Graves Votes for H.R. 650 a Rollback of Predatory Lending Laws

According to The Leadership Conference on Civil and Human Rights (see letter to Congress here), H.R. 650, the “Preserving Access to Manufactured Housing Act,” would raise the interest-rate and points-and-fees thresholds for mobile home lending under the Home Ownership and Equity Protection Act (HOEPA), which protects consumers from abusive terms in especially high-cost mortgages. Raising these triggers would create new loopholes in HOEPA, eroding vital consumer protections for low-income homeowners and expanding the use of deceptive loans.  

Instead of clamping down on such abuses, H.R. 650 (Read the Bill Here) will weaken consumer protection concerning manufactured homes (See Garret Graves' vote in favor of H.R. 650 here) .

Click Here To View The Seattle Times "Mobile Home Trap" Article

Do you like this post?



Sign in with Facebook, Twitter or email.