Conventional Housing, not Manufactured Housing, caused the meltdown that gave us Dodd-Frank and the CFPB

The situation that led to Dodd-Frank, the Safe Act and the CFPB had virtually nothing to do with manufactured housing. That meltdown in housing in 2008 that led to Dodd-Frank was caused by poor conventional ‘on-site’ house lending. Yet we in MH got dragged into it by a reactionary regulatory response by the government.

As a result, the most common method of selling our homes to consumers (as personal property) has been regulated so hard, that even local lenders, not just big U.S. Bank, have pulled out. It appears that the way the government has decided to “protect” consumers from so-called “predatory lending” is to make it impossible for them to get a loan.

Our homes were already the most regulated form of housing in the history of mankind largely, because policy makers just don’t understand our product or its benefits to millions of consumers.

S 682 will allow the consumers that need the affordability offered by our homes reasonable access to financing that fits the needs of their family. It will save them over rent. We see this reality in our business, at the ground level, rather than some non-profit group’s office that claims to speak for consumers. ##

Jody Anderson
MH Retailer, Texas

 

 

(Editor’s Note: This is one of several posted comments that have doubled in the last 12 hours on The Hill’s Congressional blog.  It is reprinted with permission.  Please see Ross Kinzler’s blog post, and then comment yourself on the post linked here.)

http://thehill.com/blogs/congress-blog/economy-budget/248665-regulations-for-manufactured-home-loans

As an FYI to those ‘tracking’ the comments, please scroll to the bottom of the comment section every time.  The Hill’s comment section has no discernable pattern on where the comments are posted, unless they are a reply.  The most recent comment is not always ‘at the top’ of the other comments.  MHProNews wants to thank and commend all of those who’ve already take 5 to sound off on this highly read Washington DC blog for their pro-MH financing efforts.)