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Statement of Administration Policy: H.R. 1415 - Veterans' Home Loan Mortgage Indemnity Act of 1989

June 01, 1989

STATEMENT OF ADMINISTRATION POLICY

(House)
(Staggers (D) WV and 2 others)

The Administration opposes H.R. 1415, because it contains major objectionable provisions which would:

  • prohibit the sale of Department of Veterans Affairs (VA) housing loans without recourse to the Federal Government and change the way the proceeds from recourse sales are scored. This is inconsistent with agreed-upon congressional/ Administration scorekeeping conventions and contrary to reconciliation instructions on selling loans without recourse; and

  • preclude inclusion of the Government's interest cost in VA's formula for determining the cost-effectiveness of acquiring a foreclosed property. This would thwart the ability to account for the full cost of acquiring foreclosed properties. It would also eliminate savings already assumed in the FY 1989 supplemental appropriations bill.

George Bush, Statement of Administration Policy: H.R. 1415 - Veterans' Home Loan Mortgage Indemnity Act of 1989 Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/328002

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