasonable) or by September 30, 1991, if notice of such debt was provided before October 1, 1989. Makes such waiver provisions applicable to active-duty veterans. Makes all former active-duty veterans eligible for basic entitlement to VA-guaranteed housing loans whether or not such a veteran has ever been discharged or released from active duty. Makes VA claim payment and property acquisition procedures in connection with guaranteed housing loans permanent. (Currently, such procedures terminate as of the end of FY 1989.)

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

Timeline

1. 2 May 1989

   Introduced

   Read twice and referred to the Committee on Veterans.

   Source: IntroReferral

2. 2 May 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 22 June 1989

   Committee

   Committee on Veterans. Hearings held.

   Source: Committee

4. 27 July 1989

   Reported

   Committee on Veterans. Provisions of measure incorporated into measure S. 13 ordered to be reported.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 May 1989

  Open at official source

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Sponsors

• Sen. Cranston, Alan [D-CA] · D · Sponsor
• · ssva00 · Standing

Related records

• related to → Veterans' Housing Amendments Act of 1989
• related to → Veterans Benefits and Health Care Act of 1989