“Manufactured housing serves as an affordable housing option for roughly 22 million Americans and represents the largest form of unsubsidized affordable housing in the nation,” their statement said.
“Yet over-zealous regulation by the CFPB has made it harder for working families across the country – particularly those in rural areas – to access financing for affordable manufactured homes,” per their statement.
“Under the CFPB’s regulations, many small-balance manufactured home loans are now being considered ‘high-cost.’ This means many people – particularly those with lower and moderate incomes who want to buy a manufactured home – are not able to buy that home.”
The bill passed the House today with bipartisan support 256-163.
”SSDD”
An industry professional sent a message within minutes after the House release arrived. “FYI, SSDD,” it read.
When asked about the SSDD abbreviation’s meaning, per the sender, “Same Sh-t, Different Day.”
In a different – and indirectly related release – to the Daily Business News earlier this week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) said that that the CFPB was the problem, and it needs to be reformed.
House Financial Services Committee Chairman Jeb Hensarling Reacts to CFPB Controversy
MHLivingNews and MHProNews have long supported – and still do – the goal of the bill, which would benefit consumers and businesses alike.
But as has been detailed by MHProNews, MHI could have achieved by negotiation half-of-these goals some years ago, when consumer groups offered to compromise and yield on the so-called MLO rule, that muzzles the free speech rights of industry professionals.
Inexplicably, MHI has failed to make or use obvious arguments – already provided by MHLivingNews or MHProNews in advancing their Preserving Access cause.
This version of the bill was expected to achieve House passage, as it passed in the last Congressional session. As the linked article below, which quotes from an MHI VP, the next larger challenge was and is in the U.S. Senate.
As MHProNews reported recently, a previous MHI Senior Vice President – in an on-the-record statement – made an admission that contradicted other statements by MHI’s leadership. To learn more, click below.
Manufactured Housing Institute VP Revealed Important Truths on MHI’s Lobbying, Agenda
Frank Rolfe, and other MHI members have expressed on and off the record their frustration with MHI’s efforts on this subject.
Frank Rolfe: Pressured into Silence? Manufactured Housing Industry, and Journalism
After years of efforts, the bill, per GovTrack, still is unlikely to achieve enactment into law.
Meanwhile as Gary Adamek and other retailers and industry professionals have said that zoning, and anti-MH discrimination, have been far more damaging to the industry.
Local Star Chambers Wage War on Affordable Housing – manufacturedhomelivingnews.com
“The one issue that will prohibit affordable housing in the future – not only manufactured homes, but site-built – is local zoning and covenants.” – Jay Hamilton, executive director of the Georgia Manufactured Housing Association Armed with facts, figures and studies, he explained that manufactured homes were as well or better built, more fire resistant, more wind resistant – and far more affordable – than their site-built counterparts.
Yet millions of dollars and years of efforts have gone to this MHI flagship “Preserving Access” effort. The industry has been in the curious position of having MHI’s then chairman, Tim Williams, supporting Preserving Access. Meanwhile Warren Buffett – Williams’s boss – supported Barack Obama and Hillary Clinton, both of whom opposed the very changes that MHI claimed to be working for…how was that supposed to play out in practice?
MHProNews will continue to track and report to the industry developments on this, and other issues of MH industry interest. Expect an MHI “housing alert” that celebrates this expected outcome on the long road to…where? “We Provide, You Decide.” © (News, analysis, commentary.)
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