The U.S. House of Representatives passed the Preserving Access to Manufactured Housing Act, a bill aimed at making it easier for low-income buyers to afford manufactured, including mobile, homes.
The controversial measure would amend part of the 2010 Dodd-Frank Act. 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. Opponents claim the bill would lead to predatory lenders charging low-income borrowers exorbitant interest rates and fees.
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