Senator Richard Durbin (D-IL) recently introduced S. 3348 which would amend title 38 of the United States Code to improve the multifamily transitional housing loan program of the Department of Veterans Affairs (VA). The bill would add language which would allow VA pay any loan guarantee, in part or in full, if the loan is not in default. Such guarantee payment may include amounts necessary to extinguish the loan and pay all prepayment premiums and transaction costs. In addition, the VA would be able to forgive, waive, release, or discharge a borrower’s liability with respect to a loan or a guarantee for the loan for any loss resulting from a payment. The bill was referred to the Senate Committee on Veterans’ Affairs.
S. 3348 was referred to the Senate Committee on Veterans Affairs.