Manufactured Housing Lending Act

This bill would require the Federal Housing Finance Agency, within 18 months, to direct Fannie Mae and Freddie Mac to each set up a pilot program for buying loans on manufactured homes that are financed as personal property. Within one year after a pilot starts, each company would begin buying, or sharing financial risk on, new or existing loans of this type. Homes financed under the pilots would have to be in communities owned by nonprofits, governments, or residents, with a site lease longer than the loan or a permanent right to stay on the site. The pilots would include federal consumer mortgage protections where practicable and would allow the companies a return lower than on comparable mortgage lending.

Full text and official record on Congress.gov

Sponsors

• Jeff Merkley Democrat sponsor
• 2 cosponsors