This bill deals with mortgages related to manufactured homes, and their relation to the Dodd-Frank Consumer Protection Act. First, the bill revises the trigger amount for a mortgage attached to a manufactured home to be considered “high-cost,” upping the prime offer rate percentage from 8.5% to 10% for transactions under $75,000. Secondly, the bill states that those who sell manufactured homes are not considered mortgage originators under the Dodd-Frank Act (and must, in turn, be licensed accordingly) as long as those sellers do not receive compensation from a creditor, lender, or mortgage broker.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Financial ServicesIntroducedApril 26th, 2013
- house Committees
What is House Bill H.R. 1779?
This bill impacts access to financing for low-cost, manufactured housing buyers.
Cost of House Bill H.R. 1779
A CBO cost is currently unavailable.
-This bill was one of more than a dozen bills to come out of a May 7th House Financial Services Committee Markup. The other bills are:
- H.R. 4521, the "Community Institution Mortgage Relief Act"
- H.R. 4200, the "SBIC Advisers Relief Act of 2014"
- H.R. 4554, the "Restricted Securities Relief Act of 2014"
- H.R. 4568, the "Small Business Freedom to Grow Act of 2014"
- H.R. 4571, to direct the Securities and Exchange Commission to revise its rules so as to increase the threshold amount for requiring issuers to provide certain disclosures relating to compensatory benefit plans
- H.R. 4569, the "Disclosure Modernization and Simplification Act of 2014"
- H.R. 4570, the "Private Placement Improvement Act of 2014"
- H.R. 4565, the "Startup Capital Modernization Act of 2014"
- H.R. 4564, the "Equity Crowdfunding Improvement Act of 2014"
- H.R. 2629, the "Fostering Innovation Act of 2013"
- H.R. 2673, the "Portfolio Lending and Mortgage Access Act"
- H.R. 3211, the "Mortgage Choice Act of 2013"
- H.R. 4466, the "Financial Regulatory Clarity Act of 2014