Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, today delivered testimony in front of the House Rules Committee, stating her strong opposition to two measures, the “Preserving Access to Manufactured Housing Act,” (H.R. 650) and the “Mortgage Choice Act,” (H.R. 685) . In her testimony, the top Democrat described the consequences of enacting these measures, stating that they would rollback critical consumer protections enacted under Dodd-Frank and leave many low-income and minority families exposed to the kinds of predatory practices that were commonly used in the run-up to the financial crisis.
Waters released the following statement. Her full testimony can be found here.
“I strongly oppose both of these proposals, which will weaken the Consumer Financial Protection Bureau, roll back key protections for homeowners and leave consumers vulnerable to the same kinds of predatory lending practices that were all too common leading up to the financial crisis. Watering down important protections enacted in the aftermath of the worst financial crisis in a generation will ultimately bring back higher costs for borrowers, facilitate the kind of steering that forced so many into expensive mortgages that end in foreclosure, and undermine vital consumer protections enacted as part of the Dodd-Frank Wall Street Reform Act. I join a broad coalition representing manufactured housing owners, civil rights groups, independent title insurers, academics and consumer advocates in opposing both of these measures.”
The measures are expected to be debated on the House Floor beginning tomorrow at 3:30 p.m.