,,ii  #aae? ,,congress  #b;d ,session   
,s4 #bcjd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #aa1 #bjah ,mr4
 ,tillis 7= himself1 ,ms4 ,w>r51 ,mr4   
,hell]1 ,mr4 ,te/]1 ,mrs4 ,capito1 ,mr4 
,man*91 ,mr4 ,burr1 ,mr4 ,s*atz1 ,mr4   
,sullivan1 ,mr4 ,van ,holl51 ,mr4       
,scott1 & ,mr4 ,donnelly7 introduc$ !   
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,vet]ans' ,affairs   
,a ,,bill  ,to am5d title #ch1 ,unit$   
,/ates ,code1 to protect vet]ans f      
pr$atory l5d+1 & = o!r purposes4  #a4   
,%ort title  ,?is ,act may be cit$ z !  
,protect+ ,vet]ans f ,pr$atory ,l5d+    
,act ( #bjah4  #b4 ,protect+ vet]ans f  
pr$atory l5d+  7a7 ,9 g5]al ,sub*apt] ,i
 ( *apt] #cg ( title #ch1 ,unit$ ,/ates 
,code1 is am5d$ by add+ at ! end !      
foll[+ new section3  #cgji4 ,ref9anc+ ( 
h\s+ loans  7a7 ,fee rec\pm5t ,not)/&+  
section #cgjc ( ?is title or any o!r    
provision ( law1 a loan to a vet]an = a 
purpose specifi$ 9 section #cgaj ( ?is  
title t is ref9anc$ may n be gu>ante$ or

 insur$ "u ?is *apt] unless--  7#a7 !   
issu] ( ! ref9anc$ loan provides !      
,secret>y ) a c]tification ( ! rec\pm5t 
p]iod = fees1 clos+ co/s1 & any exp5ses 
7o!r ?an taxes1 am\nts held 9 escr[1 &  
fees paid "u ?is *apt]7 t w\ld be       
incurr$ by ! borr[] 9 ! ref9anc+ ( !    
loan2  7#b7 all ( ! fees & incurr$ co/s 
are s*$ul$ to be rec\p$ on or be=e !    
date t is #cf mon?s aft] ! date ( loan  
issuance2 &  7#c7 ! rec\pm5t is         
calculat$ ?r\gh l[] regul> mon?ly       
paym5ts z a result ( ! ref9anc$ loan4   
7b7 ,net tangible b5efit te/ ,not)/&+   
section #cgjc ( ?is title or any o!r    
provision ( law1 a loan to a vet]an = a 
purpose specifi$ 9 section #cgaj ( ?is  
title t is ref9anc$ may n be gu>ante$ or
 insur$ "u ?is *apt] unless--  7#a7 !   
issu] ( ! ref9anc$ loan provides !      
borr[] ) a net tangible b5efit te/2     
7#b7 9 a case 9 :i* ! orig9al loan _h a 
fix$ rate mortgage int]e/ rate & !      
ref9anc$ loan w h a fix$ rate mortgage  
int]e/ rate1 ! ref9anc$ loan has a      

mortgage int]e/ rate t is n less ?an #ej
 basis po9ts less ?an ! previ\s loan2   
7#c7 9 a case 9 :i* ! orig9al loan _h a 
fix$ rate mortgage int]e/ rate & !      
ref9anc$ loan w h an adju/able rate     
mortgage int]e/ rate1 ! ref9anc$ loan   
has a mortgage int]e/ rate t is n less  
?an #bjj basis po9ts less ?an ! previ\s 
loan2 &  7#d7 ! l[] int]e/ rate is n    
produc$ solely f disc\nt po9ts1 unless--
 7,a7 su* po9ts are paid at clos+2 &    
7,b7 su* po9ts are n add$ to ! pr9cipal 
loan am\nt1 unless ! result+ loan       
balance aft] any fees & exp5ses all[s ! 
prop]ty ) respect to :i* ! loan 0 issu$ 
to ma9ta9 a loan to value ratio ( #ij   
p]c5t or less4  7c7 ,loan season+       
,not)/&+ section #cgjc ( ?is title or   
any o!r provision ( law1 a loan to a    
vet]an = a purpose specifi$ 9 section   
#cgaj ( ?is title t is ref9anc$ may n be
 gu>ante$ or insur$ "u ?is *apt] until !
 date t is ! lat] (--  7#a7 ! date t is 
#baj days aft] ! date on :i* ! fir/     
mon?ly paym5t is made on ! loan2 &  7#b7

