Despite specific congressional authorization of DTS credit for chattel loans in the Housing and Economic Recovery Act of 2000 (HERA), the FHFA has steadfastly maintained this exclusion.
While some in the industry see the “new” DTS rule as a victory, MHARR reports FHFA conducted a webinar/conference call Dec. 22, 2015 during which the possibility of a chattel loan “pilot program” was floated, but FHFA made it very clear the program would be discretionary for Fannie Mae and Freddie Mac, not mandatory, giving the GSEs control over whether such a program could be established.
MHARR says Fannie and Freddie have long been opposed to manufactured housing chattel loans, suggesting that the invitation for comments on the pilot program for chattel loans is perfunctory and likely more fluff than substance. MHARR notes the last time it discussed this issue with FHFA, it thought chattel loans would be included in a new DTS rule.
Additionally, MHARR wants to know what transpired when FHFA, the Manufactured Housing Institute (MHI) and an unknown consumer group held a closed-door meeting, and what, if any effect the meeting might have had on the substance of the proposed new rule. In any case, MHARR “will submit strong comments on this proposed rule.” ##
(Image credit: Manufactured Housing Association for Regulatory Reform)
