Late last week, Reps. Stephen Fincher (R-TN), Bennie Thompson (D-MS) and Gary Miller (R-CA) introduced the Preserving Access to Manufactured Housing Act (H.R. 1779). The measure would amend provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that would curtail the availability of credit needed by those seeking to purchase manufactured housing. Specifically, the bill would revise the High-Cost Mortgage triggers for manufactured home loans, and make clarifications to the Loan Originator definition as it applies to manufactured home retailers and salespeople. These two areas of the law—which are scheduled to become effective January 2014—would substantially reduce lender ability to originate manufactured home loans.
Assistance is needed from MHI members and others within the manufactured housing industry, in contacting their Representatives to request they co-sponsor H.R 1779. A detailed issue brief/action alert, along with a sample letter that can be faxed to Congressional offices, has been attached to this email. The following resource information has also been attached:
· April 24 Wall Street Journal Article discussing the impact of the High-Cost Mortgage Provisions on the manufactured housing market
· MHI News Release following introduction of H.R. 1779
· Text of H.R. 1779
Over the coming weeks, Sen. Sherrod Brown (D-OH) is expected to introduce companion legislation in the Senate. Additional information will be provided at that time.
