[Congressional Record (Bound Edition), Volume 150 (2004), Part 10]
[Extensions of Remarks]
[Page 13109]
[From the U.S. Government Publishing Office, www.gpo.gov]




INTRODUCTION OF THE VETERANS ADJUSTABLE RATE HOME LOAN EXTENSION ACT OF 
                                  2004

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                          HON. SUSAN A. DAVIS

                             of california

                    in the house of representatives

                         Friday, June 18, 2004

  Mrs. DAVIS of California. Mr. Speaker, I am proud to introduce the 
Veterans Adjustable Rate Home Loan Extension Act because I am committed 
to strengthening the home loan program that gives thousands of 
America's veterans the opportunity to achieve home ownership.
  When most Americans purchase a home, they have a wide array of home 
loan options available to them. Through the home loan program 
administered by the Department of Veterans' Affairs (VA), however, our 
veterans have limited options. It is my strong belief we should give 
our veterans the opportunity to select a loan that will meet their 
needs and make them more competitive--especially in expensive real 
estate markets.
  My legislation would extend a VA pilot program allowing veterans to 
select adjustable rate mortgages (ARM). Veterans can purchase a home at 
lower interest rates saving them money. ARM home loans are particularly 
beneficial for veterans who do not intend to stay in the home over the 
life of the mortgage. Extending this program will give us an 
opportunity to determine whether ARM loans are a good choice for 
veterans and sound policy.
  Again, I am committed to giving our veterans the opportunity to own a 
home and to improve the VA's home loan program. I am honored to 
introduce legislation today that helps our veterans achieve the 
American Dream they fought to preserve.

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