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Home > news-at-noon > FHFA Proposes Rule on Fannie Mae and Freddie Mac Requirements for Underserved Markets

FHFA Proposes Rule on Fannie Mae and Freddie Mac Requirements for Underserved Markets

June 4th, 2010

This podcast of News at Noon is sponsored in part by MHMSM.com/solutions more information on MHMSM.com/solutions will follow this podcast.

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In news from the  Manufactured Housing Association for Regulatory Reform (MHARR – pronounced “mahr”)

This week, Congressman Joe Donnelly hosted U.S. Department of Housing and Urban Development (HUD) Assistant Secretary and Federal Housing Administration Commissioner David Stevens and members of the manufactured housing industry to discuss the current state and future of the industry. Their discussion centered on barriers to participation and potential solutions in real estate and personal property lending.

“We needed to get everyone at the same table,” said Donnelly. “The discussion we had today allowed important stakeholders in the manufactured housing industry to connect with federal officials to discuss how they can better work together on the issue of lending, which is essential to the industry’s future success. I thank Commissioner Stevens for visiting Elkhart and taking the time to talk to our local professionals. I trust that the discussions held today are only the beginning as we pledge to work with one another to improve and increase lending opportunities so more working families can enjoy affordable homeownership.”

In attendance at the discussion were representatives from across the manufactured housing industry, including: manufacturers, dealers, lenders, representatives from the Federal Housing Finance Agency, U.S. Department of Housing and Urban Development, Ginnie Mae, the Manufactured Housing Institute, and the Manufactured Housing Association for Regulatory Reform.

Congressman Donnelly has been an advocate for the manufactured housing industry, a vital part of north central Indiana’s economy, since coming to Congress in 2007. In 2008, Congress enacted legislation that Donnelly authored that increased financing options for homeowners looking to purchase a manufactured home for their families and raised the FHA-insured Title I loan limits for manufactured homes that are placed on leased land. Last week, the House of Representatives passed a resolution authored by Donnelly recognizing Manufactured Housing Week as the third week in June.

For more information on this meeting, including the Presentation of the  Manufactured Housing Association for Regulatory Reform to the Manufactured Housing Roundtable, visit the MHMSM.com website and see the MHARR News panel in the right column.

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According to the Whittier Daily News of Whittier, California, members of the Boomer generation are downsizing to mobile homes.

There was a time when mobile homes were viewed as little more than cramped, rectangular boxes with narrow hallways and flimsy construction. Trailers, they were called.

But many of today’s units – now commonly referred to as manufactured homes – are a far cry from that stereotype.

These days, companies like Riverside-based Fleetwood Homes are creating manufactured homes that are spacious and equipped with most of the same amenities you’d find in traditional homes.

For baby boomers looking to downsize and rein in their expenses, this would seem to be the perfect option because they’re considerably less expensive than traditional homes.

Does it really pay to make the switch?

Gary Allera thinks so. Allera, president of Mobile Home Mansions, a Santa Ana-based mobile home dealership with an office in Upland, said seniors who make the move can save a lot of money.

“Manufactured homes average about 1,500 to 2,000 square feet, and they typically run anywhere from $50,000 to $100,000,” he said. “You’ll get a nice two-bedroom, two-bath unit and the space rent is about $600 to $800 a month. So all you’re paying for is the space rent, and that’s about half of what you’d pay for an apartment.”

FHFA Proposes Rule on Fannie Mae and Freddie Mac Requirements for Underserved Markets

Washington, DC – The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a proposed rule implementing provisions of the Housing and Economic Recovery Act of 2008 (HERA) that establish a duty for Fannie Mae and Freddie Mac (the Enterprises) to serve very low-, low- and moderate-income families in three specified underserved markets — manufactured housing, affordable housing preservation, and rural markets. The proposed rule, implementing HERA’s pre-conservatorship provisions, would require the Enterprises to take actions to increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets while adhering to the requirements of conservatorship.

As described in the proposed rule, while the Enterprises remain in conservatorship, they are expected to continue to fulfill their core statutory purposes, which include their support for affordable housing. FHFA’s approach to implementing the duty to serve provisions of HERA, consistent with the requirements of conservatorship, is to limit the proposed rule to existing core business activities at the Enterprises and to require that they not engage in new lines of business as a result of the duty to serve proposed rule.

More on this and industry spokeman Ken Rishel’s letter to Congressman Donnelly are available in the Industry Voices blog at MHMSM.com.

This podcast of News at Noon is sponsored in part by MHMSM.com/solutions.  Do you have vacant homes or sites?  Does your financing, marketing, sales or management need a boost?  From ROI online marketing, to public relations, sales, lead and management systems and more, make us your Solutions Resource. When you are ready for the answers to your needs, visit MHMSM.com/solutions.   

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