Posts Tagged ‘hr 1779’

Encouraged by Recent Victory in Changing Dodd-Frank Ruling, Republicans Say ‘This Was Only The Appetizer’

December 26th, 2014 Comments off

barney-frank-getty-images-cnn-news=credit-posted-daily-business-news-mhpronews-com-Elated over their success in slipping a change on Dodd-Frank rules concerning derivatives into a last-minute budget bill before Congress adjourned, Republicans feel that this may be the start of something bigger.

Manufactured housing professionals, hoping to successfully modify Dodd-Frank, are watching these developments with keen interest.

Representative Kevin Yoder (R-Kansas), who spearheaded changes to the Dodd-Frank financial law’s regulation of swaps transactions says to expect more pro-business changes in next year’s spending bills.

Yoder said in a telephone interview with Bloomberg Government’s Congress Tracker“This bipartisan success shows a pathway to solving other issues in the financial services area.” 

The Yoder provision, inserted into the 2015 omnibus spending bill, will allow some companies to forgo spinning off their swaps activities to non-bank affiliates, and maintain access to federal assistance.

The tactic of attaching changes to Dodd-Frank language to an urgent spending bill could be repeated when lawmakers again try to get government funding in place by Oct. 1 2015 to avoid a partial federal shutdown.

Taking on Senator Elizabeth Warren and her populist forces is a new role for Yoder, although he’s already demonstrated a certain amount of fearlessness. Until this month, he was most widely known for jumping naked into the Sea of Galilee during a congressional delegation trip to Israel.

Surprisingly, former U.S. Representative Barney Frank (D-Massachusetts), has said privately to MH supporters that he would support pro-MH changes to Dodd-Frank. Frank was long known as a pro-MH leader in Congress.

Among the questions out there in the ranks of manufactured housing professionals is can this modification of Dodd-Frank be a signal of good things to come for the industry on the regulatory front?

In an upcoming exclusive interview with MHProNews, a successful and respected MH industry leader with deep ties to the Manufactured Housing Institute (MHI) doubts the industry will have much success on Dodd-Frank changes. Others in MH are more hopeful. Time will tell. ##

(Editor’s Note: While the clock has run out on HR 1779 and S 1828, this article linked here gives a comprehensive overview of manufactured housing leader thinking on reforms needed to Dodd-Frank to protect manufactured home owners and promote more affordable MH sales.)

(Barney Frank photo credit: Getty Images/CNN News)

sandra-lane-daily-business-news-mhpronews-com-75x75-Article submitted by Sandra Lane to – Daily Business News – MHProNews. 

Proposed Changes to Dodd-Frank in New Federal Budget Offers Hope to Manufactured Housing Industry

December 15th, 2014 Comments off

u-s-capitol-building-credit=dc-shpo-posted-daily-business-news-mhpronews-com-For awhile, it seemed doubtful that any changes to the Dodd-Frank bill governing financing for residential or manufactured housing (MH) might pass. Now, there seems to be a ray of hope for the MH industry. The evidence is a rider attached to the 2015 federal budget passed late on the evening of Thursday, December 11, that reversed the Dodd-Frank rule concerning the purchase and sale of derivatives.

According to Paul Krugman, writing in the New York Times, “Dodd-Frank forbid banks from dealing in exotic securities, the kind that played such a big role in the financial crisis. In itself, last week’s action wasn’t decisive, but it was clearly the first skirmish in a war to roll back much, if not all of the financial reform.”

This should give hope to supporters of a bill such as HR 1779 and S 1828, the Preserving Access to Manufactured Housing Act, might be passed in the upcoming 2015 legislative sessions.

Krugman points out that “it’s hard to find Republicans expressing major reservations about undoing reform.” However, he says that few Democrats actually believe that undoing Dodd-Frank is a good idea.

That opinion was vociferously expressed by Senator Elizabeth Warren who tried to block the Dodd-Frank revision from being included in the new $1.1 trillion federal spending bill. Warren’s high-profile budget move failed, but dramatically raised her standing among the Democrats’ left-of-center party base, and it couldn’t have come at a worse time for Hillary Clinton’s anticipated 2016 presidential candidacy.

According to the New York Post, This Warren thing puts Hillary in a horrendous position.” The Post continued by saying a prominent New York Democratic consultant involved in presidential politics stated, “Wall Street money has always been Hillary’s bread and butter, and she’s been counting on it for 2016. Now, because of the Senate debate, she’ll be forced to say where she stands on things like the derivatives rule and Wall Street’s continuing effort to repeal Dodd-Frank.”

