Summary: S.2992 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for S.2992. Bill summaries are authored by CRS.

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Introduced in Senate (05/07/2008)

Armed Forces Housing Security Act - Increases the maximum loan guaranty amount for certain veterans' housing loans guaranteed through the Department of Veterans Affairs (VA).

Directs the Secretary of Veterans Affairs to review and streamline the process for guaranteeing veterans' home loans for the purchase of condominiums.

Repeals the veterans' home loan fee.

Authorizes the Secretary to provide loans to veterans to refinance loans of up to 100% (currently 90%) of the value of the dwelling or farm residence securing the loan. Allows the VA to guarantee refinanced loans not previously guaranteed by the VA.

Amends the Servicemembers Civil Relief Act to extend from 90 days to one year after completion of military service the grace period against the sale, foreclosure, or seizure of a defaulted mortgage. Prohibits a member of the Armed Forces from waiving such protection. Specifically applies such protection to members (regular and reserve) serving on active duty as part of Operations Iraqi Freedom or Enduring Freedom (covered member), and their dependents.

Provides protections against loan owners or insurers for loan servicers who implement qualified loan modifications or workout plans for covered members and their dependents.

Directs the Secretary of Defense to provide financial services counseling relating to a mortgage and mortgage foreclosure to a veteran, covered member, and their dependents.