Jeb Hensarling

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. Rothfus), the vice chairman of the Financial Services Subcommittee on Financial Institutions and Consumer Credit.

Mr. HENSARLING. Mr. Speaker, I yield 3 minutes to the gentleman from Missouri (Mr. Luetkemeyer), chairman of the Financial Services Subcommittee on Financial Institutions and Consumer Credit.

Mr. HENSARLING. Mr. Speaker, I yield 3 minutes to the gentleman from New Mexico (Mr. Pearce), chairman of the Financial Services Subcommittee on Terrorism and Illicit Finance.

Mr. HENSARLING. Mr. Speaker, regrettably, I don't have enough time for the ranking member. On this side of the aisle, we are fully subscribed. I have lots of Members who wish to speak in favor of this bill. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from North Carolina (Mr. Budd), yet another distinguished member of the Financial Services Committee.

Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Maine (Mr. Poliquin), the land of moose, maple syrup, and lobster, a distinguished member of the Financial Services Committee.

Mr. HENSARLING. Mr. Speaker, I yield the gentleman from New Mexico an additional 15 seconds.

Mr. HENSARLING. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, today I rise in strong support of H.R. 1699, the Preserving Access to Manufactured Housing Act. It is an important bill that is cosponsored by a bipartisan--I repeat, bipartisan--group of members, and it was approved by the Financial Services Committee with a strong bipartisan vote of 42-18. In fact, this proposal has a long track record of bipartisan support with a similar bill having passed the last Congress with votes from both Republicans and Democrats. I want to thank my colleague, Representative Barr, the chairman of our Monetary Policy and Trade Subcommittee for his leadership in introducing this legislation and for leading congressional efforts to help Americans, particularly those of lower and moderate incomes, to help them achieve a greater level of financial independence and being able to achieve their American Dream of homeownership. Here is the problem, Mr. Speaker. Under the CFPB's regulations, many small-balance manufactured home loans are now being considered ``high cost.'' This means that many people, particularly those with lower and moderate incomes who want to buy a manufactured home, aren't able to buy that home. Their access to credit is being unfairly restricted through no fault of their own. Lenders are leaving the market. Five County Credit Union in Maine, Zia Credit Union in New Mexico, Manhattan Bank in Montana, and the list goes on and on and on. Lenders are leaving the market. As we know, many consumers who live in rural areas, including those in the Fifth District of Texas who I have the pleasure and honor of representing, they just don't have access to rental options or other affordable housing. So the CFPB rules are unfairly penalizing rural residents and working families, many of whom happen to be retirees, single moms, working families, veterans, and they simply want to buy a manufactured home that they can live in. They are being denied that opportunity. So here in Washington, inside the very elite beltway bubble, there is simply not an appreciation for manufactured housing and the role that plays in our vital affordable housing component. But let's listen to what the American people tell us outside of the beltway. A 75-year-old retiree from Pleasant Prairie, Wisconsin, said he purchased a manufactured home because ``it was affordable, and it was in a desirable location.'' A 57-year-old single mom from Albuquerque, New Mexico, purchased a manufactured home. She said: ``It provided the best value for the money. There were no other housing options available. I searched for over a year to find affordable housing. All of the site-built homes in the area were over $100,000, which was out of my price range.'' Manufactured housing is within the price range of many working Americans. A 28-year-old single mom of two from Jenera, Ohio, she had been renting. She wanted her own home. And when she purchased it, she said, she ``found this, allowed us to own a home for less than we would have to pay to rent another.'' Stories like this are commonplace all over America, Mr. Speaker. And it is why it is so important that we recognize the rights of our fellow citizens to give them the opportunity of affordable housing. You can't protect consumers by protecting them out of their homes. Manufactured housing is affordable housing. So we have a regulation from an agency that is supposed to be protecting consumers, but, instead, it is preventing families from purchasing affordable housing. We must change that. We have to pass this bipartisan bill, H.R. 1699. With just a few minor clarifications to the definition of mortgage originator, loan originator, and high-cost mortgage, this bill will ensure that consumers of small-balance mortgage loans have access to the mortgage credit they need. These minor technical clarifications will help preserve consumer choice and financing options for those seeking to buy a manufactured home. Now, some on the other side of the aisle will say: Well, this eviscerates important consumer protections. Well, number one, loans under this bill will still be covered by the Truth in Lending Act, the Fair Housing Act, the ability to repay rules, Equal Credit Opportunity Act, and all of the consumer protection laws passed by the various States. So let's support working Americans. Let's support affordable housing. Let's support Mr. Barr's H.R. 1699. Mr. Speaker, I reserve the balance of my time.

