Andy Barr: “I thank the gentleman for yielding. Mr. Speaker, I rise today in favor of this rule that would allow the House of…”

“I thank the gentleman for yielding. Mr. Speaker, I rise today in favor of this rule that would allow the House of Representatives to debate legislation I introduced, H.R. 1699, the Preserving Access to Manufactured Housing Act. Homeownership, for many, is part of the American Dream; however, overbroad and burdensome regulations arising out of the Dodd-Frank financial control law are limiting the ability of Americans to realize this dream. Specifically, a one-size-fits-all regulation issued by the unaccountable Consumer Financial Protection Bureau makes it harder for lenders to offer mortgages to hardworking Americans who simply want to buy a manufactured home. By expanding the range of loan products considered ``high cost'' under the Home Ownership and Equity Protection Act, the CFPB has failed to recognize the unique nature of manufactured housing loans. Because of the increased legal liabilities and stigma associated with making a so-called high-cost mortgage, some lenders have simply stopped making these loans. According to recent Home Mortgage Disclosure Act data, data that is submitted to the government, the number of manufactured homes of $75,000 or less has plummeted by 22 percent since this regulation went into effect. As a result, the CFPB's overzealous regulation harms lower and moderate-income families, particularly in rural areas, who just want to purchase a manufactured home but, now, cannot access the necessary financing.…”