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house Bill H.R. 1699

Changing the Financing Rules for Mobile Homes and Other Manufactured Housing

Argument in favor

Manufactured housing is typically used by people of low and moderate incomes, and modifying these regulations will save those consumers money and help them into affordable housing situations.

Ken tammy's Opinion
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11/26/2017
As a previous banker, I fully understand the purpose of this legislation. This has nothing to do with removing protections from consumers or enabling predatory practices.The definition of a high-cost mortgage was never truly meant to apply to mobile homes. The actual home mortgage market was the target for these revisions to the Truth in Lending Act. Because the cost of a mobile home is significantly less than that of a standard home, the calculations required by the current legislation created a situation where the triggers say it is a high-cost mortgage due to the ratio of the fees versus the financed price. This unintended consequence has caused unnecessary paperwork for banks. It has also presented thanks from offering services to consumers who are ready and willing to proceed with the transactions. This is a commonsense approach to restore common sense to a regulation that has been this way for over a decade.
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KyleCorley's Opinion
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11/26/2017
It will help those who buy those types of homes.
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Katrhyme's Opinion
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11/26/2017
This will reduce the number of mobile home or manufactured home mortgages being designated high risk and may allow for the financing of more of these efficiently built homes. I am all for allowing more people to purchase their own homes. This problem of these homes being designated high risk is due to the mathematical problem of them being cheaper to purchase than stick built but even the low interest rates end up showing as being a higher interest to principle ratio thus putting them into the high risk designation unnecessarily. This change will help home buyers, not hurt them.
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Argument opposed

The change in disclosure thresholds serves special interests and will undermine consumer protections, which could lead to predatory loans and home buyers who are over-extended.

Christin's Opinion
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11/26/2017
I'm not looking forward to another recession that the government will have to bail out these bad lenders leaving people without homes. Consumer protections are necessary, especially for those who are finally able to purchase a home.
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Themis's Opinion
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11/26/2017
“Free market” approach to legislation: Find a regulation that appears to restrict the profits of an industry that has donated to your campaign. Work with “experts” in that industry to craft legislation that will increase those profits. Spin the resulting bill as “helping” consumers by “increasing access” to products or services. Ignore the potential abuses, because “free market will solve everything.” Pass law. Walk away.
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Thelma's Opinion
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11/26/2017
This bill will harm Americans who can barely afford to live, much less house themselves. This bill will gut their consumer protections, leaving them further exposed to the malignant pursuit of wealth by those selling them low cost housing. Rob Portman and Brad Wenstrup, do not vote in favor of this bill. It is another attempt to hurt poor and Middle class Americans. Please stop this madness! Do not vote for this bill!
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed December 1st, 2017
    Roll Call Vote 255 Yea / 163 Nay
      house Committees
      Committee on Financial Services
    IntroducedMarch 23rd, 2017

