[Congressional Record Volume 155, Number 84 (Monday, June 8, 2009)]
[Extensions of Remarks]
[Page E1341]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  INTRODUCTION OF THE VETERANS HOME LOAN REFINANCE OPPORTUNITY ACT OF 
                                  2009

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                          HON. SUSAN A. DAVIS

                             of california

                    in the house of representatives

                          Monday, June 8, 2009

  Mrs. DAVIS of California. Madam Speaker, I rise today to introduce 
the Veterans Home Loan Refinance Opportunity Act of 2009. 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, Madam Speaker, this legislation includes an inflation index 
to ensure the QVMB veterans home loan program remains viable in the 
future.
  I urge passage of the Veterans Home Loan Refinance Opportunity Act.

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