The debate concerning Dodd-Frank continues. Although some Democrats oppose any changes, with the Republicans gaining control of both the House and the Senate, the prospect of more changes to that bill is promising.

Thus the outlook for a manufactured housing backed reform of parts of Dodd-Frank in 2015, ala the Manufactured Housing Institute led HR 1779 and S. 1828, now looks brighter. ##

(Photo credit: Photo courtesy of the DC SHPO and

sandra-lane-daily-business-news-mhpronews-com-75x75-Article submitted by Sandra Lane to – Daily Business News – MHProNews.

We the Economy

November 13th, 2014 Comments off

we-the-economyWhere do federal tax dollars go? CNN Money provides some insights, in their 6 minutes video, “We the Economy.”

As you’ll see in their report, three big items dominate 70% of all federal spending. So the balance of the federal budget makes up 30% of the spending.

What this specific report doesn’t look at are areas of waste, inefficiency, places where tax or where regulatory policies harm or help various sectors.

Congressman Stephen Fincher, co-sponsor for HR 1779, said:

The government has an incredibly poor track record of picking winners and losers, and it needs to stop doing it. Instead, we need for Congress and the Administration to get out of the way and allow businesses and industries to make decisions that will allow them to thrive and create more jobs.

Fincher elaborated, “I share a vision with the Founding Fathers of this country, where a more efficient and effective government is what it takes to make America the greatest country in the world.” See the full Congressman Stephen Fincher interview at this link. ##

(We the Economy)

As D-Day approaches, 70%-97% odds predicted for Senate in mid-term elections

November 4th, 2014 Comments off

uncle-sam-dreams-of-home-shutterstock-mhpronews-Decision Day 2014 has arrived, and the mid-term election results are predicted by the left-leaning New York Times to bring a 70% chance of a Republican take over of the U.S. Senate. CNN  puts those odds at 95%, the Washington Post at 97%. Early voting patterns and a wide range of polls are all factors being pointed to by experts and pundits that suggest Republicans could control of both houses of Congress once mid-term election results are tabulated.

As association affiliated-and-engaged manufactured home professionals know, manufactured housing is viewed as a truly bi-partisan issue. Affordable housing is a basic human necessity, and no one else provides that domestically quite like our industry does.

Still, on legislation such as S 1828, the Senate companion bill to HR 1779 which would change Dodd-Frank in ways more favorable to MH lending, a Republican sweep that mirrors what happened to the out-of-power party in prior mid-terms such as 2006, could bring forward movement for those bills in the lame duck session. More likely, such a legislative advance would occur once the new Congress is seated.

But close races in states from AL to NC – and billions of dollars in campaign spending – suggest it won’t be until tonight – or perhaps in the case of run-offs, until January 2015, that we will know where control of the U.S. Senate will rest. MHI’s election analysis in September predicted a 3-8 seat pick up in the Senate by Republicans.  Stay tuned. ##

Related article on campaign spending linked here.

(Image credit: Shutterstock/MHProNews.)

All Parks Alliance for Change Lobbying Congress opposing Minnesota Community Owners Support for a Floor Vote on the Preserving Access to Manufactured Housing Act (HR1779)

August 22nd, 2014 Comments off

all-parks-alliance-for-change-mobile-justice-protest-mn-capitol-posted-daily-business-news-mhpronews-com-.Mark Brunner at the Manufactured and Modular Housing Association of Minnesota (MMHAMN) tells MHProNews that the All Parks Alliance for Change (APAC) is lobbying Congress to oppose The Preserving Access to Manufactured Housing Act (HR 1779).

Brunner says APAC has sent out the following call-to-action statement to their members.

“House members are about to take their August Recess and start campaign season, and one of their last orders of business may be a vote on the Preserving Access to Manufactured Housing Act (H.R. 1779). This bill would undermine the Consumer Financial Protection Bureau’s new regulations for manufactured home financing in order to allow chattel lenders to burden manufactured home buyers with excessively high closing costs and interest rates. A vote on the House floor is a critical moment–and could happen as soon as Monday. We need your help to make sure the House does not pass this harmful bill and send it to the Senate.”

APAC describes itself these terms;

All Parks Alliance for Change is the statewide organization for Minnesota’s 180,000 manufactured home park residents. APAC provides a vehicle for manufactured home owners to express their needs and concerns in their parks and in the larger community. Through education, grassroots organizing and leadership development, APAC works with residents to improve the quality of life in park neighborhoods, protect the rights of park residents, advance public policy change that supports safe, affordable, and stable park communities, and preserve this vital source of affordable housing.”

