Linda Sánchez Hails Passage of Veterans Housing Bill (July 31, 2012)
Washington, DC—Congresswoman Linda Sánchez (CA-39)today applauded the House of Representatives for passing the "HonoringAmerica'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 homemortgages more affordable for veterans. The legislation now goes toPresident Obama for his signature.
"I am glad that Congress has passed legislation that willbenefit the brave men and women who have defended our nation. We mustkeep our promise to take care of our veterans, and we owe it to them to makemortgages more affordable," said Congresswoman Sánchez. "It'scrucial that veterans stay in their homes and achieve the American Dream. This mortgage program is especially critical in California where so manyveterans reside, which is why I fought so hard for its extension."
Background
In November 2011, Congresswoman Sánchez introducedlegislation which would extend the Department of Veterans Affairs guaranteedAdjustable Rate Mortgages (ARMs) and Hybrid Adjustable Rate Mortgages. VA-backed ARMs and hybrid ARMs differ from conventional mortgages in that, ifinterest rates drop, veterans can save thousands of dollars in mortgagepayments.
Congresswoman Sánchez, who serves on the House Veterans'Affairs Committee, drafted mortgage program extension legislation after holdingseveral meetings with her Veterans Advisory Council. Formed in August2010, her Veterans Advisory Council is comprised of distinguished veterans fromthe 39th Congressional District who give Congresswoman Sánchezfeedback on veterans' issues.
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