[Pages H2126-H2129]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

VA HOME LOAN PROGRAM REFORM ACT

Mr. BOST. 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.
The Clerk read the title of the bill.
The text of the bill is as follows:

H.R. 1815

Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``VA Home Loan Program Reform
Act''.

SEC. 2. AUTHORITY OF THE SECRETARY OF VETERANS AFFAIRS TO
TAKE CERTAIN ACTIONS IN THE CASE OF A DEFAULT
ON A HOME LOAN GUARANTEED BY THE SECRETARY.

(a) In General.--Section 3732 of title 38, United States
Code, is amended--
(1) in subsection (a)--
(A) in paragraph (1), by striking ``obligation'' each place
it appears and inserting ``loan'';
(B) in paragraph (2)--
(i) by amending subparagraph (A) to read as follows:
``(A) The Secretary may, under terms and conditions
determined by the Secretary--
``(i) pay the holder of a loan guaranteed under this
chapter an amount necessary to avoid the foreclosure of such
loan;
``(ii) require the holder of the loan and the veteran
obligated on the loan to execute all documents necessary to
ensure the Secretary obtains a secured interest in the
property covered by the loan; and
``(iii) require the holder of the loan to take any actions
necessary to carry out this paragraph, including preparing,
executing, transmitting, receiving, and recording documents,
and requiring the holder of the loan to place the loan in
forbearance.'';
(ii) in subparagraph (B), by striking ``obligation'' each
place it appears and inserting ``housing loan''; and
(iii) by adding at the end the following new subparagraphs:
``(C)(i) Any decision by the Secretary under this paragraph
is final and is not subject to judicial review.
``(ii) For purposes of section 511 of this title, any
decision under this paragraph shall not be treated as a
decision under a law that affects the provision of benefits.
``(D)(i) The Secretary may establish standards for
processing payments under this paragraph based on a
certification by a holder of a loan guaranteed under this
chapter that the holder has complied with all applicable
requirements established by the Secretary.
``(ii) The Secretary shall carry out, on a random-sampling
basis, post-payment audits to ensure compliance with all
requirements described in clause (i).''; and
(C) in paragraph (5), by striking ``obligation'' and
inserting ``loan'';
(2) in subsection (c)--
(A) in paragraph (1), in the matter preceding subparagraph
(A), by striking ``subsection--'' and inserting
``subsection:''; and
(B) in paragraph (10)(B)(i), by striking ``forebearance''
each place it appears and inserting ``forbearance''; and
(3) by adding at the end the following new subsection:
``(d) The Secretary shall prescribe loss mitigation
procedures, including a mandatory sequence in which the
holder of a loan guaranteed under this chapter shall offer
loss mitigation options (including an option to enter into a
partial claim agreement under the VA Home Loan Program Reform
Act) to a veteran, to help prevent the foreclosure of such
loan. The Secretary may not purchase an entire such loan
until the veteran has completed such sequence.''.
(b) Relationship to Other Powers of Secretary.--Section
3720 of such title is amended--
(1) in subsection (a), by striking ``Notwithstanding'' and
inserting ``Except as provided in subsection (h),
notwithstanding'';
(2) by redesignating subsections (f) through (h) as
subsections (e) through (g), respectively; and
(3) by adding at the end the following new subsection (h):
``(h) The Secretary may not take any action under paragraph
(2), (3), (4), or (5) of subsection (a) with respect to a
loan guaranteed under this chapter before the completion of
the sequence of mitigation options offered to the veteran to
whom the loan is made under section 3732(d) of this title.''.

SEC. 3. PARTIAL CLAIM PROGRAM OF THE DEPARTMENT OF VETERANS
AFFAIRS.