Mr. HENSARLING. Mr. Speaker, pursuant to House Resolution 635, I call up the bill (H.R. 1699) to amend the Truth in Lending Act to modify the definitions of a mortgage originator and a high-cost mortgage, to amend the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 to modify the definition of a loan originator, and for other purposes, and ask for its immediate consideration in the House.

Mr. HENSARLING. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, what we have heard this morning, unfortunately, is an assault on affordable housing from too many people on the other side of the aisle. We have Washington elites who are deciding that low-income people are too stupid to make decisions for themselves. We have too many people on the other side of the aisle, Mr. Speaker, who want to take them out of their affordable homes--manufactured homes--and are saying: No, go rent, go find someplace on the street. Here is the reality: when Washington elites at the Orwellian named Consumer Financial Protection Bureau decided to make these manufactured housing loans ``high cost,'' we saw a 22 percent drop in these type of loans being made. But what we know is that this is vital for so many working Americans. I heard from one consumer in Windsor, New York: I was falling behind on my own site-built mortgage payments. I was drowning in debt. I needed a cheaper housing alternative that would meet the needs of my family. The manufactured home payment cut my overall housing expense by 57 percent. Mr. Speaker, that is just one example. I have story after story from consumers who this is their only option for affordable housing. But too many of my friends on the other side of the aisle say: No, no, we can't allow you to do that. You might pay a little higher interest rate. Well, here is a news flash, Mr. Speaker: their monthly payment is lower and they get to own their own home. Washington elites have tried price controls before. They have been tried since the dawn of man, and it always leads to shortages. We don't want to shortchange working Americans for affordable housing. We want to protect the vulnerable in society and we want to allow them to have affordable housing. That is why it is so important that today we pass H.R. 1699. Protect affordable housing, protect freedom, and let's vote this in today. Mr. Speaker, I yield back the balance of my time.

Mr. HENSARLING. Mr. Speaker, I yield 1 minute to the gentleman from Arkansas (Mr. Hill), a distinguished member of the Financial Services Committee.

Mr. HENSARLING. Mr. Speaker, before the morning is over, I hope to have some additional time to yield to the ranking member so she can continue her diatribe against President Obama's favorite billionaire and Democrat financier, Warren Buffett. Until then, Mr. Speaker, I yield 4 minutes to the gentleman from Kentucky (Mr. Barr), who is the sponsor of the legislation and the chairman of the Financial Services Committee's Subcommittee on Monetary Policy and Trade.

Mr. HENSARLING. Mr. Speaker, this is a vaguely worded and unneeded MTR. We continue to hear from our friends from the other side of the aisle that we don't have sufficient consumer protections in place, but I wonder how denying a low-income family access to credit to buy an affordable home is somehow construed as consumer protection. I wonder how denying a low-income family the ability to own a home at a lower cost with a lower monthly payment somehow can be construed as consumer protection. I wonder how a policy that has led to a 22 percent drop in the availability of manufactured housing credit can somehow be construed as consumer protection. Only in Washington could you have such an absurd result, but I have good news for all Members of the House. After the passage of H.R. 1699, guess what. Manufactured housing loans will still be subject to the Equal Credit Opportunity Act. They will still be subject to the Fair Housing Act. They will still be subject to the Fair Credit Reporting Act. They will still be subject to the Truth in Lending Act. They will still be subject to the Home Mortgage Disclosure Act. They will still be subject to the Real Estate Settlement Procedures Act. And the list, Mr. Speaker, goes on and on and on. What we have heard is an attempt again by Washington elites to take away affordable housing. No one who votes against H.R. 1699 ought to be able to look themselves in the mirror and claim they are an advocate for affordable housing, not when they take it away, not when we have seen a 22 percent decrease after the actions of the elites at the so- called Consumer Financial Protection Bureau. It shouldn't be done. It is time to reject this motion to recommit. It is time to stand for low- and moderate-income Americans. It is time to stand for affordable housing. It is time for us to vote for H.R. 1699. Mr. Speaker, I yield back the balance of my time.

Mr. HENSARLING. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and submit extraneous material on the bill under consideration.

Mr. HENSARLING. Mr. Speaker, may I inquire how much time I have remaining?

