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tv   [untitled]    July 6, 2016 9:01pm-9:12pm EDT

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pay for something. so the court made very, very clear that the way the f.c.c. drew up its rules and the protection of the consumer, which is at the heart of this, i think that june 14 was the day of great history made in our country and for the betterment of it, for consumers, for competition, and for you are national economy. so it is with all of that in it is with all of that in mind that i urge my colleagues to support this amendment. i think it makes sense. what was in the bill was drawn up before the court spoke and the court has spoken very clearly. with that, i yield back the balance of my time. the chair: the gentleman's time has expired -- the gentlelady's time has expired. the gentleman from florida. mr. crenshaw: mr. chairman, we're not here to debate the merits of the net neutrality rule.
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everybody knows how . ntroversial it was as has pointed out, there were four million objections or supporting -- i don't now how they were split, but there were millions for, millions against. just tells you how controversial it is. all this provision says is, let's wait until it's finally resolved. we all know that it's going to end up in the united states supreme court. and once it's been determined, yes or no, then the f.c.c. ought to enforce it. but until that time, it ought to be stayed through the legislative process. that's what this bill does. that's what the amendment attempts undo. so i urge a no vote on this amendment and i yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the question is on the amendment offered by the gentlelady from california. those in favor say aye. those opposed, no. the noes have it. the amendment is not agreed to.
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esch esch i ask for -- ms. eshoo: i ask for the yeas and nays. a recorded vote. the chair: the gentlelady asks for a recorded vote. pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentlelady from california will be postponed. it's now in order to consider amendment number 15 printed in house report 114-639. for what purpose does the gentleman from minnesota seek recognition? mr. ellison: mr. chairman, i have an amendment the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 15 printed in house report 114-639 offered by mr. ellison of minnesota. the chair: pursuant to house resolution 794, the gentleman from minnesota, mr. ellison, and a member opposed will each control five minutes. the chair recognizes the gentleman from minnesota. mr. ellison: mr. chairman, my amendment would repeal an effort to undermine the dodd-frank wall street reform act and an effort to eliminate consumer protections for some of the country's most vulnerable borrowers.
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and invite a return to the kind of predatory mortgage practices that helped fuel the financial crisis of 2008 in the first place. the manufactured housing industry is growing and highly profitable. in fact, according to its trade association, manufactured housing, what some people might call trailer homes, but actually is accurately called manufactured housing, is an industry that has recorded shipment increases in every month since 2014. and the manufactured housing association of regulatory reform act found that in 2014, marked the fifth consecutive year of annual industry production increases. even one of the world's most respected investors, berkshire athaway chairman, has been touting the business. he said that clayton homes, berkshire hathaway's housing business subsidiary, earned $585
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million in 2014. an increase of 34% over 2013. this is despite the fact that dodd-frank protections, that this bill seeks to roll back, were in place in 2014. unfortunately this is the same clayton homes that was the subject of a buzzfeed in seattle times d center for public integrity investigation that found that this manufactured housing empire profits in every way imaginable from producing, selling, to housing, to the loans that take advantage of the vulnerable consumers and leave them with virtually no way to refinance. the investigation details a story of disabled army veteran clayton homes customer dorothy. her monthly income was less than $700, but clayton approved her for a $60,000, 20-year loan at more than 10% ininterest. the monthly payment of $673 consumed much of her only income, her army disability benefit, and within 1 months of
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purchase -- 18 months of purchase, she was behind on payments and clayton was attempting to foreclosure on her home. this is precisely the kind of predatory practices that dodd-frank was enacted to stop. but today we consider legislation that would pave the way for its return. i urge my colleagues to support this amendment and oppose the predatory manufactured housing loan. i reserve. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from florida seek recognition? mr. crenshaw: mr. chairman, i rise to claim time in opposition to the amendment. the chair: the gentleman is recognized for five minute. mr. crenshaw: first just let me say that the provision the gentleman would like to strike is a provision that gives every american the opportunity to pursue what we call the american dream. that of home ownership. and to tell us a little bit more about why we ought to oppose this amendment, i want to recognize the gentleman from tennessee for three minutes, mr. fleshing. the chair: the gentleman is recognized for three minutes. flesh flesh -- flisheflishe mr. speaker, i rise in opposition --
