Bill > HR8647

This bill, the VA Home Loan Program Reform Act, aims to authorize the Secretary of Veterans Affairs to take actions to prevent or resolve defaults on housing loans guaranteed by the Department of Veterans Affairs (VA). The key provisions include: 1. Allowing the VA Secretary to pay loan holders to avoid foreclosure, require loan holders and borrowers to take necessary actions, and establish standards for processing such payments. 2. Establishing a "Partial Claim Program" where the VA can purchase a portion of a defaulted or at-risk loan, with the borrower agreeing to repay the VA at the end of the loan period at a low or no interest rate. 3. Granting the VA Secretary discretion in administering the Partial Claim Program, including the ability to make final and conclusive decisions that are not subject to judicial review. 4. Requiring the VA Secretary to submit a report on the department's strategy to ensure veterans are not disadvantaged in securing real estate representation when purchasing homes with VA-guaranteed loans, in light of recent litigation. The bill aims to provide the VA with additional tools to help prevent and resolve defaults on VA-guaranteed home loans, which are an important benefit for military members and veterans.

Business and Industry, Military Affairs and Security

https://www.congress.gov/bill/118th-congress/house-bill/8647/all-info