,,ii  #aaith ,,congress  #b;d ,session  
,s4 #dhjd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #ag1     
#bjbf,mr4 ,merkley 7for himself1 ,mr4   
,hickenlooper1 and ,mr4 ,welch7         
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to require 
the ,federal ,national ,mortgage        
,association and the ,federal ,home     
,loan ,mortgage ,corporation to each    
establish a pilot program for personal  
property manufactured home loan         
purchases4  #a4 ,short title ,this ,act 
may be cited as the ,manufactured       
,housing ,lending ,act4  #b4            
,establishment of pilot program  7a7 ,in
 general ,not later #ah months after the
 date of enactment of this ,act1 the    
,federal ,housing ,finance ,agency shall
 direct the ,federal ,national ,mortgage
 ,association and the ,federal ,home    
,loan ,mortgage ,corporation to each    
establish a pilot program for personal  

property manufactured home loan         
purchases4  7b7 ,purchases ,not later   
than #a year after the date on which a  
pilot program is established under      
subsection 7a71 the ,federal ,national  
,mortgage ,association and the ,federal 
,home ,loan ,mortgage ,corporation1 as  
applicable1 shall begin purchasing or   
otherwise sharing financial risk on     
newly originated loans or existing      
portfolios of loans4  7c7 ,requirements 
,the pilot programs established under   
subsection 7a7 shall-- 7#a7 incorporate 
the consumer mortgage lending and       
servicing protections found in parts    
#ajbd and #ajbf of title #ab1 ,code of  
,federal ,regulations1 to the greatest  
extent practicable2  7#b7 require       
financed manufactured homes to-- 7,a7 be
 located in nonprofit1 government1 or   
resident-owned manufactured housing     
communities2 and  7,b7 include a lease  
term that exceeds the manufactured house
 loan term or includes a perpetual right
 to occupy the site2  7#c7 at the       

discretion of the ,director of the      
,federal ,housing ,finance ,agency1     
include prudent risk protections and    
counterparty standards2 and  7#d7 permit
 the ,federal ,national ,mortgage       
,association and the ,federal ,home     
,loan ,mortgage ,corporation to achieve 
a reasonable economic return that shall 
be less than the return earned on other 
comparable mortgage lending activities4