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mr. fleischmann: mr. speaker, i rise in opposition to the gentleman's amendment and thank the gentleman for the opportunity to address that. mr. speaker, i represent a wonderful area of east tennessee. a lot of folks purchase manufactured homes. it's a great american industry. the booming industry. it's a good industry. but more important than that great industry is the great american dream. that dream of home ownership and manufactured homes offer an opportunity to men and women many times to purchase their first home. these are not the most affluent people in america. these are people who are pursuing the american dream, part of it home ownership. what this amendment seeks to do is unfortunate. that's why i oppose it. what it does, and there is no more fervent opponent of the dodd-frank rule in this house than me, but it protects the dodd-frank provisions that were
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in the law. this is not -- this does not violate dodd-frank. this is more of an indication of how a bad law spews more bad law. and what this does, it hurts those precious consumers, those poor americans who are trying desperately to get credit. what it does, mr. speaker, is it creates a situation where if someone is alone -- a loan originator, a salesman, it makes them subject to the constricters of dodd-frank. this was never intended, in its worst day, and there are many worst days of dodd-frank, to do this. so i ask this house to reject the gentleman's amendment, to uphold a great american industry, the manufactured home industry, but even more importantly, to uphold that special precious american dream, that chance of home ownership. with that, mr. speaker, i yield back. the chair: the gentleman yields
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back the balance of his time. the gentleman from florida reserves. the gentleman from minnesota. mr. ellison: mr. chairman, how much time do i have remaining? the chair: the gentleman from minnesota has 2 1/2 minutes remaining. mr. ellison: you know, mr. chairman, let me just be clear. this is not a matter of whether manufactured house something good or bad. manufactured housing is obviously an option, that people, americans should have available to them. this amendment is about protecting consumers and making sure that they don't get hit on all sides of the bargain. sale of the home, the loan, the origination, the insurance, all over. the making sure that the mortgage originator is operating in the interest of the -- that they're supposed to operate in. that under the definition of loan originator or mortgage originator. this requirement prevents sales people from being able -- from being insented to steer buyers to higher cost loans. so it's one thing to stand up and say, hey, we're trying to help people reach the great
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american dream. but the quite another to say -- but the quite another to say -- but it's quite another to say, hey, yeah, great american dream at a price that people can actually afford and that is fair to the consumer. so, that's what we're talking about here. i absolutely believe that if people want to live in manufactured housing, they should. let me tell you, in my district in minnesota, i have a lot of people who live in manufactured housing. there's a lot of success stories too, mr. chairman. i can tell you about people who lived on property owned by somebody else, they bought that property that their manufactured homes were on and now it's theirs and now they're living in much more security than they ever have and they got a good deal. but they need people who are going to be looking out after them. this is a very, very important issue. because a lot of these folks, they don't have that many advocates looking out for them. and we should make sure that the requirement that prevents sales people from being able to steer buyers to high-cost loans is
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something that we should not tolerate because what it means is it robs families who don't have that many resources of the precious resources that they have. so, this is another one looking out for consumers, affirming people's right to live in a manufactured home if that is their choice, recognizing that that is a good choice for many families, but at the same time recognizing that these same families need to be treated fairly. i yield back the balance of my time. and ask for a yes vote. the chair: the gentleman yields back the balance of his time. the gentleman from florida. mr. crenshaw: thank you, mr. chairman. if the gentleman really wants people to have access to manufactured housing, then i don't think he'd be proposing this amendment. because if you adopt this amendment and take out the language we have in the bill, then you're going to limit the access to quality, affordable housing for an awful lot of people. that's what happens when the cfpb tries


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