PDA

View Full Version : House Republicans Want To Strip Protections For People Living In Mobile Homes



Cigar
04-14-2015, 12:53 PM
The House will vote Tuesday to repeal consumer protections for low-income borrowers in rural America who have seen the promise of affordable housing turned into a financial sinkhole by a mobile home industry that makes pre-manufactured houses far more expensive to buy than they need to be.

The bill is part of the GOP majority’s campaign to chisel away at specific pieces of the Dodd-Frank financial regulatory overhaul that became law in 2010 but which left many details to be filled in later by regulators. In this case, it was the Consumer Financial Protection Bureau (CFPB) that did that filling. After long study of both publicly-available data and proprietary information from the industry itself, the CFPB began enforcing new consumer protections for people who borrow money for a manufactured home.
When Rep. Stephen Fincher’s bill to roll back those regulations passes on Tuesday, the rules will have been in force for barely 15 months.

The mobile home financing market is an esoteric landscape for a battle between consumer advocates, regulators, and politicians. Compared to the American Dream trappings that come with traditional homeownership, families in mobile homes don’t have much cultural cache.


http://thinkprogress.org/economy/2015/04/14/3646494/manufactured-home-loans-shouldnt-be-predatory-but-they-are/?utm_source=newsletter&utm_medium=email&utm_campaign=tptop3

... Because only low income takers would live in tornado magnets ... I'm Speechless :laugh:

zelmo1234
04-14-2015, 12:55 PM
What does the part that they are stripping actually do?

Bo-4
04-14-2015, 01:08 PM
They're gonna piss off their base! :cool:

http://bushafullofgrace.typepad.com/.a/6a00d8341ca93053ef01156fbcf5b7970c-pi

https://s-media-cache-ak0.pinimg.com/originals/d1/ef/fd/d1effd67f46d3d7f42862b79e9ea787f.jpg

The Sage of Main Street
04-14-2015, 01:16 PM
The House will vote Tuesday to repeal consumer protections for low-income borrowers in rural America who have seen the promise of affordable housing turned into a financial sinkhole by a mobile home industry that makes pre-manufactured houses far more expensive to buy than they need to be.

The bill is part of the GOP majority’s campaign to chisel away at specific pieces of the Dodd-Frank financial regulatory overhaul that became law in 2010 but which left many details to be filled in later by regulators. In this case, it was the Consumer Financial Protection Bureau (CFPB) that did that filling. After long study of both publicly-available data and proprietary information from the industry itself, the CFPB began enforcing new consumer protections for people who borrow money for a manufactured home.
When Rep. Stephen Fincher’s bill to roll back those regulations passes on Tuesday, the rules will have been in force for barely 15 months.

The mobile home financing market is an esoteric landscape for a battle between consumer advocates, regulators, and politicians. Compared to the American Dream trappings that come with traditional homeownership, families in mobile homes don’t have much cultural cache.


http://thinkprogress.org/economy/2015/04/14/3646494/manufactured-home-loans-shouldnt-be-predatory-but-they-are/?utm_source=newsletter&utm_medium=email&utm_campaign=tptop3

... Because only low income takers would live in tornado magnets ... I'm Speechless :laugh: Homebuilders are a price-fixing cartel. The players don't have to be very smart to make money in that set-up. They just have to be invited into the loop and the loot rolls in. They know when the bubble will burst and the ones who blew the bubble in the first place get out ahead of time and leave suckers holding the bag.

Venus
04-14-2015, 01:16 PM
What does the part that they are stripping actually do?

here's a summary

Preserving Access to Manufactured Housing Act of 2015
Amends the Truth in Lending Act to revise the exclusion from the meaning of "mortgage originator" of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs).
Excludes from the meaning of "mortgage originator," instead, any retailer of manufactured or modular homes or its employees unless the retailer or its employees receive compensation or gain for engaging in certain activities in excess of any compensation or gain received in a comparable cash transaction.
Revises the definition of "high cost mortgage."

zelmo1234
04-14-2015, 01:20 PM
here's a summary

Preserving Access to Manufactured Housing Act of 2015
Amends the Truth in Lending Act to revise the exclusion from the meaning of "mortgage originator" of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs).
Excludes from the meaning of "mortgage originator," instead, any retailer of manufactured or modular homes or its employees unless the retailer or its employees receive compensation or gain for engaging in certain activities in excess of any compensation or gain received in a comparable cash transaction.
Revises the definition of "high cost mortgage."