As informed manufactured housing (MH) professionals know, millions of owners of mobile and manufactured homes have been de facto cut off from financing by the so-called unintended consequences of Dodd-Frank and the CFPB’s regulations. Many MH lenders are no longer making loans on homes where the loan balance is under $20,000, because the costs to originate and service low-balance loans under the CFPB’s current regulations makes them unprofitable. As an Industry in Focus Report detailed, the issue isn’t heartless predator lending, as APAC or others akin to them allege, the culprit is simple math.


A recent GAO report demonstrated that even with a higher interest rate on a personal property (chattel) loan, manufactured homes are the most affordable kind of permanent housing. This supports the findings of an earlier study by FannieMae, shown in the graphic above.

Some also overlook the fact that such interest is often tax deductible, so the higher cost can be mitigated when that option is available for a MH home buyer.


APAC links itself to National Manufactured Home Owners Association (NMHOA), lead by Ishbel Dickens, who has publicly called Manufactured Home Community owners “the enemy.”

However, the real enemy seems to be either ignorance of the facts or a deliberately polarizing approach taken by such groups. That arguably harms the very MH owners APAC or NMHOA claim to represent. In fact, the membership numbers of such groups are usually only a tiny fraction of the total in any given community.

Dodd-Frank and CFPB regulations haven’t just harmed MH lenders, businesses and the customers they serve, but has forced numerous community banks out of business because of the high cost of the regulatory burdens being imposed.  HR 1779 is a common sense fix for the MH related issues.

Brunner and the MMHAMN have joined with MHI asking industry professionals to contact members of Congress via their new immediate contact “Engage” system. Brunner urged, “Because we are now facing a numbers game with APAC trying to overwhelm Congressional Offices with misinformation about H.R. 1779, please encourage all of your employees, spouses and voting-age family members, along with business partners/vendors to do the same by forwarding them this Call To Action.” 

A click to Engage, linked here, allows you to contact your member of Congress with a few key strokes. ##

(Photo credit: APAC. Chart source: FannieMae.)


U. S. Representatives in Home Districts; Contact them to Support 1779

August 12th, 2014 Comments off

House of Rep sealThe Manufactured Housing Institute’s Chairman Nathan Smith has been urging industry members to contact their U. S. Representatives in support of H. R. 1779 via the MHI’s new advocacy page, requiring just a few clicks to send a letter. Smith says both houses of Congress are in recess and the members are likely to be in their home districts. He suggests contacting Jason Boehlert or Rick Robinson at MHI for a brochure to take with you when you schedule a visit with your representative, encouraging them to support 1779, and urging them to pressure party leaders to bring the bill to the House floor for a vote. MHProNews understands they return to Washington after Labor Day. ##

(Image credit: United States House of Representatives)

Bullseye Missed by CFED’s Doug Ryan in “The Hill” blog on Preserving Access to Manufactured Housing

May 20th, 2014 Comments off

Writing in blog, Doug Ryan, director of Affordable Homeownership for Corporation for Enterprise Development (CFED), says the manufactured housing industry is trying to sabotage perfectly good Consumer Financial Protection Bureau (CFPB) regulations that protect buyers of MH from high-priced loans, through promoting its Preserving Access to Manufactured Housing Act H.R. 1779.

Noting that for low-income families a manufactured home is the clearest path to home ownership. Ryan says, “Most manufactured homes are financed with personal property loans, like cars, rather than traditional mortgages, and the lenders have largely operated outside of federal regulators’ supervision. The CFPB regulations ensure that manufactured housing loans are subject to the same rules that apply to traditional mortgages.”

Ryan says the Manufactured Housing Institute (MHI) has been trying to convince the CFPB for months that without change to the new regulations it will cost consumers more to purchase manufactured homes, but the CFPB says the evidence is not conclusive in impacting MH buyers. He adds the industry “stands to reap huge profits from the change” that would result from H.R. 1779, and that the MHI has been pouring thousands of dollars into coffers of congressional candidates. understands H.R. 1779 in fact modifies the definition of mortgage originator and of high-cost mortgages to ease access to manufactured home loans. Ryan asks rhetorically if you would rather have industry lobbyists or the CFPB writing your regulations.

