Push Back! Legislation Currently in the Senate Hurts Manufactured Homeowners
Yesterday, Prosperity Now sent a letter signed by more than 20 concerned organizations from across the country to all Senate offices asking them to oppose the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), a bill that should be voted on soon.
Along with containing a number of proposed modifications to the Dodd-Frank Wall Street Reform and Consumer Protection Act, this bill includes language (Section 107) that is harmful to the financial well-being of manufactured homeowners. Specifically, it allows sellers of manufactured homes to market select loan products to potential buyers to finance the purchase of a manufactured home.
Unfortunately, the manufactured housing industry is rife with affiliations between lender service providers and sellers of homes (they are owned by the same entity, etc.) that encourages sellers to market high-cost loan products from providers they have a relationship with because it is good for their bottom line, but predatory for the borrower. You may know this as the predatory loan steering provision from the misnamed Preserving Access to Manufactured Housing Act, a bill we fight back against against every time it is introduced in Congress (H.R. 1699, H.R. 650, etc.).
If this bill passes with Section 107 included, it would be very bad news for manufactured homeowners.
Also, it is not too late to express your opposition by contacting your Senator and asking them to vote ‘No’ on S. 2155. Take action now through our action center!