H.R.4668 - Veterans' Housing Amendments Act of 1988100th Congress (1987-1988)
|Sponsor:||Rep. Montgomery, G. V. (Sonny) [D-MS-3] (Introduced 05/24/1988)(by request)|
|Committees:||House - Veterans' Affairs|
|Latest Action:||House - 05/24/1988 Referred to House Committee on Veterans' Affairs. (All Actions)|
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Summary: H.R.4668 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (05/24/1988)
Veterans' Housing Amendments Act of 1988 - Repeals the provisions relating to the setting of the interest rate on guaranteed or insured housing loans to veterans as provided by the Veterans Administration (VA), and provides that such interest rates should be negotiated between the veterans and the lender, provided that the interest rate agreed upon remains constant throughout the life of the loan.
Grants the Administrator of Veterans Affairs authority to sell vendee loans (to maintain the effective functioning of the loan guarantee program) without recourse after: (1) consulting with a professional financial advisor; (2) reviewing the experience of other Federal agencies that have conducted loan asset sales without recourse; (3) exploring such marketing strategies as overcollateralized loans or private reinsurances; and (4) accepting bids only when they appropriately reflect the prevailing interest rates and characteristics of the loans. Repeals certain provisions which: (1) regulate the manner in which the VA may sell such loans; and (2) prohibit the VA from selling such loans unless they are sold at par.
Repeals provisions relating to the inspection of manufactured homes purchased by veterans, and deems as meeting required standards any manufactured housing unit displaying a certificate of conformance to Federal manufactured home construction and safety standards.
Repeals provisions placing certain restrictions on such VA manufactured home loans. Limits the maximum VA liability under such loan guarantees.
Repeals provisions which prohibit the VA from guaranteeing loans for newly constructed residences in areas not served by public or community water and sewage systems.
Permits the VA to collect debts arising out of the housing loan program by offsetting the debtor's Federal tax refund.
Requires any veteran wishing a housing debt waiver to make such request within 180 days of the notification of such indebtedness (unless the Administrator determines that a longer period is reasonable) or by September 30, 1990, if notice of such debt was provided before October 1, 1988. Makes such waiver provisions applicable to active duty veterans.