Noting that H. R. 1779 has bi-partisan support, Ryan suggests that Reps. Terri Sewell (D-AL) and Maxine Waters (D-CA) may have been duped into supporting this bill that seeks to circumvent CFPB authority without evidence of the need to do so. He says, “This is how working families lose out; not with careful consideration of the data and the public interest, but in an obscure, politically-charged markup in room 2128 of the Rayburn House Office Building.”

MHProNews publisher L.A. “Tony” Kovach says, “Ryan and his associates need to sit down and get clear on the facts on MH lending. This is simple math; its cost of funds, cost to service loans, need for a profit and a market that the GSEs have not served, in spite of HERA 2008’s so-called Duty to Serve. Respectfully, Ryan has homework to do!”

More information, including quotes from more industry professionals, are found at this link. A video interview with finance expert Dick Ernst for MHProNews’ June issue will shed additional light on regulatory challenges the CFPB ought to address.##

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

House Financial Services Committee Voice Votes “Yes” to H.R. 1779

May 9th, 2014 Comments off

The Manufactured Housing Institute (MHI) informs the House Financial Services Committee adopted, by voice vote, the Preserving Access to Manufactured Housing Act (H.R. 1779). Although the measure will not be formally approved until a recorded vote is taken, which is expected to occur the week of May 19th, the bill would amend the  Dodd Frank Wall Street Reform and Consumer Protection Act to change the criteria by which home loans are classified “high-cost” while keeping in place  strong consumer protections. The bipartisan bill is sponsored by Representatives Stephen Fincher (R-TN), Bennie Thompson (R-MS) and Gary Miller (R-CA), and has 113 co-sponsors in the House from both sides of the aisle.

The legislation would amend the thresholds by which designated small balance manufactured home loans  are classified as high cost under HOEPA while maintaining  the consumer protections from predatory lending practices under Dodd‐Frank. The measure would clarify that manufactured home salespersons cannot be considered loan originators unless they are paid by a lender or mortgage broker, a clarification without which lenders would likely be unwilling to finance manufactured home loans, making it difficult for low-to-moderate income borrowers to access financing. During the markup a number of representatives spoke in favor of the measure including Financial Services Committee Chairman Jeb Hensarling and ranking member Rep. Maxine Waters (D-CA) who indicated she would support the bill despite lingering concerns.

(Image credit:


Chairman Smith: Contact your U. S. Representative for Support of HR 1779

May 2nd, 2014 Comments off

In an urgent action alert from the Manufactured Housing Institute (MHI), Chairman Nathan Smith reports the House Financial Services Committee will consider HR 1779, the Preserving Access to Manufactured Housing Act, on Wednesday, May 7. Last week he was urging recipients to contact their senators regarding a concurrent measure in the Senate Banking Committee, as reported April 29, 2014. Now the thrust is to ask your U. S. House representative for their support of HR 1779 using the same MHI advocacy page to send an email. Go to Action Alerts on MHI’s home page, or click here. ##

(Image credit: Manufactured Housing Institute)


MHI Members Scour Capitol Hill for Support

February 21st, 2014 Comments off

One of the highlights of the Manufactured Housing Institute’s (MHI) Winter Meeting Feb. 9-11 was the day manufactured housing professionals from the entire spectrum of the industry visited Capitol Hill to speak directly with their Congressional representatives. After a breakfast/pep talk with Rep. Andy Barr (R-KY), a member of the House Committee on Financial Services and supporter of HR 1779, MHI members fanned out, seeking support for the industry in nearly 100 meetings with Senate and House members. The Preserving Access to Manufactured Housing Act, S. 1828, garnered six Senate co-sponsors: Joe Manchin (D-WV), Rand Paul (R-KY), Lamar Alexander (R-KY), Jim Inhofe (R-OK), and Dan Coats (R-IN). understands 108 members of the House have already signed on as co-sponsors of 1779.

Leo Poggione, President of Craftsman Homes said, “It is always more effective if your representatives hear your voice in a face-to-face situation. We are probably in the midst of one of the biggest turning points of our industry in the last 20 years and Hill visits are absolutely vital to our survival as an industry.”

Said Brad Shechtman of AMHC Management: “The most important aspect of our visits to the Hill are the stories we can tell about ordinary folks trying to buy affordable quality homes that our industry offers. It was refreshing to see how the congressional staffers and lawmakers thoroughly enjoyed the education, statistics and information we provided about manufactured housing. When we are successful at painting the picture for our friends on the Hill, it is more likely we can influence policy.” ##

(Image credit: Manufactured Housing Institute)