Rep. Fincher Applauds Committee Passage of Affordable Housing Bill for Rural America

FOR IMMEDITATE RELEASE                                                Contact: Elizabeth Lauten
Thursday, May 22, 2014                                                             Phone: (202) 225-4714

Washington, D.C. – U.S. Congressman Stephen Fincher (R-Frog Jump) today released the following statement after the House Committee on Financial Services passed the bipartisan H.R. 1779, the Preserving Access to Manufactured Housing Act of 2013:

“I am pleased the Financial Services Committee came together to pass this commonsense piece of legislation that will help rural families across America have access to manufactured housing. Without this bill, millions of low-income families, particularly in rural districts like mine, who rely on manufactured housing, will be in jeopardy of not being able to purchase or sell a manufactured home because small-balance home loans will be regulated out of existence. Our nation has put forth a lot of effort to help more Americans own a home, and this bill ensures financing for affordable housing continues to be available for all Americans.”

H.R. 1779: the Preserving Access to Manufactured Housing Act of 2013 was introduced by Congressman Fincher in April 2013 along with Representatives Thompson (D-MS) and Miller (R-CA). It is a bipartisan bill to protect the availability of financing for affordable manufactured housing, a critical resource for low and moderate-income families across the United States. Specifically, the bill would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to change the criteria by which home loans are classified “high-cost” while keeping in place strong consumer protections. It also clarifies the definition of loan originator for retailers so financing remains accessible for customers.

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