[Congressional Record (Bound Edition), Volume 153 (2007), Part 2]
[Extensions of Remarks]
[Page 1738]
[From the U.S. Government Publishing Office, www.gpo.gov]




 INTRODUCTION OF THE HOME OWNERSHIP FOR AMERICA'S VETERANS ACT OF 2007

                                 ______
                                 

                          HON. SUSAN A. DAVIS

                             of california

                    in the house of representatives

                       Thursday, January 18, 2007

  Mrs. DAVIS of California. Madam Speaker, I rise today to introduce 
the Home Ownership for America's Veterans Act of 2007 along with my 
distinguished colleague from California, Congressman Wally Herger.
  The Home Ownership for America's Veterans Act of 2007 corrects an 
inequity in the federal Qualified Veterans Mortgage Bonds (QVMB) 
program available to a number of states for the purpose of financing 
home loans for veterans. Specifically, in some states, QVMBs home loan 
financing is only available to veterans who signed up for military duty 
prior to 1977.
  It is time we address this inequity. Our veterans returning from Iraq 
and Afghanistan deserve the opportunity to purchase a home with QVMBs. 
Further, in our home state of California, only 4.1 percent of our 
veterans are eligible for a home loan through QVMB bonds.
  Our legislation extends the program and opens it up to new veterans 
residing in California and Texas. Congress passed legislation in the 
109th Congress making the home loan program available to newly 
discharged veterans in the other states eligible for QVMBs financing.
  It is crucial that we act swiftly to give these veterans and their 
families the ability to purchase and own a home in California and 
Texas.
  This legislation will benefit every state eligible for QVMBs by 
requiring annual adjustments to the federal bond limit indexed to the 
Freddie Mac Conventional Mortgage Home Price Index. A higher bond limit 
means California, Texas, Oregon, Wisconsin, and Alaska--the five 
eligible states--will have the ability to provide more of their 
veterans with home loans. We must keep QVMB financing compatible with 
national housing costs.
  The Home Ownership for Veterans Act of 2007 will help our newly 
discharged heroes purchase homes while ensuring that state veterans' 
home loan programs remain viable.
  Thank you very much Madam Speaker for the opportunity to introduce 
legislation to help veterans purchase homes and achieve the American 
Dream for their families.

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