Sending Office: Honorable Keith Ellison
VOTE YES ON ELLISON AMENDMENT #200
PROTECT BUYERS OF MANUFACTURED HOMES FROM HIGH-COST LOANS
I write to request you vote “YES” on Ellison Amendment #200 to the Department of the Interior, Environment and Related Agencies Act of 2018 (H.R. 3354). My amendment protects buyers of manufactured homes from being steered to high-cost loans by striking
§915 on pages 563-566.
There is a long, painful history of sellers of manufactured homes steering home buyers into poor-quality loans with high fees and interest rates. In 2015, the
Seattle Times published an
series of articles
finding that that “former [Clayton Home] dealers said the company encouraged them to steer buyers to finance with Clayton’s own high-interest lenders.”
The investigation by The Seattle Times and
Center for Public Integrity reported “Clayton relies on predatory sales practices, exorbitant fees, and interest rates that can exceed 15 percent, trapping many buyers in loans they can’t afford and in homes that are almost impossible to sell or refinance.”
study from the Consumer Financial Protection Bureau reported concerns about the financing options for home buyers.
The Center for Responsible Lending, Capital Impact Partners, Fair Mortgage Collaborative, Housing Assistance Council, National Consumer Law Center,
Prosperity Now and the National Manufactured Home Owners Association have long opposed limiting consumer protections for people taking out a loan to buy a manufactured home.
When people buy a home, it should help increase their stability and wealth, not damage their finances. Please retain the Consumer Bureau’s efforts to protect manufactured home buyers from loans that strip their wealth. Please protect manufactured home buyers
from high cost loans. Support Ellison Amendment #200.
Member of Congress
e-Dear Colleague version 2.0