Ted Budd: “I thank the chairman for yielding. I thank my friend, the gentleman from Kentucky (Mr. Barr), for his leadership on this…”

“I thank the chairman for yielding. I thank my friend, the gentleman from Kentucky (Mr. Barr), for his leadership on this vital issue. Mr. Speaker, in regulation and in life, one size simply does not fit all. A requirement that works for one type of business may not work for another type of business. Right now, the law treats those who make loans on manufactured houses similarly to those who are refinancing mortgages on their homes. The reality is that these are completely different transactions. Buying a $20,000 manufactured home is simply not the same as financing a $200,000 home with a 30-year mortgage. The borrower is in a different position with very different needs. The lender is making a loan that is often secured differently for a much smaller amount, but with similar paperwork and similar costs. The Federal Government, since Dodd-Frank, has been treating both of these transactions similarly from a regulation perspective. It has hurt borrowers trying to buy a piece of their American Dream. In The Wall Street Journal, lenders suggested that they would not make these loans if they continued to suffer under this faulty regulation scenario. One lender says that about one-third of its sales--6,100 homes--would be affected. That is 6,100 American families who would lose out on homeownership, on building equity, and on making an investment instead of paying rent.…”