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Posts Tagged ‘CFPB Director Richard Cordray’

Cutting through Media Fog for Manufactured Home Owners and Pros

February 17th, 2016 Comments off

1-SenBobCorkerSamLandyUMHRichardCordrayCFPB-HUDsecretaryJulianCastro-InsideMH-ManufacturedHomeRegulationsHR650S682PreservingAccessManufacturedHousingVideoMillions of manufactured home MH owners and thousands of MH professionals are being adversely impacted by the current state of CFPB regulations. Yet the fog created by interest groups that oppose changes to Dodd-Frank or the Consumer Financial Protection Bureau (CFPB) current policies have slowed the progress in the Senate of S 682, dubbed Preserving Access to Manufactured Housing Act.

The House version of the same bill, HR 650, passed last spring with bi-partisan support.

Inside MH has produced a video that spotlights the issue, by presenting key players in Washington, DC speaking about manufactured housing and MH lending regulations in their own words. That video is found on the page linked here, which in under 2 days drew thousands of MH professionals and numerous positive reviews of the video.

A source at CFPB indicates they are considering a response to the video and the issues it raises.

The Manufactured Housing Institute (MHI), has not yet made a statement on the subject, which was produced independent of their input, but included insights from MHI members, including Sam Landy, President and CEO of UMH Properties, who is featured in the video speaking about the impact of the current regulations on home shoppers, MH owners and MH professionals.  

MH state associations and industry pros have provided positive feedback in the video, and have forwarded the link onto members, colleagues and others.  “It’s a useful tool in advocacy on the policy side with Congress and the CFPB,” one email to MHProNews said, with others commenting “Great video!” or “This is well done,” etc.

MHLivingNews publisher L. A. ‘Tony’ Kovach has said this could be the first of other such videos that spotlight issues impacting manufactured housing home owners and professionals.

We have manufactured home owners and professionals who state on camera that they want to see the unintended consequences of Dodd-Frank changed, either by the CFPB making the needed adjustments, or through enactment by the Congress of the Preserving Access to Manufactured Housing Act,” Kovach told the Daily Business News.

The United States faces an affordable housing crisis, and manufactured homes serve as a vital solution for folks of modest means,” Secretary of the U.S. Department of Housing and Urban Development (HUD), Julian Castro states in this video.

That fix for the affordable housing crisis, Kovach says, doesn’t cost the taxpayers money.  By using manufactured homes and removing artificial barriers caused by mistaken regulatory policies, that can save taxpayers money because some renters will opt for ownership or possibly subsidized housing. “It will take one or more videos like this to cut through the noise and fog that special interest groups have created to get S 682 through the Senate and Preserving Access to Manufactured Housing passed into law.”  

Kovach suggested the best link to share the video with Congressional staff and others is the one here, on MHLivingNews, so that those who don’t yet understand all the benefits and modern realities of manufactured housing can go beyond the video and learn even more. ##

(Image collage credit – Inside MH video, ManufacturedHomeLivingNews.com.)

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

Republicans Accuse CFPB of Not Representing the Best Interests of Hardworking Taxpayers

March 5th, 2015 Comments off

jeb-hensarling-2Housing Wire tells MHProNews that on Tuesday, March 3, Consumer Financial Protection Bureau Director Richard Cordray appeared before the House Financial Services Committee. At this time, Committee Chairman Jeb Hensarling (R-TX) continued his ongoing criticism of the CFPB as unaccountable.

“The CFPB undoubtedly remains the single most powerful and least accountable federal agency in all of Washington,” Hensarling said. “When it comes to credit cards, auto loans and mortgages of hardworking taxpayers, the CFPB has unbridled power not only to make those less available and more expensive, but to absolutely take them away.”

Hensarling continued by saying that he thinks that Americans are losing both their financial independence and the protection of the rule of law.  He said the Bureau is fundamentally unaccountable to the President, to Congress, and to the courts. Thus, the Bureau regrettably remains unaccountable to the American people. “That is why we need the CFPB on budget and led by a bipartisan commission,” he said.

Democrats who worry that the CFPB is being unfairly attacked aren’t seeing the big picture, Hensarling said.  “I was struck by a comment made by one of my Democratic colleagues who argued during the Committee’s markup of our budget views and estimates that the Bureau must be protected from ‘the whim of those are the legislators.’  I remind all of my colleagues that the legislators are chosen by the American people under the provisions of our Constitution,” he said.

He said CFPB actions are hurting the financial industry, not protecting consumers. “Free checking has been cut in half. QM increasingly stands for ‘Quitting Mortgages’ as community bank after community bank finds they can no longer offer mortgages to many of their deserving customers,” Hensarling explained.

Ranking member Maxine Waters, (D-CA), meanwhile, praised the CFPB’s track record, saying it has delivered $5.3 billion in relief to 15 million American consumers and service members since its inception in 2011.

Waters highlighted the many ways she says Republicans have worked to harm the consumer agency, citing efforts to advance legislation that would undermine the agency’s ability to shield consumers from duplicitous financial practices, end its autonomy, dismantle its leadership and bog down operations with countless requests for documents. ##

(Photo Credit: Bloomberg)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

CFPB Director Cordray Explains Changes to QM Rules and How He Obtained a Black Eye

February 12th, 2015 Comments off

cfpb-director-richard-cordrayOn January 29, the CFPB proposed raising the threshold for small and rural lenders. This action will allow more institutions to make qualified mortgage loans without having to meet certain requirements required of larger lenders.

At a town hall meeting organized by the National Credit Union Administration on Tuesday, February 10, Consumer Financial Protection Bureau Director Richard Cordray discussed the new changes coming up. He revealed that the decision to ease qualified mortgage restrictions for small and rural lenders had caused some internal disagreements in his organization on how the CFPB should make changes to the QM rule to help smaller institutions.

CFPB Director Richard Cordray and U.S. Rep. Gwen Moore (D-Wis.)

Cordray, who noted that his Ohio home would be considered rural under the plan, said despite the initial internal pushback, he thought the reasoning to expand what qualifies as “rural” was “quite justified.”

National Mortgage News tells MHProNews that Cordray explained that the proposal would cover about 22% of the population. This figure is almost 10 times the initial proposal from the Federal Reserve Board (before rule-writing power was transferred to the CFPB) and up from the 9.9% of the population that the existing rule covers.

“This was a matter of debate within the bureau,” he said, “but I ultimately believed and concluded that we had initially drawn the line too narrowly. I felt that we should allow more latitude to the small creditors to give them some breathing room, maybe some room to grow.”

He added that the agency is working “on debt collection rules, overdraft, and a variety of other things.”

As for the shiner under his left eye, Cordray kicked off the session by explaining that he sustained the temporary black eye at a basketball game. ##

(Photo Credit: Rep. Gwen Moore / Twitter)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.