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To amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to offer a loan guaranteed by an adjustable rate mortgage under Chapter 37 of such title.
To amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to offer a loan guaranteed by an adjustable rate mortgage under chapter 37 of such title.
Summary
This bill amends the Veterans Affairs home loan guarantee program (Chapter 37 of title 38, United States Code) to authorize the Secretary of Veterans Affairs to offer loans guaranteed by adjustable rate mortgages. The amendment changes the language to give the Secretary discretionary authority to guarantee adjustable rate mortgage loans for veterans. This would allow the VA to provide adjustable rate mortgage options as one type of loan guarantee offering to eligible veterans.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Fox, Jon D. [R-PA-13] (R-PA)
42 cosponsors
- Rep. Bachus, Spencer [R-AL-6] (R-AL)
- Rep. Barr, Bob [R-GA-7] (R-GA)
- Rep. Barrett, Bill [R-NE-3] (R-NE)
- Rep. Bereuter, Doug [R-NE-1] (R-NE)
- Rep. Calvert, Ken [R-CA-43] (R-CA)
- Rep. Chambliss, Saxby [R-GA-8] (R-GA)
- Rep. Cooley, Wes [R-OR-2] (R-OR)
- Rep. Davis, Tom [R-VA-11] (R-VA)
- Rep. Deal, Nathan [R-GA-9] (R-GA)
- Rep. Dornan, Robert K. [R-CA-46] (R-CA)
- Rep. English, Phil [R-PA-21] (R-PA)
- Rep. Ensign, John [R-NV-1] (R-NV)
- Rep. Everett, Terry [R-AL-2] (R-AL)
- Rep. Flanagan, Michael Patrick [R-IL-5] (R-IL)
- Rep. Forbes, Michael P. [R-NY-1] (R-NY)
- Rep. Funderburk, David [R-NC-2] (R-NC)
- Rep. Gutknecht, Gil [R-MN-1] (R-MN)
- Rep. Hancock, Mel [R-MO-7] (R-MO)
- Rep. Hayworth, J. D. [R-AZ-6] (R-AZ)
- Rep. Hunter, Duncan [R-CA-52] (R-CA)
- Rep. Kelly, Sue W. [R-NY-19] (R-NY)
- Rep. King, Peter T. [R-NY-3] (R-NY)
- Rep. LaTourette, Steven C. [R-OH-19] (R-OH)
- Rep. Longley, James B., Jr. [R-ME-1] (R-ME)
- Rep. Mascara, Frank [D-PA-20] (D-PA)
- Rep. McHale, Paul [D-PA-15] (D-PA)
- Rep. Montgomery, G. V. (Sonny) [D-MS-3] (D-MS)
- Rep. Norwood, Charles W. [R-GA-10] (R-GA)
- Rep. Quinn, Jack [R-NY-30] (R-NY)
- Rep. Riggs, Frank [R-CA-1] (R-CA)
- Rep. Saxton, Jim [R-NJ-3] (R-NJ)
- Rep. Shadegg, John B. [R-AZ-4] (R-AZ)
- Rep. Smith, Christopher H. [R-NJ-4] (R-NJ)
- Rep. Solomon, Gerald B. H. [R-NY-22] (R-NY)
- Rep. Spence, Floyd [R-SC-2] (R-SC)
- Rep. Stearns, Cliff [R-FL-6] (R-FL)
- Rep. Stump, Bob [R-AZ-3] (R-AZ)
- Rep. Tiahrt, Todd [R-KS-4] (R-KS)
- Rep. Watts, J. C., Jr. [R-OK-4] (R-OK)
- Rep. Weldon, Curt [R-PA-7] (R-PA)
- Rep. Weller, Jerry [R-IL-11] (R-IL)
- Rep. Zimmer, Dick [R-NJ-12] (R-NJ)
Actions (3)
- Sep 4, 1996 Referred to the Subcommittee on Education, Training, Employment and Housing. · house
- Aug 1, 1996 Referred to the House Committee on Veterans' Affairs. · house
- Aug 1, 1996 Introduced in House
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Full text
IN THE HOUSE OF REPRESENTATIVES
August 1, 1996
Mr. Fox of Pennsylvania (for himself, Mr. Stump, Mr. Montgomery, Mr. Hayworth, Mr. Weldon of Pennsylvania, Mr. Weller, Mr. Davis, Mr. Barr of Georgia, Mr. Smith of New Jersey, Mr. Barrett of Nebraska, Mr. Flanagan, Mr. Longley, Mr. Saxton, Mr. Shadegg, Mr. Tiahrt, Mr. Forbes, Mr. Spence, Mr. English of Pennsylvania, Mr. Mascara, Mr. McHale, Mr. Solomon, Mr. Dornan, Mr. Watts of Oklahoma, Mr. Chambliss, Mr. Norwood, Mr. Stearns, Mr. Hancock, Mr. Gutknecht, Mr. Calvert, and Mr. Riggs) introduced the following bill; which was referred to the Committee on Veterans’ Affairs
A BILL
To amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to offer a loan guaranteed by an adjustable rate mortgage under chapter 37 of such title.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. AUTHORIZATION OF ADJUSTABLE RATE MORTGAGES.
Section 3707(a) of title 38, United States Code, is amended by striking out “The Secretary shall” through “loans” and inserting in lieu thereof “The Secretary may guarantee loans under this section”. <all>
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