Well that would make sense because if you finance at the retailer you are buying a Trailer, no different than a horse trailer. If you finance through a bank the you are buying it as a home.

Did I get that about right?

texan
04-14-2015, 02:17 PM
They're gonna piss off their base! :cool:

http://bushafullofgrace.typepad.com/.a/6a00d8341ca93053ef01156fbcf5b7970c-pi

https://s-media-cache-ak0.pinimg.com/originals/d1/ef/fd/d1effd67f46d3d7f42862b79e9ea787f.jpg

The bottom picture is a poster child for the dems, obviously on never ending welfare.........

So the government decided to fix housing prices going around the free market of competition? If that is what Cigar just posted then good remove it.

Common Sense
04-14-2015, 03:05 PM
The bottom picture is a poster child for the dems, obviously on never ending welfare.........

So the government decided to fix housing prices going around the free market of competition? If that is what Cigar just posted then good remove it.

Actually I think the bottom picture is a Halloween costume.

Polecat
04-14-2015, 03:06 PM
As long as they get to keep their guns eh Cigar?

donttread
04-14-2015, 03:21 PM
The House will vote Tuesday to repeal consumer protections for low-income borrowers in rural America who have seen the promise of affordable housing turned into a financial sinkhole by a mobile home industry that makes pre-manufactured houses far more expensive to buy than they need to be.

The bill is part of the GOP majority’s campaign to chisel away at specific pieces of the Dodd-Frank financial regulatory overhaul that became law in 2010 but which left many details to be filled in later by regulators. In this case, it was the Consumer Financial Protection Bureau (CFPB) that did that filling. After long study of both publicly-available data and proprietary information from the industry itself, the CFPB began enforcing new consumer protections for people who borrow money for a manufactured home.
When Rep. Stephen Fincher’s bill to roll back those regulations passes on Tuesday, the rules will have been in force for barely 15 months.

The mobile home financing market is an esoteric landscape for a battle between consumer advocates, regulators, and politicians. Compared to the American Dream trappings that come with traditional homeownership, families in mobile homes don’t have much cultural cache.


http://thinkprogress.org/economy/2015/04/14/3646494/manufactured-home-loans-shouldnt-be-predatory-but-they-are/?utm_source=newsletter&utm_medium=email&utm_campaign=tptop3

... Because only low income takers would live in tornado magnets ... I'm Speechless :laugh:

It sounds like the bankers, not necessarily the manufacturers whom are causing what you see has a problem. However, trailors are not real property and Modular homes, I believe are. That effects interest rates. I am less concerned with everyone having home ownership than I am affordable decent housing in general

Matty
04-14-2015, 03:27 PM
They're gonna piss off their base! :cool:

http://bushafullofgrace.typepad.com/.a/6a00d8341ca93053ef01156fbcf5b7970c-pi

https://s-media-cache-ak0.pinimg.com/originals/d1/ef/fd/d1effd67f46d3d7f42862b79e9ea787f.jpg @Safety (http://thepoliticalforums.com/member.php?u=1226)? This is right? Because it is a liberal slamming whites? No racism or bigotry here right?

The Xl
04-14-2015, 03:28 PM
They're gonna piss off their base! :cool:

http://bushafullofgrace.typepad.com/.a/6a00d8341ca93053ef01156fbcf5b7970c-pi

https://s-media-cache-ak0.pinimg.com/originals/d1/ef/fd/d1effd67f46d3d7f42862b79e9ea787f.jpg

Good lord, that looks like Tetris for mobile homes or some shit

Archer0915
04-14-2015, 03:35 PM
The House will vote Tuesday to repeal consumer protections for low-income borrowers in rural America who have seen the promise of affordable housing turned into a financial sinkhole by a mobile home industry that makes pre-manufactured houses far more expensive to buy than they need to be.

The bill is part of the GOP majority’s campaign to chisel away at specific pieces of the Dodd-Frank financial regulatory overhaul that became law in 2010 but which left many details to be filled in later by regulators. In this case, it was the Consumer Financial Protection Bureau (CFPB) that did that filling. After long study of both publicly-available data and proprietary information from the industry itself, the CFPB began enforcing new consumer protections for people who borrow money for a manufactured home.
When Rep. Stephen Fincher’s bill to roll back those regulations passes on Tuesday, the rules will have been in force for barely 15 months.

