Emanuel Cleaver: “I would argue that the fact that home sales are increasing for manufactured homes is even more of a reason for us to…”

“I would argue that the fact that home sales are increasing for manufactured homes is even more of a reason for us to want to be protective of some kind of an industry that is growing. I represent areas in which there are a number of manufactured homes throughout the rural parts of Missouri that are included in the Fifth Congressional District. I am a capitalist. I believe that people ought to be able to make money. I think they ought to make money in the manufactured home industry, and I would like for them to make money in the Fifth Congressional District. Yet I think that everyone in here would agree that we have all had questions about what happens when a car is purchased and the driver drives it around the corner and loses about $1,200 in depreciation. Nobody I have ever met or had a conversation with said, Oh, I understand that. The car depreciates almost as soon as you sign the note. What happens is that this is an unintended reason for more, I think, congressional oversight of this particular industry because these homes also lose value like automobiles. Let me give you an example from the Seattle study. This is sad, and I will try and do this quickly, Mr. Speaker. Tiffany Galler is a single mother who was living in Florida in 2005. She bought a mobile home for $37,165. With the loan she purchased from 21st Mortgage, she then rented the home out. She made payments for 8 years, payments totaling more than the sticker price of the home.…”