(a) In General.--Subchapter III of chapter 37 of title 38,
United States Code, is amended by adding at the end the
following new section:

``Sec. 3737. Partial Claim Program

``(a) Establishment.--The Secretary shall carry out a
program, to be known as the `Partial Claim Program', under
which the Secretary may make a partial claim, described in
subsection (b), with respect to a loan--
``(1) guaranteed under this chapter;
``(2) regarding the primary residence of the borrower; and
``(3) that the Secretary determines is in default or at
imminent risk of default.
``(b) Partial Claim Described.--A partial claim described
in this subsection, with respect to a loan described in
subsection (a), is the purchase by the Secretary of a portion
of indebtedness under the loan, through a transaction under
which the Secretary--
``(1) pays to the holder of the loan the amount of
indebtedness, subject to subsection (c), that the Secretary
determines necessary to help prevent or resolve a default;
and
``(2) receives a secured interest in the property that
serves as collateral for the guaranteed loan, which is
subordinate to the first lien guaranteed loan for such
property.
``(c) Administration of Partial Claim.--(1)(A) Subject to
subparagraph (B), the amount of a partial claim under this
section with respect to a loan guaranteed described in
subsection (a) may not exceed 25 percent of the unpaid
principal balance of the loan on the date on which the
partial claim is made.
``(B) In the case of an individual who failed to make a
payment on a loan guaranteed under this chapter during the
period beginning on March 1, 2020 and ending on May 1, 2025,
the amount of a partial claim under this section may not
exceed 30 percent of the unpaid principal balance of the
guaranteed loan as of the date that the initial partial claim
is made.
``(2)(A) Subject to subparagraph (B), the Secretary may
make only one partial claim per loan.
``(B) The Secretary may make an additional partial claim on
a loan guaranteed under this chapter in the case of an
individual who failed to make a payment on such loan during--
``(i) a major disaster declared by the President under
section 401 of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 5170); or
``(ii) the period of 120 days following such a major
disaster.
``(3) An amount paid to the holder of a loan as a partial
claim--
``(A) shall not count against the amount of a loan that may
otherwise be guaranteed under this chapter; and
``(B) may not be applied to the portion of the loan that is
guaranteed under this chapter.
``(4) A holder of a loan guaranteed under such chapter for
which the Secretary makes a partial claim under this section
shall apply the amount paid by the Secretary for the partial
claim first to arrearages, if any, on the guaranteed loan.
Such arrearages may include any additional costs (such as
taxes, insurance premiums, or homeowner's dues) the Secretary
determines necessary to prevent or resolve a default.
``(5) The Secretary may enter into a contract with an
appropriate entity for the service of a partial claim made by
the Secretary under this section. Any such contract shall
provide that such entity shall provide quarterly statements
to the holder of the loan for which the Secretary makes the
partial claim.
``(d) Requirements of Loan Holder.--(1) The Secretary may
require the holder of a loan for which the Secretary makes a
partial claim under this section to take any actions
necessary to establish the partial claim, including
preparing, executing, transmitting, receiving, and recording
loan documents.
``(2) The Secretary shall compensate the holder of such a
loan appropriately, as determined by the Secretary, for the
services required of such holder under this subsection.

[[Page H2127]]

``(3) The Secretary may exercise the authority of the
Secretary under this subsection without regard to any other
provision of law not enacted expressly in limitation of this
section that would otherwise govern the expenditure of public
funds.
``(e) Default and Foreclosure.--(1)(A) Notwithstanding
section 3703(e) of this title, an individual who defaults on
a loan for which the Secretary makes a partial claim made
under this section shall be liable to the Secretary for any
loss suffered by the Secretary resulting from such default.
Such a loss may be recovered in the same manner as any other
debt due the United States.
``(B) In the event of default by an individual on a loan
for which the Secretary makes a partial claim made under this
section, the Secretary may reduce the aggregate amount of
guaranty or insurance housing loan entitlement available to
the individual under this chapter.
``(2) Notwithstanding section 2410(c) of title 28, an
action to foreclose a lien held by the United States arising
under a partial claim made under this section shall follow
foreclosure procedures in accordance with State or local law
where the property involved is located.
``(f) Decisions by the Secretary.--(1) Any partial claim
made under this section shall be made in the sole discretion
of the Secretary and on terms and conditions acceptable to
the Secretary that are consistent with this section.
``(2) Any decision by the Secretary under this section is
final and conclusive and is not subject to judicial review.
``(3) For purposes of section 511 of this title, any
decision under this section shall not be treated as a
decision under a law that affects the provision of benefits.
``(g) Compliance.--(1) The Secretary may establish
standards for processing payments under this section based on
a certification by a holder of a loan guaranteed under such
chapter that the holder has complied with all applicable
requirements established by the Secretary.
``(2) The Secretary shall carry out, on a random-sampling
basis, post-payment audits to ensure compliance with all
requirements under paragraph (1).
``(h) Guidance With Respect to Certain Loans.--(1) With
respect to a loan described in paragraph (2), the Secretary
may--
``(A) before prescribing regulations, issue administrative
guidance regarding the making of a partial claim relating to
such loan; and
``(B) establish, through such guidance, additional
requirements applicable to such a partial claim.
``(2) A loan described in this paragraph is a loan that the
Secretary determines was in default on the date of the
enactment of this section.
``(i) Rule of Construction.--Nothing in this section shall
be construed to limit the authority of the Secretary under
subsections (a) and (d) of section 3732 of this title.
``(j) Termination.--The Secretary may not make a partial
claim under this section after the date that is five years
after the date of the enactment of this section.''.
(b) Clerical Amendment.--The table of sections at the
beginning of such chapter is amended by inserting after the
item relating to section 3736 the following new item:
``3737. Partial Claim Program.''.

