QM Effect on Manufactured Housing Surprisingly Takes Center Stage as Cordray Clashes With GOP
January 30, 2014
Concerns about the potential harmful effects that the Consumer Financial Protection Bureau’s 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 bureau’s 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...
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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