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Posts Tagged ‘House Appropriations Committee’

Appropriations Bill Amendment will Provide Access to MH Financing

June 21st, 2016 Comments off

House of Rep sealAn amendment sponsored by Rep. Chuck Fleischmann (R-Tenn) and passed by the House Appropriations Committee is designed to strengthen access to safe, affordable and available financing for manufactured homes while preserving important consumer protections, according to what the Manufactured Housing Institute (MHI) tells MHProNews.

Passed by a bipartisan vote of 31-17, the amendment was attached to the Fiscal Year 2017 Financial Services and General Government Appropriations bill.

Preserving access to affordable housing for millions of hard-working American families is extremely important, and I’m proud that my colleagues agreed with me by voting ‘yes’ on my amendment,” said Rep. Fleischmann.

For representatives who voted in support of the amendment, click here. ##

(Image credit: U. S. House of Representatives)

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

Bill would Eliminate CFPB Czar, Clarify and Funnel Funding

June 6th, 2016 Comments off

house_____financialservices_dot_house_dot_gov__creditAn appropriations bill approved by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee would seriously alter the workings of the Consumer Financial Protection Bureau in two ways, a move opponents of Dodd-Frank/CFPB would welcome.

Firstly, the agency would be funded through the annual Congressional appropriations process instead of through the Federal Reserve, as mpamag tells MHProNews. Funds would be requested through the Fed, but it must notify Congress of its intent, and include the amount requested, what it is for and how it will protect consumers.

Secondly, the all-powerful single director would be replaced with a five member board of directors appointed by the president.

In addition, according to CFPB monitor, another provision disallows CFPB’s funds from being used to regulate pre-dispute arbitration agreements. The agency would have to research arbitration agreements before issuing rules regarding them. Rules thus issued would have no force until the research was completed. ##

(Image credit: housefinancial.services.house.gov)

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

Obama Administration: Unacceptable to Include Dodd-Frank Amendments in Appropriations Bill

December 2nd, 2015 Comments off

Jacob_Jack_Lew_treasury_secy_2015__wikipediaAs the deadline nears for the mega spending bills to be passed in Congress that will keep the government running, as MHProNews reported Nov. 26, 2015, the Obama administration has indicated it will push back against any attempt to substantially weaken the 2010 financial overhaul, according to the nytimes.

Congressional Republicans are seeking to soften parts of the Dodd-Frank Act that was enacted five years ago, and as MHProNews  knows, inadvertently erected barriers that hinder the buying and selling of manufactured homes. The spending bill must pass by Dec. 11 to avert a government shutdown.

Reaffirming the administration’s objections to any meaningful alterations of Dodd-Frank, Jacob J. Lew, secretary of the Treasury, said in an email, “I have publicly made clear that my recommendation to the president would be that if there are legislative measures that will roll back the clock, that would take us back toward where we were before the financial crisis, I would recommend a veto.

Some members of Congress believe the administration will allow more wiggle room on financial regulation than on, say, its signature health care overhaul. In any case, if only a few concessions are gained, a path will have been set for more changes to Dodd-Frank next year.

Lew adds it is unacceptable to amend Dodd-Frank at the last minute on a must-pass bill, but the door is “open to conversations about technical changes or improvements in Dodd-Frank, but frankly, there are a lot of things masquerading as technical changes that are not.

In response, Jennifer Hing of the House Appropriations Committee that is helping to assemble the bill, said in an email, “The committee does not comment or speculate on funding levels or policy items that may or may not be included in future legislation.

In the run-up to the financial crisis, regulators had failed to properly ascertain the weaknesses of financial firms and pinpoint where large losses might occur. Dodd-Frank said banks worth $50 billion or more were required to withstand stress tests to make sure they could withstand another downturn.

Sen. Richard Shelby (R- Ala.) proposed legislation that raises the threshold to $500 billion, which would exclude many smaller banks, but leave the door open to selectively examining some smaller banks as needed. But Jeff Sigmund, a spokesman for the American Bankers Association, said, “There is wide bipartisan agreement that some elements of Dodd-Frank warrant a second look. Regulation based solely — and arbitrarily — on asset size ignores careful risk management by banks, creating unnecessary costs and reducing services available to bank customers.

But critics of Sen. Shelby emphasized that banks smaller than $500 billion can still create havoc for the system as a whole, noting that Countryside Financial had assets of $200 billion. Daniel K. Tarullo, a governor of the Federal Reserve, says he would consider supporting raising the threshold to $100 billion.

Some congressional members want to alter the Financial Stability Oversight Council, a new regulatory body that would look for red flags indicating dangerous risks that may be accumulating in the system, saying the council lacks transparency and accountability.

