House to vote next week on Mortgage Choice, manufactured housing bills
April 7, 2015
WASHINGTON (4/8/15)--The U.S. House is slated to vote on two bills of credit union interest when Congress returns to session next week: the CUNA-supported Mortgage Choice Act (H.R. 685) and the Preserving Access to Manufactured Housing Act (H.R. 650).
The Mortgage Choice Act, introduced by Rep. Bill Huizenga (R-Mich.) in February, addresses concerns CUNA raised with the House Financial Services Committee in June 2013 testimony examining how the Dodd-Frank Act hampers homeownership. The bill is identical to a version introduced in the 113th Congress.
It would make an important modification to the Truth-in-Lending Act's definition of "points and fees." This bill was passed on March 26 by the House Financial Services Committee by a vote of 43-12.
The bill addressing manufactured housing is intended to reduce regulatory burdens that critics say have impeded consumers' ability to purchase such housing, which is often considered an important resource for low- and moderate-income families.
Similar bills were introduced in both the House and Senate last year, but no final votes were taken. The 2015 legislation was introduced in February by Reps. Stephen Fincher (R-Tenn.), Terri Sewell (D-Ala.) and Krysten Sinema (D-Ariz.)