The Secretary may not buy the whole loan until the sequence is done
To amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to take certain actions in the case of a default on a home loan guaranteed by the Secretary, and for other purposes, section 2, Sec. 2.
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The Secretary may not buy the whole loan until the sequence is done
The document says “may not”Who acts: Secretary of Veterans AffairsHow: statuteSec. 2 in the PDF
What the document says
“The Secretary may not purchase an entire such loan until the veteran has completed such sequence.”
The same new subsection (d) of section 3732 of title 38, United States Code, bars the Secretary of Veterans Affairs from buying a guaranteed loan outright before the veteran has been through the required sequence of options.
What the document actually says
“The Secretary may not purchase an entire such loan until the veteran has completed such sequence.”
That sentence, in plain words
The VA cannot buy the whole loan yet. It must wait until the veteran has been through the steps.
What this is about
Buying the whole loan makes the VA the lender. That comes last, not first.
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quotation rather than replacing it.