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    As a previous banker, I fully understand the purpose of this legislation. This has nothing to do with removing protections from consumers or enabling predatory practices.The definition of a high-cost mortgage was never truly meant to apply to mobile homes. The actual home mortgage market was the target for these revisions to the Truth in Lending Act. Because the cost of a mobile home is significantly less than that of a standard home, the calculations required by the current legislation created a situation where the triggers say it is a high-cost mortgage due to the ratio of the fees versus the financed price. This unintended consequence has caused unnecessary paperwork for banks. It has also presented thanks from offering services to consumers who are ready and willing to proceed with the transactions. This is a commonsense approach to restore common sense to a regulation that has been this way for over a decade.
    Like (75)
    Follow
    Share
    I'm not looking forward to another recession that the government will have to bail out these bad lenders leaving people without homes. Consumer protections are necessary, especially for those who are finally able to purchase a home.
    Like (93)
    Follow
    Share
    “Free market” approach to legislation: Find a regulation that appears to restrict the profits of an industry that has donated to your campaign. Work with “experts” in that industry to craft legislation that will increase those profits. Spin the resulting bill as “helping” consumers by “increasing access” to products or services. Ignore the potential abuses, because “free market will solve everything.” Pass law. Walk away.
    Like (68)
    Follow
    Share
    This bill will harm Americans who can barely afford to live, much less house themselves. This bill will gut their consumer protections, leaving them further exposed to the malignant pursuit of wealth by those selling them low cost housing. Rob Portman and Brad Wenstrup, do not vote in favor of this bill. It is another attempt to hurt poor and Middle class Americans. Please stop this madness! Do not vote for this bill!
    Like (45)
    Follow
    Share
    This bill is designed to inflate mortgage rates while making money more accessable to the marginally economic class who can not afford traditional housing. It'll be 2008 allover again. Please considering a nay vote for the economically disadvantaged and struggling. Thank you for you time and consideration.
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    One more gutting of the protections the American public deserves. When you are finished there will be no protections and all in the interest of corporate America. Mobile housing exists because people do not have the money to buy homes, but with this you are going to make it easier for low income people to be bilked and cheated. You want to do to them what was done to home owners by corporate America that resulted in economic peril. Apparently as long there are individuals who might vote Democratic, you will continue to twist the knife in their guts.
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    Predatory and has no transparency. What's the real driver? The industry wanting another break. Vote no.
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    This is just another predatory lending scheme designed to harm the least financially able in society. I would be ashamed to vote for something like this.
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    Check before you decide. Who owns these dealership, who will this really benefit? The Trump Administration, his Cabinet and Republicans are gradually eroding the protections for the middle class and poor that have been won over the last 50 years. The changes that are being push through do not benefit us they benefit the 1% and we are being made third class citizens behind the 1% and the simply wealthy. We have a choice, either we are going to stop being Republican or Democrat and start being American citizens fighting for our place in this country or we going to be slaves and surfs to the elite. We can vote our principles but those we vote for whether Democrat or Republican are not legislating based on the principles that they run on and are not serving the vast majority of Americans. Look at the past year. Is this the country that you are proud of?
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    Manufactured homes should be covered by the same laws that cover traditional housing
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    I bought the mobile home I'm living in 30 years ago. At that time I could not afford a "regular" home, and I definitely needed protection from crooked lenders who prey on the poor with exorbitant mortgage rates. Please stop taking protections that were put in place to protect the vulnerable in society.
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    Don't reduce consumer protections and give lenders free reign. This legislation is nuts. It'll just feed into more corporate greed and another big recession.
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    Truth in lending rules should apply to ANY type of home purchase!
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    Loss of consumer protection on mobile homes is shameful! I enjoy seeing how many people will add a decorative porch, flower beds, overhead roof to their recently purchased mobile homes. How sweet is this purchase! As sweet as those of us who purchase a standard home! Vote “NO” . Thus will not make America Great Again if voted in...THINK AGAIN!
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    They just never learn. Greed. Greed. Greed. Wake up America. Vote No.
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    I agree with this comment: “Truth in lending rules should apply to ANY type of home purchase!”
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    Changing these rules will make it easier for financial lending institutions to charger higher rates without making the consumer aware of the magnitude of interest accruing. There is enough money available to run these institutions with a profit without the smoke and mirrors of this bill to acquire money through heightened rates. This is purely an issue of private interest.
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    Another cynical GOP attempt to steal from the struggling and give to the banks. Most mobile home buyers fall into three groups, those with limited assets who cannot get a mortgage or afford a traditional home; the elderly; those buying a second home. The last group probably needs no protection , but the first two are both more likely to accept bad loans because they are desperate to buy and/or less well informed on what they might be getting into. Vote no !
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    Of course the republicans are proposing this and because they have the votes will do this especially to undermine the people, everything for rich white child molesters! The change in disclosure thresholds serves special interests and will undermine consumer protections, which could lead to predatory loans and home buyers who are over-extended.
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    This removes protection of consumers.
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