Introduction of the Veterans Home Loan Refinance Opportunity Act of 2013

Floor Speech

Mrs. DAVIS of California. Mr. Speaker, I rise today to introduce the Veterans Home Loan Refinance Opportunity Act of 2013. This bipartisan legislation improves the federal Qualified Veterans Mortgage Bonds (QVMB) program to allow eligible States to use tax-free bond proceeds to refinance the home mortgages of our military veterans.

This legislation is necessary during our troubled economic times. QVMB home loan financing was not available to newly discharged veterans returning home from Iraq and Afghanistan until passage of the Heroes Earning Assistance Relief Tax Act of 2008 (H.R. 6081) in the 110th Congress.

Prior to 2008, some veterans may have taken out adjustable-rate mortgages (ARM) to purchase a home during the real estate boom earlier in the decade. It is only fair to them that they have the same opportunity as newly discharged veterans to take advantage of the low-interest, fixed rate mortgages available through QVMB financing.
For some veterans with a costly ARM or interest-only mortgage, this legislation could prevent a foreclosure.

Finally, Mr. Speaker, this legislation includes an inflation index to ensure the QVMB program remains viable in the future.

I urge passage of the Veterans Home Loan Refinance Opportunity Act.

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