 ! date on :i* ! six? mon?ly paym5t is  
made on ! loan4  4  7b7 ,regulations    
7#a7 ,9 g5]al ,9 prescrib+ any          
regulation to c>ry out section #cgji (  
title #ch1 ,unit$ ,/ates ,code1 z add$  
by subsection 7a71 ! ,secret>y may waive
 ! requirem5ts ( sections #eea ?r\gh    
#eei ( title #e1 ,unit$ ,/ates ,code1   
if--  7,a7 ! ,secret>y det]m9es t urg5t 
or compell+ circum/ances make compliance
 ) su* requirem5ts impracticable or     
contr>y to ! public int]e/2  7,b7 !     
,secret>y submits to ! ,committee on    
,vet]ans' ,affairs ( ! ,s5ate & !       
,committee on ,vet]ans' ,affairs ( !    
,h\se ( ,repres5tatives1 & publi%es 9 ! 
,f$]al ,regi/]1 notice ( su* waiv]1     
includ+ a description ( ! det]m9ation   
made "u subp>agraph 7,a72 &  7,c7 a     
p]iod ( #aj days elapses foll[+ !       
notification "u subp>agraph 7,b74  7#b7 
,public notice & comm5t ,if a regulation
 prescrib$ pursuant to a waiv] made "u  
p>agraph 7#a7 is 9 effect = a p]iod     
exce$+ "o ye>1 ! ,secret>y %all provide 

! public an opportunity = notice &      
comm5t reg>d+ su* regulation4  7#c7     
,effective date ,?is subsection %all    
take effect on ! date ( ! enactm5t ( ?is
 ,act4  7#d7 ,t]m9ation date ,!         
au?orities "u ?is subsection %all       
t]m9ate on ! date t is "o ye> aft] !    
date ( ! enactm5t ( ?is ,act4  7c7      
,cl]ical am5dm5t ,! table ( sections at 
! beg9n+ ( *apt] #cg ( title #ch1 ,unit$
 ,/ates ,code1 is am5d$ by ins]t+ aft] !
 item relat+ to section #cgjh ! foll[+  
new item3  #cgji4 ,ref9anc+ ( h\s+      
loans4  4  #c4 ,loan season+ = g9nie mae
 mortgage-back$ securities ,section     
#cjf7;g77#a7 ( ! ,national ,h\s+ ,act   
7#ab ,u4,s4,c4 #agba7;g77#a77 is am5d$  
by ins]t+ ,! ,association may n gu>antee
 ! timely paym5t ( pr9cipal & int]e/ on 
a security t is back$ by a mortgage     
insur$ or gu>ante$ "u *apt] #cg ( title 
#ch1 ,unit$ ,/ates ,code1 & t 0 ref9anc$
 until ! lat] ( ! date t is #baj days   
aft] ! date on :i* ! fir/ mon?ly paym5t 
is made on ! mortgage be+ ref9anc$ & !  

date on :i* #f full mon?ly paym5ts h be5
 made on ! mortgage4 aft] ,act ( #aiib44
  #d4 ,report on liquidity ( ! dep>tm5t 
( vet]ans affairs h\s+ loan program  7a7
 ,report ,n lat] ?an "o ye> aft] ! date 
( ! enactm5t ( ?is ,act1 ! ,secret>y (  
,h\s+ & ,urban ,developm5t & ! ,presid5t
 ( ! ,g9nie ,mae %all submit to !       
appropriate committees ( ,congress a    
report on ! liquidity ( ! h\s+ loan     
program "u *apt] #cg ( title #ch1 ,unit$
 ,/ates ,code1 9 ! second>y mortgage    
m>ket1 :i* %all--  7#a7 assess ! loans  
provid$ "u t *apt] t collat]alize       
mortgage-back$ securities t are gu>ante$
 by ,g9nie ,mae2 &  7#b7 include        
recomm5dations = actions t ,g9nie ,mae  
%\ld take to ensure t ! liquidity ( t   
h\s+ loan program is ma9ta9$4  7b7      
,def9itions ,9 ?is section3 7#a7        
,appropriate committees ( congress ,!   
t]m appropriate committees ( ,congress  
means--  7,a7 ! ,committee on ,vet]ans' 
,affairs & ! ,committee on ,bank+1      
,h\s+1 & ,urban ,affairs ( ! ,s5ate2 &  

7,b7 ! ,committee on ,vet]ans' ,affairs 
& ! ,committee on ,f9ancial ,s]vices ( !
 ,h\se ( ,repres5tatives4  7#b7 ,g9nie  
mae ,! t]m ,g9nie ,mae means ! ,gov]nm5t
 ,national ,mortgage ,association4  #e4 
,annual report on docum5t disclosure &  
consum] education ,n less frequ5tly ?an 
once ea* ye>1 ! ,secret>y ( ,vet]ans    
,affairs %all issue a publicly available
 report t--  7#a7 exam9es1 ) respect to 
loans provid$ to vet]ans "u *apt] #cg ( 
title #ch1 ,unit$ ,/ates ,code--  7,a7 !
 ref9anc+ ( fix$-rate mortgage loans to 
adju/able rate mortgage loans2  7,b7    
:e!r vet]ans are in=m$ ( ! risks &      
disclosures associat$ ) t ref9anc+2 &   
7,c7 :e!r adv]tis+ mat]ials = t ref9anc+
 are cle> & d n conta9 mislead+ /atem5ts
 or ass]tions2 &  7#b7 includes f9d+s   
bas$ on any compla9ts receiv$ by vet]ans
 & on an ongo+ assessm5t ( ! ref9anc+   
m>ket by ! ,secret>y4