Washington, DC—Congresswoman Linda Sánchez (CA-39) today applauded the House of Representatives for passing the “Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012” (H.R. 1627) which includes provisions from a bill she championed that would make home mortgages more affordable for veterans. The legislation now goes to President Obama for his signature.
“I am glad that Congress has passed legislation that will benefit the brave men and women who have defended our nation. We must keep our promise to take care of our veterans, and we owe it to them to make mortgages more affordable,” said Congresswoman Sánchez. “It’s crucial that veterans stay in their homes and achieve the American Dream. This mortgage program is especially critical in California where so many veterans reside, which is why I fought so hard for its extension.”
In November 2011, Congresswoman Sánchez introduced legislation which would extend the Department of Veterans Affairs guaranteed Adjustable Rate Mortgages (ARMs) and Hybrid Adjustable Rate Mortgages. VA-backed ARMs and hybrid ARMs differ from conventional mortgages in that, if interest rates drop, veterans can save thousands of dollars in mortgage payments.
Congresswoman Sánchez, who serves on the House Veterans’ Affairs Committee, drafted mortgage program extension legislation after holding several meetings with her Veterans Advisory Council. Formed in August 2010, her Veterans Advisory Council is comprised of distinguished veterans from the 39th Congressional District who give Congresswoman Sánchez feedback on veterans’ issues.