He writes, “Manufactured homes are commonly more affordable than a rent payment and provide buyers with options that meet their needs. Sadly, access to financing for manufactured homes has been seriously harmed due to actions by the Consumer Financial Protection Bureau (CFPB). Without the option to obtain financing, thousands of manufactured home customers are now trapped and unable to buy or sell homes.”
Noting that Congress should support homeownership instead of denying that opportunity to millions, he says retailers are prohibited from providing assistance to consumers during the homebuying process, which leaves prospective buyers in the dark about their options.
Fincher writes, “There is no incentive for a manufactured home lender to grant a loan to a customer that does not clearly exhibit an ability to repay, as lenders generally retain the loans they make on their books. This is different than other types of loans that are packaged and resold for a profit. In fact, no one wins when a buyer is unable to pay their manufactured housing payment – the borrower, the lender, the manufacturer and all its employees lose out.”
As MHProNews knows, he says the bipartisan legislation he has sponsored gives the CFPB authority under Dodd-Frank to make an adjustment that “maintains federal oversight of manufactured housing lending, safety and construction standards and preserves core consumer protections against predatory lending practices.” ##
(Photo credit: wikipediacommons-Rep. Stephen Fincher)
