US Edition
New Mortgage Support Program for Struggling Veterans Set to Become Law
UNITED STATES, JUL 16 – The bill reinstates a partial claims program allowing veterans to defer missed mortgage payments and funds transitional housing, aiming to help over 20,000 delinquent borrowers avoid foreclosure, officials said.
- On Wednesday, the U.S. Senate approved the VA Home Loan Program Reform Act, which just needs President Donald Trump's expected signature to become law.
- Following the program's cancellation, partial claims program replaces a Biden-era mortgage rescue that the Trump administration ended this year and revives a COVID-19 pandemic-era program.
- According to NPR, nearly 90,000 VA loans are seriously past due, with 33,000 already in foreclosure, demonstrating rising delinquencies and mortgage distress among veterans.
- In a joint statement, Moran and Blumenthal said `This legislation will help veterans avoid foreclosure`, emphasizing bipartisan support to assist veterans facing financial hardship.
- The Congressional Budget Office estimates the bill will cost the government nothing overall, balancing grant funding with savings from reduced defaults.
42 Articles
42 Articles
iosconews.com
Congress acts to help veterans avoid foreclosure after VA ends relief program
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Marine Corps Times
New mortgage support program for struggling veterans set to become law
Senate lawmakers finalized plans Wednesday for a new home loan safety net program designed to prevent veterans from facing foreclosure, replacing a similar but controversial effort canceled by Veterans Affairs officials earlier this year. The bill, known as the VA Home Loan Program Reform Act, had previously passed the House and now awaits President Donald Trump’s signature to become law. It would create a partial claim program for veterans who …
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