SEC. 4. STRATEGY OF THE SECRETARY OF VETERANS AFFAIRS
REGARDING THE EFFECT OF CERTAIN LITIGATION.

Not later than 90 days after the date of the enactment of
this Act, the Secretary of Veterans Affairs shall submit to
the Committees on Veterans' Affairs of the Senate and House
of Representatives a report on the strategy of the Secretary
to ensure that a veteran who seeks to purchase a home with a
loan guaranteed under chapter 37 of title 38, United States
Code, is not at a disadvantage when attempting to secure
representation by a real estate agent or broker. Such
strategy may include amendments to section 36.4313 of title
38, Code of Federal Regulations.

SEC. 5. INCREASE OF AUTHORIZATION OF APPROPRIATIONS FOR
COMPREHENSIVE SERVICE PROGRAMS FOR HOMELESS
VETERANS.

Section 2016 of title 38, United States Code, is amended--
(1) in paragraph (7), by striking ``fiscal year 2015 and
each subsequent fiscal year'' and inserting ``each of fiscal
years 2015 through 2024''; and
(2) by adding at the end the following new paragraphs:
``(8) $344,000,000 for each of fiscal years 2025 and 2026.
``(9) $257,700,000 for each fiscal year thereafter through
fiscal year 2030.''.

The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Illinois (Mr. Bost) and the gentleman from California (Mr. Takano) each
will control 20 minutes.
The Chair recognizes the gentleman from Illinois.

General Leave

Mr. BOST. 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.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Illinois?
There was no objection.
Mr. BOST. 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. TAKANO. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise in support of H.R. 1815, the VA Home Loan Program
Reform Act, as amended.
We are, unfortunately, here to solve a crisis of the Trump
administration's own making. Due to the unilateral actions of President
Trump and Secretary Collins, over 80,000 veterans, servicemembers, and
their families are now facing foreclosures on their homes.
Let's review how we got here. Our Nation faced an unprecedented
crisis with COVID-19. That required action from VA to prevent the loss
of hundreds of thousands of homes when our economy ground to a halt.
President Biden, with the support of Congress, took action. First,
the President used existing authorities to pause foreclosures. Then
with the authorities granted by the national disaster declaration, the
VA was able to implement a partial claims program, very similar to this
very legislation we are considering today, saving tens of thousands of
veterans from losing their homes.

{time} 1645

Mr. Speaker, Republicans, including Chairman Bost, urged President
Biden to end the U.S. national emergency for COVID-19, which occurred
on April 11, 2023.
Mr. Speaker, this resulted in VA losing authorities to carry out a
partial claims program, again, not unlike the legislation we are
considering now.

[[Page H2128]]

