Mr. Speaker, in May of this year, I introduced the Protecting Veterans' Homes Act after reading in the news and hearing in the Veterans' Affairs Committee that recently returned soldiers were facing foreclosure on their homes. And I thank…
Mr. Speaker, in May of this year, I introduced the Protecting Veterans' Homes Act after reading in the news and hearing in the Veterans' Affairs Committee that recently returned soldiers were facing foreclosure on their homes. And I thank the chairman of our Economic Opportunity Subcommittee for his inspiring words about this problem.
I rise today to talk about the responsibility this government has to protect our heroes who have recently returned from Afghanistan and Iraq. I am pleased that today the Protecting Veterans' Homes Act is being considered as part of this bill. We had a legislative hearing on this bill in the Veterans' Affairs Subcommittee on Economic Opportunity on July 7, where I have the honor to serve as ranking member, and at that time we heard from the American Legion, the Reserve Officers Association, the Reserve Enlisted Association, Paralyzed Veterans of America, the VFW, Iraq and Afghanistan Veterans of America, and the Gold Star Wives of America. All acknowledged the need to protect returning servicemembers and veterans from foreclosure, and all have endorsed this legislation.
This bipartisan bill will help servicemembers who return from combat and are facing foreclosure stay in their homes and ensure that surviving military spouses have additional protections that prevent foreclosure on their homes. Furthermore, this bill establishes that lending institutions have compliance officers to provide information to veterans and servicemembers about foreclosure protections available to them.
The Protecting Veterans' Homes Act would protect veterans from being foreclosed upon by banks and would give those soldiers, like the Iowa National Guard soldiers returning from Afghanistan, the peace of mind knowing that they will have more opportunities to protect themselves from unwanted foreclosures. Too often, these soldiers return from combat only to face new challenges here at home. Whether it's due to an injury or a financial crisis caused by long deployments and time off from their civilian jobs, our veterans deserve to know that we're standing up for them, and this bill will make sure they have time to get back on their feet.
Currently, similar protections are set to expire in December of 2012. The Protecting Veterans' Homes Act would make these protections permanent and would extend the grace period from 9 months to a full year for servicemembers and veterans returning from deployments. This will allow them to work with their lenders, secure new loans, secure employment, get over a family tragedy, deal with a serious family health issue, or, in a worst-case scenario, be able to sell their home and avoid possible foreclosure, bankruptcy, or damage to their credit rating. That's why this bill is so important, and I ask all Members to support it.