On the recordSeptember 13, 2017
It is interesting, some of the debate we are having here this afternoon. We are picking around on the edges of some things and don't really understand the unintended consequences of what we are trying to do here. The amendment that is here, to try to change the definitions of what a mortgage originator and a high-cost mortgage to facilitate access to credit for purchasing manufactured homes, is going to do just the opposite of what the gentleman is trying to do. Do you realize that the gentleman from New Mexico (Mr. Pearce), in his district, he has testified in our committee that over 50 percent of the people in his district live in manufactured homes. This is not a little bitty problem of half a dozen people living over on the side. This is a major source of housing for many people. I can tell you, I have got a story right here from a banker in southeast Missouri who had an individual who has several disabilities, was a very honest man, wanted to come in and take care of a dental problem that he had, and his only collateral was a truck and his manufactured home. He wanted to make the loan on the manufactured home because he could stretch out the payments and do it at a less interest rate, but he couldn't do that. Why? Because the way the law is structured, he had to do it on his car loan, and, as a result, it really strained and put difficulties in the way of--put barriers in the way of this individual. So I certainly am opposed to the amendment.