At that moment, action was still critically needed. Our veterans
would have lost their homes. The VA could no longer offer a partial
claims program because, of course, the national emergency was ended, so
President Biden instituted a second foreclosure moratorium to give VA
more time to offer a solution.
Mr. Speaker, President Biden and Secretary Denis McDonough began to
work in 2023 and launched the Veterans Affairs Servicing Purchase
program, or VASP, on May 31, 2024. During that year, most lenders
cooperated, and very few veteran foreclosures occurred.
This new program, VASP, used explicit existing authorities granted by
Congress to offer veteran homeowners a last resort before losing their
homes. However, last month, Secretary Collins, President Trump, and
Elon Musk's DOGE abruptly ended the VASP program, giving veterans no
notice that a critical lifeline for borrowers was being taken away.
This decision was pushed for and celebrated by Chairman Bost and
Subcommittee on Economic Opportunity Chairman Van Orden. If the Speaker
listens to them, they will argue that the program meant that VA would
incur too much risk or that VA was not properly prepared to handle
holding the loans of these veterans.
Just so we are all clear, VA already holds the risks for loans in the
home loan program. The program is called the Home Loan Guaranty
Program. VA is guaranteeing that lenders are made whole if a veteran is
foreclosed on. The lenders collect the interest, profit from the loan,
and if a foreclosure happens, the lenders are paid first.
Mr. Speaker, I will read from the VA's own website:
``A VA home loan guaranty means that a purchaser obtains a loan
through a private lender, such as a bank, credit union, or mortgage
company. VA then works with the lender to guarantee the loan. If the
homeowner defaults on the loan, VA will pay the debt to the lender.''
Second, the claim that VA doesn't know how to manage property or hold
loans is just plain wrong. VA has an extensive property management
portfolio. VA testified before our committee earlier this year on its
ability to hold the loans. VA already has enhanced-use leases on nearly
40 of its campuses, meaning VA is acting as a landlord that is managing
property being used by lessees.
Further, President Trump recently announced his intentions to own a
massive housing property at the West L.A. campus. I look forward to
working with the administration to make this happen, and this
absolutely is evidence of VA's ability to manage land and properties.
Mr. Speaker, today, I and Members of Congress continue to field calls
from veterans who learned from a press release that they are likely to
lose their homes. These are veterans who saw the Secretary's April 25
notice that the program was ending. These are the very same veterans
who tried to apply for the program and who found out that the program
had already closed.
Mr. Speaker, the May 1 closing date was deceptive. In reality, these
veterans would have had to have submitted their paperwork much earlier
in April. This is outrageous and cruel. In the chairman's State of
Illinois, over 2,000 borrowers face foreclosure. In the bill sponsor's
State of Wisconsin, over 600 borrowers face foreclosure. In my State of
California, over 4,000 borrowers face foreclosure. I could go on and
on, but these borrowers had options to avoid foreclosure. Yet, these
options are now severely limited.
Many of these veterans are now afraid of speaking out against the VA
in fear of retribution. They are disabled veterans, Vietnam war-era
veterans, Gulf war veterans, and Active-Duty military members. These
veterans and these soldiers had our backs. Where is the Trump-Collins
VA? It is unnecessarily pushing them into risk of foreclosure.
As mortgage rates on the open market remain high compared to recent
years and with the closure of the VASP program, the only options
available to these borrowers are either selling their home or being
foreclosed upon. As VASP was the program of last resort, ending VASP
has accelerated the risk to these borrowers.
Mr. Speaker, that brings us to the legislation we are considering
today. This legislation attempts to offer a lifeline to those the Trump
administration has unnecessarily put at risk. It is not a perfect or a
complete fix, and it is likely to be too late for many of the 80,000
who are wondering today if they will still have a home in a month. Yet,
it is necessary legislation that I urge the Department to implement
quickly.
In the minority views filed for this legislation, I continue to urge
the Secretary to reinstate some kind of assistance for veteran
borrowers until this legislation is signed into law and implemented.
That will take some time. Every veteran who loses their home will have
no one to blame but President Trump and Secretary Collins.
Mr. Speaker, it is not too late for Secretary Collins to act, and I
hope veterans, VSOs, and housing groups continue to call on him to do
so. I also call on my colleagues on the other side of the aisle to join
those efforts instead of celebrating the end of VASP.
Mr. Speaker, I plan to support H.R. 1815, as amended, and I urge my
colleagues to join me in supporting it. This legislation should be
expanding existing options for veterans to make veteran home
foreclosures extremely rare and occurring only in the most extreme
cases. Instead, this is a Band-Aid that likely will arrive too late for
many.
Mr. Speaker, I urge all Members to support this legislation, and I
reserve the balance of my time.
Mr. BOST. 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. VAN ORDEN. Mr. Speaker, I rise today in strong support of my
bill, H.R. 1815, the VA Home Loan Program Reform Act. This legislation
establishes a permanent partial claims program within the VA Home Loan
Program, bringing VA in line with all of the other Federal agencies
that lend moneys for homes.
As the chairman of the House Economic Opportunity Subcommittee, I am
responsible for the two most successful programs the history of the
United States Government has ever administered, the GI home loan
program and the GI VA home loan guaranty.
Mr. Speaker, it is my responsibility to make sure that every Active-
Duty servicemember, every veteran, and every American who chooses to
join the military in the future has the opportunity to use this program
to borrow money to fulfill the American Dream, which is homeownership.
As stated previously, when an unelected series of bureaucrats
invented a program that has not existed

