Cordray acknowledged the importance of MH to a certain segment of the population, that it presents special difficulties because of issues pertaining to the land on which the home is located, but that small lenders and credit unions can continue to make loans that historically have been successful. “In terms of lending, they have carte blanche, because we trust them on the lending they do,” Cordray said. He added the agency will continue to analyze data and adjust rules based on that information, according to mninews.com.
The CFPB is also working with the Federal Housing Finance Agency (FHFA) to collect data on millions of mortgages to streamline the system, MHProNews.com has learned. Rep. Ed Royce, noting Target’s security breach in Dec., expressed concern about collecting credit information on 50 million people. Rep. Sean Duffy said, “I am specifically interested in testimony in regard to the data collection at the CFPB, specifically the extent of the information that is being collected on the American people and to the extent of the disclosure you get to collect and monitor on their financial transactions.” Saying there is already a lot of information available in the homeowner market, Cordray said, “In order to make judgments and to get it right we have to get information to get it right.”
(Photo credits: above, Rep. Jeb Hensarling, wikipedia; below, Richard Cordray, abcnews)