Writing in rollcall, as MHProNews posted Aug. 19, 2015, Manufactured Housing Institute’s (MHI) Senior Vice President for Government Affairs Dr. Lesli Gooch said, “The Dodd-Frank Act is preventing everyday Americans from accessing the financing they need to purchase quality manufactured homes they can afford in the communities where they live and work. This is occurring because many lenders had to stop making manufactured home loans when the Dodd-Frank Act classified the loans as ‘high-cost.’ Ironically, the loans receive this negative classification because they are small loans, reflecting the fact that manufactured homes are less expensive and more affordable.

AS MHProNews posted Nov. 26, 2015, Dr. Gooch said,The language (of S. 682) could catch a ride on the must-pass omnibus Appropriations package as a policy rider because the bill was included in the Senate’s Financial Services and General Government Appropriations bill (section 909 of S. 1910) in July.

In the midst of a national affordable housing crisis, it is unconscionable that federal rules are limiting access to credit for affordable, quality housing,says Dr. Gooch, in the Aug. 19 post. 

MHProNews  will have a featured article on this topic in the December issue, scheduled to go live on the home page late Tuesday or Wednesday morning. A recently produced article and video interview on MHLivingNews.com – and picked up by mainstream media websites and advocacy websites – about this topic are linked here ##

(Photo credit: wikipediacommons-Jacob Lew, Secretary of the U. S. Treasury)

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

Rural Housing Service Automating Loans

April 9th, 2014 Comments off

In an attempt to streamline services of the U. S. Rural Housing Service (RHS), administrator Tony Hernandez says the agency is automating the loan approval process and lenders are willing to pay $50 for each loan to cover the cost, reducing the RHS need to seek financial support from Congress. “They will pay a fee so it is easier for them to close more loans, and get more people into homeownership,” Hernandez told a House appropriations subcommittee April 4, according to nationalmortgagenews.com. The approval is done manually, often using back and forth faxing, since the government shutdown disabled the automated system, resulting in many lenders and real estate agents shunning the United States Department of Agriculture program because of the long turnaround time, opting for FHA instead.

MHProNews.com has learned the National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) support the modernization effort. Last year RHS lenders originated 163,000 federally guaranteed mortgages valued at $22.4 billion, up from $19.2 billion in 2012. ##

(Image credit: texaslendingtoday.com)

House Committee to HUD: Hire Manufactured Housing Administrator or Else

June 29th, 2013 Comments off

The 2014 fiscal year House Appropriations Committee measure that outlines budgets for the Dept. of Housing and Urban development (HUD) contains a provision that HUD must choose a permanent administrator of the Office of Manufactured Housing within 120 days of the legislation’s enactment. Introduced by Rep. Chuck Fleischmann (R-Tenn.), if HUD fails to meet this deadline, the agency will lose $50,000 in salaries and expense budgeting for each day the requirement is not met, according to the Manufactured Housing Institute (MHI) newsletter. The report accompanying the bill states that “the Committee understands that a substantial backlog of recommendations approved by the Manufactured Housing Consensus Committee exists, and a lack of action and attention in this area has meant that codes and standards have not kept pace with technological innovation or allowed the industry to keep pace with consumer demand. The Committee looks forward to a more focused and responsive office under permanent leadership.” Knowing of the committee’s activity, a week prior HUD issued a notice announcing its search for someone to fill the administrator post, reversing a long-standing policy to leave the post vacant. As MHProNews knows, this marks an important milestone for the industry.

(Image credit: Fairmont Homes)

Congressional Committee Cuts Funding to CFPB

June 23rd, 2011 Comments off

HousingWire reports the House Appropriations Committee has voted to slash funding for the new Consumer Financial Protection Bureau (CFPB) from the Federal Reserve’s requirement of $500 million to $200 million.  Under the Dodd-Frank Act the agency can request another $200 million.  Funded by the Federal Reserve, the CFPB will control the entire mortgage industry from origination to servicing the loans.  The Americans for Financial Reform Executive Director Lisa Donner said, “They are trying to turn the CFPB into a weak and timid agency, without the will or ability to curb the kind of financial abuses that caused the nation’s worst financial crisis since the Great Depression.”

MHARR on the Move

June 1st, 2011 Comments off

Staff members of the Manufactured Housing Association for Regulatory Reform (MHARR) met May 26 with Acting HUD (Housing and Urban Development) Assistant Secretary for Housing – Federal Housing Commissioner Bob Ryan, and career officials of the HUD manufactured housing program.  Issues included consumer financing, changing HUD’s “trailer” orientation to “housing” orientation per the reform provisions of the 2000 law, appointing a non-career program administrator, and the role of the Manufactured Housing Consensus Committee (MHCC).  In a related development, MHARR has asked that the House Appropriations Committee include, as part of the FY 2012 Homeland Security Appropriations bill, language requiring HUD code manufactured housing to be used by the Federal Emergency Management Agency (FEMA), both within and outside established land lease communities, for temporary and permanent relief as part of disaster assistance.  Read the full report at MHARR Officials Meet with Federal Housing Commissioner.