[Congressional Record Volume 161, Number 18 (Tuesday, February 3, 2015)]
[Extensions of Remarks]
[Page E157]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   INTRODUCTION OF THE PRESERVING ACCESS TO MANUFACTURED HOUSING ACT

                                  _____
                                 

                        HON. STEPHEN LEE FINCHER

                              of tennessee

                    in the house of representatives

                       Tuesday, February 3, 2015

  Mr. FINCHER. Mr. Speaker, I rise today to discuss my bill, the 
Preserving Access to Manufactured Housing Act. My legislation makes two 
important changes to regulations that could affect the accessibility of 
financing options for purchasers of manufactured homes.
  Manufactured housing serves as a valuable, affordable housing option 
for American families all across our nation. Unfortunately, due to CFPB 
mortgage regulations that do not reflect the unique nature of the 
manufactured home sales process, access to financing for manufactured 
homes is in serious jeopardy. My bill would modify the definition of 
high-cost loans so that manufactured housing loans are not unfairly 
swept under the high-cost loan designation simply due to their size.
  Additionally, the Act will clarify that manufactured housing 
retailers who are not engaged in financing loans should not be 
considered mortgage loan originators for purposes of heightened 
regulation and limitation on activity under the SAFE Act.
  Mr. Speaker, I urge my colleagues in the House (and Senate) to 
support me in passing the Preserving Access to Manufactured Housing 
Act, in order to ensure continued availability of this affordable 
housing option.