Posts Tagged ‘consumer finance’

New House Committee Chairmen Rake in the Chips

July 25th, 2013 Comments off

Campaign contributions for seven of eight newly installed GOP House committee chairmen have risen 59 percent in this year over the first six months of 2011. The 11 continuing committee chairmen only show a three percent average increase in first-half contributions this year over the same time frame two years ago. In their powerful positions they determine what legislation is heard by the committee and what falls to the wayside, and thus are a magnet for contributions from lobbyists and businesses who have interests governed by that chairman’s focus. Rep. Jeb Hensarling (R-Tex.), the new Chairman of the House Financial Services Committee, has raised $1.35 million in the first six months of 2013, a 67 percent increase over the $826,050 he received in the same time period of 2011. His donors include the manufactured and modular housing industries, mortgage servicers, community banks, credit unions, payday lenders and pawnshops. As huffingtonpost informs MHProNews, most of these contributors to Hensarling are covered by the regulations and policies of the Consumer Finance Protection Bureau (CFPB). The committee chair who saw the greatest increase in contributions is Rep. Bill Shuster (R-Penn.), who leads the Transportation and Infrastructure Committee. He oversees airlines, oil and gas companies, trucking companies, engineers, architects, contractors and trade groups. His contributions rose 412 percent over the first six months of 2011, from $235,000 to $1.2 million.

(Image credit: HousingWire)

Manufactured Housing Finance Needs to be in Reform Bill

July 23rd, 2013 Comments off

While the Manufactured Housing Association for Regulatory Reform (MHARR) reports the government-sponsored enterprise (GSE) finance reform bill in the House, called the Protecting American Taxpayers and Homeowners Act (PATH), is being prepared to move forward, there is no indication manufactured housing consumer financing is included. Although some industry reports say PATH “should” include manufactured home loans within the new privately-based securitization structure, it is too risky to leave it to chance. Given that it is not known when the the measure may come to the House floor, MHARR strongly recommends that mandatory manufactured housing consumer finance language is included in the bill, and that an amendment to that effect be drawn and readied for inclusion. MHARR and the Manufactured Housing Institute (MHI) are working together on this initiative, as MHProNews has learned.

(Photo credit: Liberty Homes)


NCC’s Lentz: Attend Legislative Conference to Show Support

January 17th, 2013 Comments off

In a letter obtained by MHProNews addressed to members of the National Communities Council (NCC), Chairman David B. Lentz states members can overcome the challenges and embrace the opportunities presented to the manufactured housing industry, especially in light of the recovering economy. Noting the NCC is the only division of the Manufactured Housing Institute (MHI) that represents community owners, he urges members to attend the MHI Legislative Conference and Winter Meeting Feb. 24-26 in Washington, D.C.. Lentz said such a show of support for MHI’s advocacy efforts and demonstration of industry unity on Capitol Hill in support of affordable housing makes good sense. Stressing the importance of a united front, Lentz points out the recent lobbying success in the Consumer Finance Protection Bureau’s (CFPB) exempting new manufactured homes from the appraisal requirements for higher-risk mortgages. He says new Dodd-Frank and CFPB regulations will alter the face of the regulatory environment, so members need to get and stay involved.

(Image credit: National Communities Council)