Volume 2014 - Number 4
January 30, 2014
QM Effect on Manufactured Housing Surprisingly Takes Center Stage as Cordray Clashes With GOP
Concerns about the potential harmful effects that the Consumer Financial Protection Bureaus qualified-mortgage standard might have in the manufactured housing sector struck like lighting at a hearing of the House Financial Services Committee this week, with CFPB Director Richard Cordray bristling at a perceived personal attack from a GOP member and demanding he be treated with respect. Storm clouds quickly gathered as Rep. Steve Pearce, R-NM, complained that the bureaus QM rules and restrictions on high-cost loans would pretty much exclude manufactured housing and then accused Cordray of deliberately trying to squash lower-income families. Fifty percent of the homes in New Mexico are...
Subscribers to Inside Mortgage Finance have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.
Subscriber Log In
If you are a current subscriber or already purchased this article, please login below.
A weekly "must read" for industry executives. Thoroughly covers regulatory, political, legislative and market issues in the residential mortgage business.
You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.
Please contact Customer Service if you need assistance: 1-800-570-5744