[[Page H2129]]

since someone first lent someone seashells to buy a cave, they greatly
endangered that. I am incredibly proud of the Trump administration for
standing up to stop this.
As Chairman Bost noted, there was a $25,000 problem, and the U.S.
Department of Veterans Affairs threw a $320,000 wrench at it, and that
had the potential to collapse this program over time.
I will not allow that on my watch.
Mr. Speaker, I thank the chairman, Secretary Collins, and President
Donald J. Trump for helping to ensure that every American who has
served, is serving, and will serve the United States of America to
protect our freedoms has the ability to fulfill the American Dream,
which is homeownership.
Mr. TAKANO. Mr. Speaker, I yield myself the balance of my time.
Mr. Speaker, I point out that the gentleman from Illinois (Mr. Bost),
the chairman, is making a mountain out of nothing. The greater risk
either way to the government, the home loan program, the VA is on the
hook for these loans whether they hold them, or whether lenders hold
the note.
What we are talking about here is 80,000 veterans with highly
distressed loans being unnecessarily put at risk, and the Biden
administration did what it could given changing circumstances from an
expiring emergency authority, to having to put a second pause on any
foreclosures on these veterans, to finding a solution in VASP.
I am supportive of a replacement to VASP, but it is inexplicable why
the Secretary would suddenly, without notice, end the program for
veterans who very much right at this very moment would have liked to
have applied for VASP before it had been terminated. Yet, as we speak,
there is no solution. Regardless of how quickly we move in this Chamber
or in the Senate, it is going to take time to stand up this replacement
program in time. Meanwhile, we will see veterans lose their homes, all
for a very flimsy reason.
Mr. Speaker, I support this legislation, but context is important.
This legislation is now critically important because of recent actions
by this administration.
This legislation also includes funding for the homelessness programs
passed as part of the Elizabeth Dole Act last Congress. The Trump-
Collins VA continues to drag their feet on sections of the Dole Act
that increase our ability to get homeless veterans housed and off of
the streets.
Mr. Speaker, I will address Chairman Bost's remarks that the reason
portions of the Dole Act were not implemented, regarding the grant and
per diem sections for the homeless, were due to the Biden
administration's failure.

{time} 1700

This is not true. The Biden administration clearly articulated the
policy needed in the Dole Act. The chairman failed to include those in
the bill before passage last Congress.
Now, the Trump veteran housing crisis first cuts off foreclosure
assistance, driving veterans into homelessness, then blocks aid to
homelessness providers. My colleagues want to claim today that we are
fixing the Trump veteran housing crisis, but if they are serious, they
need to join our calls for immediate action by Secretary Collins.
First, we need to implement the Dole Act, including the section on
augmentations to the grant and per diem program for getting homeless
off the streets. We need to stop the firing of veterans working at VA.
We need to halt veteran foreclosures until, at the very least, the
legislation we are considering today has been implemented. We need to
bring back VASP to offer borrowers more avenues to keep their homes;
otherwise, President Trump may see the number of homeless veterans
double in a single year.
I will close by saying, again, that I support H.R. 1815, the VA Home
Loan Program Reform Act, as amended, but action is truly needed before
it is too late.
Mr. Speaker, I yield back the balance of my time.
Mr. BOST. 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.
The SPEAKER pro tempore (Mr. Moore of North Carolina). The question
is on the motion offered by the gentleman from Illinois (Mr. Bost) that
the House suspend the rules and pass the bill, H.R. 1815, as amended.
The question was taken; and (two-thirds being in the affirmative) the
rules were suspended and the bill, as amended, was passed.
A motion to reconsider was laid on the table.

____________________