Senate Banking Committee Passes Manufactured Housing Finance Reform

senate banking committee  mbaa  orgThe Manufactured Housing Institute (MHI) informs MHProNews that the Senate Banking Committee passed regulatory relief legislation that had been drafted by Committee Chairman Richard Shelby (R-AL). The 12-10 vote along party lines represents the most significant change to Dodd-Frank since it was enacted.

Section 108 of the bill includes provisions that expand access to affordable mortgage loans for manufactured home buyers, mirroring The Preserving Access to Manufactured Housing Act (S.682/H.R.650) that was passed by the House in April. The measure eases restrictions on lenders who make smaller manufactured home loans, and allows manufactured home retailers to provide information about potential lenders to their customers. Section 108 also preserves protections for the consumer such as the QM Ability to Repay and transparency of the transaction.

MHI reminds industry personnel of the importance of preserving Section 108, and the need to garner support for S.682 from senators who are not on board in the face of what is expected to be massive misinformation coming from the mainstream media and consumer groups to defeat the bill. Manufactured housing remains the largest source of unsubsidized affordable housing in the U. S. Unintended federal regulations have pushed lenders away from the market, harming consumers by making it more difficult for them to finance the purchase of MH.

Additionally, not only are consumers of manufactured homes stifled by the suffocating federal regulations. The workforce that builds and markets MH could create thousands of added jobs to the employment rolls, which in turn would provide millions in additional taxes to local, state and federal coffers.

The sense of urgency in contacting your senator cannot be overstated. Send an email to your senators by clicking this button, which will send a pre-drafted email to both of your senators. Or call the capital switchboard at (202) 224 3121 to obtain the phone number of both of your senators.

Many senators will be in their state offices during the Memorial Day work period which will allow you to visit them in person. ##

(Image credit:us.gov.senate)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

mas kovach mhpronews shopping with soheyla .jp

Get our ‘read-hot’ industry-leading 

get our ‘read-hot’ industry-leading emailed headline news updates

Scroll to Top
Glastrennwände
blumen verschicken Blumenversand
blumen verschicken Blumenversand
Reinigungsservice Reinigungsservice Berlin
küchenrenovierung küchenfronten renovieren küchenfront erneuern