Merkley Spearheads Common-Sense Bills to Support the American Dream of Homeownership

Washington, D.C. - During National Homeownership Month, Oregon's U.S. Senator Jeff Merkley announced two new bills to help support the dream of homeownership for Americans by strengthening consumer protections and affordable homebuying opportunities for families nationwide.

First, the Home Equity Lending Integrity Act would provide clear consumer lending protections and oversight of a growing category of home equity loans that are currently claiming to operate outside of the federal mortgage loan structure. And second, the Manufactured Housing Lending Act would establish a pilot program for manufactured home loans.

"Everyone should be able to afford a decent home in a decent community," said Merkley. "We can only deliver on that promise by taking on America's housing crisis from every angle. My common-sense bills will protect families from confusing, often predatory loans and expand affordable homebuying opportunities nationwide, helping to restore the dream of homeownership-one of the foundations that working families need to thrive."

The Home Equity Lending Integrity Act is endorsed by the National Consumer Law Center (on behalf of its low-income clients).

"Senator Merkley's bill clarifies what we know to be true: home equity investment loans are mortgage loans regulated by the Truth in Lending Act," said Andrea Bopp Stark, senior attorney at the National Consumer Law Center. "By explicitly including these transactions in federal law, this bill ensures that lenders adhere to consumer protection rules and that homeowners receive the full transparency they deserve."

The Manufactured Housing Lending Act is cosponsored by Senators John Hickenlooper (D-CO) and Peter Welch (D-VT). The Manufactured Housing Lending Act is endorsed by ROC USA.

"ROC USA applauds Senator Merkley for advancing a practical solution to one of the biggest barriers facing manufactured homebuyers: access to fair, affordable financing. The Manufactured Housing Lending Act would help open new pathways to homeownership and wealth-building for families living in resident-owned, nonprofit-owned, and publicly owned manufactured home communities," said Emily Thaden, Chief Executive Officer of ROC USA.

Merkley, early in his career, led Portland Habitat for Humanity and has continued to fight for affordable housing at every level of government. In the U.S. Senate, he has been a leading voice fighting to kick hedge funds out of the housing market as large institutional investors gobble up homes in communities across the United States, driving up both purchase prices and rents for single-family homes.

Full text of the Home Equity Lending Integrity Act can be found by clicking here.

Full text of the Manufactured Housing Lending Act can be found by clicking here.

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