WASHINGTON, D.C. – Today, Rep. George Whitesides (CA-27) introduced a bill to improve transparency and oversight of the Department of Veterans Affairs Home Loan Program, which he then testified in support of during a House Committee on Veterans’ Affairs. The bill would require the VA to publish regular, detailed reports on the health and performance of the program, helping ensure it remains strong and accessible for generations of veterans to come.
“Our veterans deserve to know that programs designed to help them access housing are actually working,” said Rep. George Whitesides. “This bill is about transparency, and making sure the VA Home Loan Program is sustainable for current and future generations of veterans. I believe that good data is the key to good policy, and we should expect nothing less for those who served our country.”
“The VA Home Loan Program Reform Act takes long overdue steps to ensure that government systems designed to support veterans actually work—and that VA’s Home Loan Program remains healthy and solvent for future generations,” said Ranking Member of the House Committee on Veterans’ Affairs Mark Takano. “By providing Congress and the public with better data, this bill will improve oversight and help us quickly identify issues affecting veteran borrowers. Preventing veteran housing insecurity remains one of my highest priorities, and this legislation advances that goal by protecting the program from unexpected market shocks. By ensuring that the program stays financially solvent, we are ensuring its ability to help distressed borrowers stay in their homes and avoid foreclosure. Thank you, Congressman Whitesides, for your work on veterans’ issues and leading this effort.”
The VA Home Loan Program helps veterans and their families achieve homeownership and avoid foreclosure during times of financial hardship. In recent years, changing market conditions and policy shifts have raised concerns among veterans’ organizations, housing experts, and lawmakers about the long-term stability of the program.The data required to be reported by Rep. Whitesides’ bill will help identify the number of veterans feeling financial stress and struggling to pay back their housing loans. This data will also help industry, stakeholders, and Congress keep better tabs on the VA Home Loan Program and identify issues early.
Specifically, this legislation would:
- Require the Department of Veterans Affairs to publish quarterly public reports on loan activity;
- Track the number of loans issued, denied, and refinanced through the VA program;
- Provide insight into staffing levels at the VA home loan office.
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