To amend title 38, United States Code, to modify the administration of housing loans of the Department of Veterans Affairs to prevent or resolve default under such loans, and for other purposes.
About This Bill
Committee
Latest Action · February 1, 2024
Read twice and referred to the Committee on Veterans' Affairs.
The Veterans Housing Stability Act of 2024 modifies the Department of Veterans Affairs' housing loan program to help prevent foreclosures and loan defaults for veterans. The bill creates a new Partial Claim Program allowing the VA Secretary to purchase up to 30 percent of an outstanding loan balance to help struggling borrowers catch up on payments, with repayment required at the end of the loan term. It also gives the Secretary authority to impose foreclosure moratoriums and forbearance periods lasting up to 180 days during national emergencies, major disasters, or widespread crises, with the ability to extend through congressional notification. The legislation applies to all VA-guaranteed housing loans and establishes civil penalties up to $27,894 for lenders who knowingly make false statements related to these programs. The Partial Claim Program for previously defaulted loans terminates on December 31, 2025, though other provisions remain ongoing.
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