Speaking for the Manufactured Housing Institute (MHI) at a hearing on the impact of Dodd-Frank mortgage requirements before the House Financial Services subcommittee on Financial Institutions and Consumer Credit Wed. July 11, Tom Hodges, General Counsel for Clayton Homes, suggested Congress create a secondary market for manufactured home buyers so all residential borrowers will have access to the same products. Drawing more lenders to the market would create more competition and lower financing charges, he said. He also urged Congress to avoid any regulation that would be a barricade to lenders’ ability to make manufactured housing loans. His role at Clayton, the largest producer of manufactured homes in the country, includes implementation of Dodd-Frank and other regulations. For the full transcript of his testimony, please click here.
(Photo credit: Pine Grove Mfg. Homes)