Veterans' Benefits and Programs Improvement Act of 1988

Summary

Veterans' Home Loan Program Improvements Act of 1988 - Establishes an independent Commission on the Veterans' Administration Home Loan Guaranty Program to assess the Veterans Administration (VA) home loan guaranty program. Directs the Commission, within 12 months after at least five Commission members have been appointed, to submit to the Administrator and the Senate and House Veterans' Affairs Committees a report on findings and recommendations with regard to: (1) ways to reduce defaults and foreclosures on VA home loans; (2) ways to reduce VA costs resulting from such foreclosures; (3) the management and disposition of loans made by the VA to finance the sale of properties acquired by the VA as a result of foreclosures; and (4) other administrative matters with regard to the operation of the VA home loan guaranty program. Directs the Administrator, no later than two months after such report is submitted, to submit an interim report to the veterans' committees containing the Administrator's views on the Commission's report and legislation or recommendations proposed by the Commission. Directs the Administrator to submit a final report to the veterans' committees, which includes any action taken up to that point, no later than six months after submission of the Commission's report, together with any recommendations. Terminates the Commission 90 days after the Administrator submits the final report. Amends Federal veterans' benefits provisions to authorize the Administrator to make loans to finance the sale of foreclosed property acquired by the VA at a lower-than-prevailing market rate in order to assure the saleability of such home and the solvency of the Veterans' Administration Home Loan Guaranty Revolving Fund. Makes provisions governing the assumption of VA housing loans applicable to purchases of foreclosed property acquired by the VA.

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Documents

5 official files

• Public Law (PDF)

  Public Law · EN · 19 November 1988

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• Passed House amended

  summary · EN · 12 October 1988

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• Passed Senate amended

  summary · EN · 28 April 1988

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• Reported to Senate with amendment(s)

  summary · EN · 22 April 1988

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• Introduced in Senate

  summary · EN · 4 February 1988

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