Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1815) to amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to take certain actions in the case of a default on a home loan guaranteed by the…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1815) to amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to take certain actions in the case of a default on a home loan guaranteed by the Secretary, and for other purposes, as amended.
Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks on H.R. 1815, as amended.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise today in support of H.R. 1815, as amended, offered by the gentleman from Wisconsin (Mr. Van Orden), my friend and colleague.
For the last year, House Republicans have raised concerns about the Biden administration's creation of a VA Servicing Purchase program, or the VASP program.
Mr. Speaker, this Biden program was estimated to cost over $15 billion in tax dollars. It also puts the VA home loan program at risk for today and tomorrow's veterans.
It was a bad program, and the Trump administration was right to stop it. However, I recognize that sometimes veterans and their families fall on hard times and veterans need a safety net.
Mr. Van Orden's bill, H.R. 1815, as amended, is a fiscally responsible solution to enhance the VA home loan program and give veterans the assistance they might need if they are in home loan debt.
The bill is the result of over a year of discussions between VSOs, veterans, the lenders, and Members to properly establish a partial claim program for veteran homeowners should they need it.
The bill is the only fiscally responsible solution to a problem that Mr. Van Orden and I have been sounding the alarm on for over a year.
Instead of the VA running rampant and creating a program without Congress' intent, establishing a partial claim program where elected officials have made changes to improve a government program is how the democracy should work.
This bill would also require the VA to implement a strategic plan to ensure that veterans remain competitive in their home loan process.
Finally, this bill includes the proper funding for the grant and per diem provisions we passed in the Dole Act last year to fix the Biden administration's mistake.
Under my leadership, my committee will continue to honor its commitment to all veterans, including ensuring proper funding is provided to the GPD providers working to lift veterans out of homelessness.
I thank everybody who has come together to get this bill to this place.
I give special thanks to the Mortgage Bankers Association, Rocket Mortgage, the National Association of REALTORS, and the National Association of Mortgage Brokers for supporting this legislation and helping us get it to the finish line on behalf of our veterans and their families.
I appreciate my Democrat colleagues for their bipartisan support of this legislation. With their support, I hope we can get a good bill passed to the Senate quickly and then to the President's desk very soon.
Mr. Speaker, I urge all of my colleagues to support H.R. 1815, as amended, and I reserve the balance of my time.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I appreciate the other side of the aisle highlighting the problem that veterans are facing today. Thank goodness we are working on a solution right here with H.R. 1815, and we are going to be voting on it today.
Mr. Speaker, the VA's decision to phase out the Veterans Affairs Servicing Purchase program, or VASP program, was an important step by the Trump administration. This decision added billions of dollars to the VA budget without any assurance to the taxpayers that this was a good decision. Just last week, my office received information that, on top of paying $6.3 billion to purchase VA loans, VA also spent an additional $1.5 billion just to support their financing.
The average amount that a veteran had to pay back of their mortgage was actually less than $25,000. Instead of solving the problem, VA chose to purchase the entire loan, costing an average of $321,000. In no way does it make sense to solve a $25,000 problem with a $321,000 solution. Only in government would you do that.
The Congressional Budget Office estimates that this bill would have saved money by keeping the veterans out of foreclosure. They estimated earlier this Congress that the continuing of VASP would cost the taxpayers over half a billion dollars in the next decade. That is why, under my leadership, House Republicans have sounded the alarm on the Biden administration program and the risk it could bring to VA home loans.
Mr. Speaker, I continue to urge support of H.R. 1815. It is a sensible bill. Representative Van Orden and I will continue working on a cure to this problem.
Mr. Speaker, I yield such time as he may consume to the gentleman from Wisconsin (Mr. Van Orden).
Mr. Speaker, I yield myself the balance of my time.
Mr. Speaker, I do think a response is necessary to clear up what was spoken of from the other side of the aisle. One is that the Veterans Home Loan program does not assume the entire loss of the existing program during VASP, but what it did is, because it is a loan guarantee, it was 25 percent. I think that needs to be clear for the record.
This bill is the cure, I believe, for the problems that we are having right now. At least it gives off-step to secure these loans to make sure that as few as possible face foreclosure. It is a good bill. It is a good bill that will receive support from both sides of the aisle. The argument before was just that. It was an argument before.
Mr. Speaker, I encourage all my colleagues to support this legislation, and I yield back the balance of my time.