The mobile home financing market is an esoteric landscape for a battle between consumer advocates, regulators, and politicians. Compared to the American Dream trappings that come with traditional homeownership, families in mobile homes don’t have much cultural cache.


http://thinkprogress.org/economy/2015/04/14/3646494/manufactured-home-loans-shouldnt-be-predatory-but-they-are/?utm_source=newsletter&utm_medium=email&utm_campaign=tptop3

... Because only low income takers would live in tornado magnets ... I'm Speechless :laugh:


makes pre-manufactured houses far more expensive to buy than they need to be.

And who the hell are you to decide that? Shit that fucking vette is more expensive than it needs to be as well. It is a fucking free ass market and people are freaking buying so the price evidently is not that damn high. I think you charge too damn much for your services!.. Can I say that? Nope because I do not know what your inputs are. I do know the inputs where construction is concerned... Wait! They can lower the prices by hiring all illegals! Offering no insurance!..

Professor Peabody
04-14-2015, 03:43 PM
What does the part that they are stripping actually do?

He's posting articles from a kook blog. How can anyone take those fairy tales seriously.......well maybe my 3 year old grand son would?

Blackrook
04-14-2015, 08:27 PM
Cigar, your post does not even attempt to explain what your beef is with this new legislation. At least give us some information to go on before you begin your partisan rantings against Republicans.

Cigar
04-14-2015, 09:10 PM
@Cigar (http://thepoliticalforums.com/member.php?u=294), your post does not even attempt to explain what your beef is with this new legislation. At least give us some information to go on before you begin your partisan rantings against Republicans.

No :grin: Just marenate in it.

Blackrook
04-14-2015, 09:15 PM
No :grin: Just marenate in it.
So, you admit that your thread is useless and without any information to go on? You admit it's a partisan rant without any substance?

Or is that you admit you are too incompetent to build on a thread after your first drive-by random shooting?

Professor Peabody
04-14-2015, 10:58 PM
They're gonna piss off their base! :cool:

http://bushafullofgrace.typepad.com/.a/6a00d8341ca93053ef01156fbcf5b7970c-pi

https://s-media-cache-ak0.pinimg.com/originals/d1/ef/fd/d1effd67f46d3d7f42862b79e9ea787f.jpg

Geez I think Valarie Jarrett's Grove Parc Plaza projects in Chicago hasn't looked that good in a very long time.

Archer0915
04-15-2015, 07:59 AM
@Cigar (http://thepoliticalforums.com/member.php?u=294), your post does not even attempt to explain what your beef is with this new legislation. At least give us some information to go on before you begin your partisan rantings against Republicans.

Because hae and the author of the quoted article do not understand it. There is no link to the actual legislation or the proposed changes. Hate mongering at this point.

Mac-7
04-15-2015, 08:07 AM
I can't make any sense out of exactly what the Obama voters at Think Progress are angry about.

But they managed to get Cigar's attention.

Although I doubt if he could explain the issue on his own words either.

Common
04-15-2015, 08:12 AM
Uhoh if the gop loses the trailer park trash vote their screwed :)

Bo-4
04-15-2015, 08:40 AM
Actually I think the bottom picture is a Halloween costume.

I think so too.. a damn awesome one though!

Always wondered if this one is real.

https://s-media-cache-ak0.pinimg.com/736x/7e/90/fb/7e90fbb7002434e772c14f07bdbea720.jpg

Archer0915
04-15-2015, 08:49 AM
I think so to.. a $#@! awesome one though!

Always wondered if this one is real.

https://s-media-cache-ak0.pinimg.com/736x/7e/90/fb/7e90fbb7002434e772c14f07bdbea720.jpg

These days it is hard to tell.

Bo-4
04-15-2015, 11:17 AM
These days it is hard to tell.

Pretty sure the redneck wedding cake was real.

http://photos1.blogger.com/blogger/1094/1791/1600/Rednecks - wedding cake.jpg

Captain Obvious
04-15-2015, 11:21 AM
I live in a camper so I'm safe.

http://media.giphy.com/media/3BP6ZMYOfjMha/giphy.gif

Ivan88
04-16-2015, 02:38 AM
If you can dodge the nice Communist zoning commissars, and get a good used mobile home put on your piece of land, you can save big bucks.

A building department guru in San Bernardino County, California once told me that its better that I live under a bridge or in my car than live in a house the building department doesn't approve of.