OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Increasing Maximum Amount of Home Loan Guaranty Available Under Home Loan Guaranty Program of the Department of Veterans Affairs

Date: June 23, 2004
Location: Washington, DC
Issues: Veterans


INCREASING MAXIMUM AMOUNT OF HOME LOAN GUARANTY AVAILABLE UNDER HOME LOAN GUARANTY PROGRAM OF THE DEPARTMENT OF VETERANS AFFAIRS -- (House of Representatives - June 23, 2004)

Mr. BROWN of South Carolina. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4345) to amend title 38, United States Code, to increase the maximum amount of home loan guaranty available under the home loan guaranty program of the Department of Veterans Affairs, and for other purposes.

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Ms. WATERS. Mr. Speaker, I thank the gentlewoman for yielding me this time, and I thank the gentlewoman from California (Mrs. Davis) and the gentlewoman from Florida (Ms. Brown-Waite) for their work on this important issue.

Mr. Speaker, I am pleased to rise in support of H.R. 4345, and I am very proud to support opportunities for our veterans to own their own home. Who better can we support to realize the American Dream than those who fight to keep the American Dream alive for all Americans? Unfortunately, in many cities, including my home city of Los Angeles, the goal of owning a home is elusive for many families because of the high price of homes. However, this bill will provide significant assistance to veterans who wish to own their own home, and I am pleased to support it.

I am proud to be a cosponsor of the bill of the gentlewoman from California (Mrs. Davis), H.R. 1735, which would have increased the maximum amount of the home loan guarantee. However, I am pleased to support this bill, sponsored by the gentlewoman from Florida (Ms. Brown-Waite) and supported by the gentlewoman from California, which will increase the maximum loan guarantee to $333,700 and index loan amount to 25 percent of the Freddie Mac Conforming Loan Rate to make the VA's home loan program compatible with the home loans available to the public nationwide.

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By indexing the loan rate Congress will assure that veterans will continue to have the opportunity to purchase homes regardless of how high the Conforming Loan Rate climbs.

Mr. Speaker, this bill is a small but important gesture to thank veterans for their service to our country. I am pleased to support this bill and urge my colleagues to support is also.

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