MHI Meets with CFPB Director Cordray

The Manufactured Housing Institute (MHI) informs MHProNews that on Dec. 17th MHI staff and members of the manufactured housing industry met with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and staff members to push for housing finance rules that take into account the special challenges of the MH market. In a related development on Dec. 21, House of Representative members of the House Financial Services Committee and HR 3849 co-sponsors Reps. Stephen Fincher, Joe Donnelly and Gary Miller sent a letter to Director Cordray to be aware of new regulations that could negatively impact “mortgage options available to low- and moderate-income families seeking to buy a manufactured home.” CFPB’s response acknowledged the fact that ‘one size fits all’ does not work in the mortgage industry. The letter indicated it had collected “extensive feedback on the need to tailor the requirements of the final mortgage rules to fit different products, including loans to finance the purchase of manufactured housing.”

(Photo credit: ABCNews–Richard Cordray)

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