Last week, the House Financial Services Committee passed the Financial CHOICE Act, which will end the bailouts of large financial institutions funded by taxpayers, as well as implementing certain financial reforms. One major focus of the Financial CHOICE Act is to reform the Financial Stability Act of 2010, also known as Dodd-Frank.
By repealing and/or amending Dodd-Frank, the Financial CHOICE Act aims to ensure that all Americans have access to safe, affordable housing. This is accomplished by Title XI, Subtitle A, which retains the ‘Preserving Access to Manufactured Housing Act’.
In fact, the Preserving Access to Manufactured Housing Act has hardly been amended. The definition of a ‘Mortgage Originator’ has been more clearly defined, and the ‘High-Cost Mortgage Definition’ has been amended.
This is good news for those who support the right for all people to have the ability to own their own safe, affordable housing, since it will allow more low-balance loans. This means that home buyers of all incomes will be able to purchase their own home.
To read H.R. 5983, the “Financial CHOICE Act of 2016” in its entirety, visit www.congress.gov.