§2 Sense of Congress regarding Department of Veterans Affairs exercise of authority under Veterans Affairs Servicing Purchasing program
This section (1) expresses the sense of Congress that foreclosure on a home purchased by a veteran with a Department of Veterans Affairs (VA)-guaranteed loan should be a last resort and that the VA should use its authority under the Veterans Affairs Servicing Purchase (VASP) program—under which the VA purchases defaulted VA-guaranteed mortgages from loan holders to modify terms and help veterans avoid foreclosure—and other authorities to maximize veterans' retention of their homes; and (2) amends VA home loan servicing authority to require the VA to carry out the VASP program, under which the VA may pay a loan holder the unpaid balance plus accrued interest and receive assignment of the loan and security (previously described conditionally).