Directs Department of Veterans' Affairs to develop program under which department, pursuant to contracts with financial institutions, provides loan guarantees or credit guarantees for qualified veterans for purpose of refinancing existing purchase-money mortgages or similar mortgages of homes used primarily as principal residence by veterans. Directs Department of Veterans' Affairs to developprogram under which department, pursuant to contracts with credit unions] financial institutions, provides loan guarantees or credit guarantees for qualified veterans for purpose of refinancing existing purchase-money mortgages or similar mortgages of homes used primarily as principal residence by veterans.
Prohibits department from paying amounts due under loan or credit guarantee agreement from any source other than available funds in Veterans Refinancing and Reintegration Services Fund. Provides that amounts due and payable under agreement do not constitute debt, or lending of credit, of state. Authorizes financial institution to exercise rights against security if there are insufficient available funds to pay amounts due under loan or credit guarantee agreement.
Establishes Veterans Refinancing and Reintegration Services Fund. Continuously appropriates moneys in fund to department.
Directs Oregon Department of Administrative Services to include in Governor's budget request to Legislative Assembly for each fiscal period amounts sufficient to permit payment of amounts due on unpaid loan and credit guarantees for that fiscal period.
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HB 2897 Joint Committee On Ways and Means
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