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, for almost a decade, Americans suffered under Obamanomics. Their savings remain decimated, their paychecks were stagnant, and their American dreams were diminished. But, Mr. Speaker, a new day has dawned. Under the leadership of President Trump, Speaker Ryan, and Chairman Brady, we are on the precipice of passing a fairer, flatter, simpler, and more competitive Tax Code, one built for 3-plus percent economic growth. The American people can now imagine a Tax Code that brings jobs and capital back to America. They can imagine a Tax Code that is simplified from 70,000 pages to 500, where 90 percent of Americans can fill out their return on a postcard. They can imagine a Tax Code swept of all the special interest loopholes. They can imagine a Tax Code creating lower rates for working Americans and small businesses, and they can now imagine a Tax Code that is all about economic growth. All my friends on the other side of the aisle can offer is the politics of division, envy, and class warfare. I am proud to support the Tax Cuts and Jobs Act because it is all about better jobs, fair taxes, and bigger paychecks.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Georgia (Mr. Loudermilk), another respected member of our committee.

Mr. HENSARLING. Mr. Speaker, I yield 2 minutes to the gentleman from Louisiana (Mr. Scalise), the majority whip, who has a slightly different message.

Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from New Jersey (Mr. MacArthur), a very hardworking member of the Financial Services Committee.

Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from New York (Mr. Zeldin), a member of the Financial Services Committee.

Mr. HENSARLING. Mr. Speaker, I claim the time in opposition.

Mr. HENSARLING. Mr. Speaker, I yield 3\1/2\ minutes to the gentleman from Wisconsin (Mr. Duffy), the chairman of the Housing and Insurance Subcommittee, and the sponsor of the legislation, the 21st Century Flood Reform Act.

Mr. HENSARLING. Mr. Speaker, first, I have some good news for my friend on the other side of the aisle. I would have him pay very careful attention to title VI of the 21st Century Flood Reform Act. It has everything to do with the whole Sandy appeals process. We have 25 pages of reforms dealing with what the gentleman was describing, including Section 601, Penalties for Fraud and False Statements in the National Flood Insurance Program. And, indeed, after Sandy, many of the policyholders were wronged and there was much that we learned from that experience, and we tried to listen very carefully to a number of our colleagues from New Jersey and New York and, indeed, took many of the provisions which they have suggested. The gentleman from New Jersey, indeed, has some very legitimate issues and concerns. Many of them, I hope and trust, have been addressed in this bill. It is not too late. I would urge the gentleman to look at that title IV of the bill and perhaps he would be encouraged to support it. Otherwise, Mr. Speaker, I must urge rejection of the motion to recommit because, as you heard from the gentleman from New Jersey, he says it is all about delay. We can't delay getting people out of harm's way. We can't delay getting people out of neighborhoods that have flooded four, five, six, seven times in the last 8 years. For those who can't afford flood insurance, we can't delay getting them market alternatives, where, in the 2 percent of the market that exists today, particularly in Pennsylvania, there are people that are not just saving hundreds of dollars, Mr. Speaker, but even thousands of dollars. We can't delay. We know that this is a program that is unsustainable. It is a bankrupt program that is being funded, regrettably, by a bankrupt nation. Taxpayers are on the hook for $1.2 trillion and an annual deficit of $1.5 billion of actuarial deficit a year. This thing isn't just broke, Mr. Speaker, it is bailout broke. We can't delay. We can't delay trying to put this back on a path of sustainability so the next time we have a serious storm or superstorm, we want there to be funds available to actually pay claims. So, no, Mr. Speaker, we cannot delay. We cannot delay, and we cannot continue to do what we have done in the past in these repetitive loss areas and have our hands unclean by putting people back in the exact same neighborhoods that haven't just caused the loss of their property, but one day may very well cost the loss of their lives. We cannot delay. Mr. Speaker, I urge a rejection of the motion to recommit, and I yield back the balance of my time.

Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Minnesota (Mr. Emmer), a hardworking member of the Financial Services Committee.

Mr. HENSARLING. Mr. Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. Rothfus), the vice chairman of our Financial Institutions and Consumer Credit Subcommittee.

Mr. HENSARLING. Mr. Speaker, I yield 3 minutes to the gentleman from Florida (Mr. Ross), the vice chairman of the Housing and Insurance Subcommittee and the author of the pro-consumer competition title of the bill.