WASHINGTON, D.C. – April 16, 2015 – (RealEstateRama) — The House passed by a vote of 263 to 162 H.R. 650, the Preserving Access to Manufactured Housing Act of 2015, a bill to protect the availability of financing for affordable manufactured housing sponsored by Rep. Stephen Fincher (R-TN). The Consumer Financial Protection Bureau released guidelines in 2013 that went into effect last year to expand the range of loan products considered to be “high-cost” under the Home Ownership and Equity Protection Act. H.R. 650 makes two changes to these regulations. It modifies the definition of high-cost loans so that manufactured housing loans are not unfairly considered high-cost loans. It also clarifies that manufactured housing retailers not engaged in financing loans should not be considered mortgage loan originators for purposes of heightened regulation and limitation on activity under the Secure and Fair Enforcement for Mortgage Licensing Act. Congressman Ken Buck (R-CO), a co-sponsor of the bill, released the following statement:
“This bill will ensure hard-working, low-income and middle-income families in rural Colorado and other rural areas across the country have better access to loans for affordable housing. Manufactured homes are a critical housing option for some Americans. The CFPB’s regulations are allegedly designed to help these communities, but they are in fact jeopardizing financing for manufactured homes and harming Americans whose livelihoods are connected to the manufactured homes industry. All parties involved are ultimately hurt by these regulations.”
Rep. Ken Buck (CO-04) is the Freshman Class President. He serves on the House Judiciary Committee and the House Committee on Oversight and Government Reform. He serves on the OGR Subcommittees on Government Operations and the Interior and is a member of the Judiciary Subcommittees on Immigration and Border Security and Crime, Terrorism, Homeland Security and Investigations.