The article discusses the critical need for legislative action in response to the cessation of the VASP program, which risks increased foreclosure among vulnerable veteran homeowners. Bill Killmer of the MBA voiced concerns that without a new loss mitigation measure, veterans will be left without options available to other government-backed borrowers. New amendments to the bill present viable solutions to ensure veterans have support during financial hardships. The MBA acknowledges collaboration with lawmakers to craft sensible amendments that address these issues effectively, ensuring veterans are not overlooked.
Without swift legislative action and subsequent VA implementation, thousands of veteran homeowners recovering from temporary financial hardship could face heightened foreclosure risk.
We should not repeat the mistakes of the past when a viable VA loss mitigation option was terminated without a replacement, unfairly stranding veterans without the options available to all other government-supported borrowers.
Ending VASP without a viable replacement remains a source of deep concern for the MBA... offers a practical and permanent solution aligning with existing programs across other federal housing agencies.
The most recent version of the bill includes several changes that MBA supports... including a clarification that the partial claim will not diminish the guaranty on an existing loan.
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