U.S. CONGRESSIONAL News:WASHINGTON, D.C. ― The U.S. House of Representatives Friday passed H.R. 1699, the Preserving Access to Manufactured Housing Act, to preserves consumer protections, and allows for additional flexibility in lending to ensure consumers have access to the credit they need.
“Nearly half of the families in New Mexico live in manufactured housing and depend on having access to manufactured housing loans. The burdensome Dodd-Frank Act has crippled manufactured housing lenders’ ability to provide mortgage for these people who rely on manufactured homes as their primary housing option. These homes provide a safe and affordable housing option for New Mexicans as well as communities across the country,” Rep. Steve Pearce said. “Contrary to many of my colleagues in Congress, my first house was manufactured. I have a firsthand understanding of the importance of having access to both manufactured housing and the credit needed to purchase it. This bill today provides a crucial fix for those rural families in New Mexico, and across the nation, that have few housing options already and would simply like to purchase a manufactured home.”
Watch Pearce speak on the House Floor in support of H.R. 1699 by clicking on the image below or here.
H.R. 1699 includes technical corrections to allow for additional flexibility in lending while preserving important consumer protections including Consumer Financial Protection Bureau (CFPB) and Housing and Urban Development (HUD) oversight. Due to restrictive changes required by the Dodd-Frank Act, many manufactured housing lenders have stopped making loans under $20,000 and others have stopped lending entirely.