A unique Bill in Congress Would Make Mobile Phone Mortgages Even More Predatory

A unique Bill in Congress Would Make Mobile Phone Mortgages Even More Predatory

The next day, the House of Representatives will vote on a bill that will enable employees at manufactured home retailers—who sell houses often called “mobile homes” or “trailers”—to guide customers towards particular loan alternatives. The Senate Banking Committee will vote for a proposal that is similar December 5.

It’s a wonky bill, plus it’s flown underneath the radar thus far. But—particularly offered the governmental war being waged during the customer Financial Protection Bureau—it shouldn’t get hidden. Significantly more than 1 in 10 homes in rural or America that is small-town were in a factory, and they’re often owned by older, poorer Us citizens. Although the typical sale cost for a fresh manufactured house is $68,000, customers whom remove that loan to purchase one typically spend high rates of interest and charges that may include a huge selection of bucks for their month-to-month housing re re payment.

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Proponents associated with brand new legislation argue that this modification allows salespeople to simply help customers find funding faster. Read more