Dive Brief:
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Builders and buyers of manufactured homes are waiting to learn how the U.S. Senate will vote on the Preserving Access to Manufactured Housing Act after the House approved the controversial measure last week.
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Advocates of the bill, including the Manufactured Housing Institute and the National Association of Realtors, have said the legislation, which would amend part of the 2010 Dodd-Frank Act, would make it easier for low-income buyers to afford manufactured, including mobile, homes.
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The bill would change the meaning of “high-cost” by exempting mortgages of less than $75,000 with an annual percentage rate of 10% or lower and with points and fees of less than $3,000.
Dive Insight:
The bill is controversial because, opponents claim, it would invite predatory lenders to charge low-income borrowers exorbitant interest rates and fees. Some of the criticism has been directed at billionaire investor Warren Buffett, who owns Clayton Homes, the largest U.S. seller of manufactured housing and a supporter of the measure.