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MHI Challenges Use of the Word ‘Chattel’

December 10th, 2010 Comments off

The real estate term chattel is falling out of favor with the manufactured housing industry. During a webinar December 9  on pending financial reform regulation, the Manufactured Housing Institute urged the industry to begin instead using the words personal property. It’s seems the term chattel could be relegated to the “do not say” list along with mobile, trailer and park. “Terminology also matters,” says MHI Vice President of Government Affairs Jason Boehlert. “When you’re talking about personal property lending, refer to it as personal property lending. We’re trying to get away from this term, that it’s chattel. In many ways, that’s somewhat of a derogatory term.” Chattel is a real estate term defined as “an article of movable personal property.” The definition for personal property is identical, and nicely bookends with its counterpart, real property. Hear Boehlert in his own words below.

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Dodd-Frank Bill Could Create Additional Barriers to Financing

December 9th, 2010 Comments off

The Manufactured Housing Institute (MHI) held an information-providing webinar on Thursday concerning its top legislative priority in the coming year, the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law is considered the most comprehensive rewrite of rules governing banking and financial services in decades and is expected to impact every aspect of consumer finance activity in the nation. The Act provides an unprecedented level of authority to a new Bureau of Consumer Financial Protection (CFPB) to develop and rewrite rules and regulations governing mortgage lending activity, including manufactured home loans secured by personal property. The over-reaching concern is that the bill creates new requirements that will make already scarce financing even harder to obtain for manufactured home buyers. The webinar revealed there are more than 200 technical inconsistencies in the bill. Of particular concern to the manufactured housing industry are competing definitions of a mortgage originator in the SAFE Act and the Consumer Protection Act. MHI is currently working on legislation that would address this and other concerns. “It’s a complex bill, it’s a thousand-plus page document alone and there are multiple ways to address our issues,” says MHI Vice President of Government Affairs Jason Boehlert (listen to the audio clip below). A number of documents including a talking-point fact sheet relating to the call have been posted at MHMSM.com as follows:

Dodd-Frank-Webinar-PowerPoint-12-9-10.pdf   http://mhmsm.com/c/26
MHI-Dodd-Frank-issue-brief-12-9-10.pdf   http://mhmsm.com/c/27
MHI-Dodd-Frank-one-page-12-9-10.pdf  http://mhmsm.com/c/28

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Stocks End the Day Down

December 9th, 2010 Comments off

Stocks started the day with a small rally on news of improvement on the employment front. It was short-lived, however. The Dow was in a state of modest decline through most of the day, recovering later and moving close to green just before close, but not quite getting there. The Dow closed down two percentage points. The Manufactured Housing Composite Value was a little less than one percent. Some individual stocks had significant gains, however, adding just pennies that amount to as much as 100 percent to their share value. That stock is Global Diversified Industries, which shot up 100 percent to four cents a share. All American Group added more than eight percent to arrive at 23 cents a share. On to dollars, Nobility Homes added more than two percent to arrive at $8 a share.

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Innovations in Home Manufacturing to be on Display at Louisville Show

December 9th, 2010 Comments off

Top manufacturers will be showcasing innovative techniques in home building at the Kentucky Exposition Center this January. MHMSM.com will be one of many exhibitors at the Louisville Manufactured Housing Show. “The show is an opportunity to have a fresh look at green, safe and affordable manufactured housing,” says Manufactured Housing Marketing Sales Management Publisher L.A. ‘Tony’ Kovach. “It’s also part of a re-launching of a product designed to meet the needs of today’s value-oriented home buyer.”  The show is being organized by the Midwest Manufactured Housing Federation (MMHF). Show Coordinator Dennis Hill says numerous manufacturers, along with retailers and suppliers are signed up to show their homes and products. “Along with manufacturers’ commitments to feature their homes at this premier show, supplier exhibitors are also signing up to make this their first show of 2011 and enjoy the success it traditionally brings back,” Hill says. “After making a tough decision not to hold the show in 2010, the Midwest Manufactured Housing Federation believes this show will be even better than in the past and create positive assets for everyone involved, from manufacturers and suppliers to prospective home buyers.” See “The Louisville Show is a Must Attend Event,” mhmsm.com/blogs/industryvoices/the-louisville-show-is-a-must-attend-event/. The Louisville Manufactured Housing Show will take place January 12-14, 2011 in Louisville, Kentucky. More information is available by calling Dennis J. Hill, Show Coordinator, at 770-587-3350.

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Residential Home Value Loss Since Peak Exceeds Cost of 12 Iraq Wars

December 9th, 2010 Comments off

U.S. homes are expected to lose more than $1.7 trillion in value during 2010, which is 63 percent more than the $1 trillion lost in 2009, according to analysis of recent Zillow Real Estate Market Reports. That brings the total value lost since the market peaked in June 2006 to $9 trillion. By comparison, from 2001 to the end of September 2010, the war in Iraq has cost $750.8 billion, according to a September report by the Congressional Research Service. The bulk of the total value lost during 2010 was in the second half of the year. From January to June, the housing market lost $680 billion. From June to December, Zillow projects residential home value losses will top $1 trillion. Less than one-fourth of the 129 markets tracked by Zillow showed gains in total home values during 2010. Among those were the Boston metropolitan statistical area, which gained $10.8 billion in value, and the San Diego MSA, which gained $10.2 billion. Declines in home values have led to increases in the percentage of homeowners in negative equity. At the end of 2009, 21.8 percent of single-family homeowners with mortgages were in negative equity, meaning they owed more on their mortgage than their home was worth. In the third quarter of 2010 – the last time Zillow calculated negative equity – 23.2 percent were underwater.

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Trouble With Properties in Wine Country Could be Solved with Manufactured Housing

December 9th, 2010 Comments off

From California, the Napa Valley Register reports that troubled rental properties there could be replaced with new manufactured homes. The report indicates the county is filing a petition with the Napa County Superior Court to have a third party temporarily take over rental homes at Cuttings Wharf, where officials have found numerous code violations and health and safety problems. The county has looked into replacing the homes with manufactured housing, which it estimates would cost between $43,700 and $55,100, depending on single- or multi-section homes.

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Reports Indicate Champion Joining MHARR

December 9th, 2010 Comments off

It looks like Champion is joining the Manufactured Housing Association for Regulatory Reform (MHARR). Two independent, reliable sources have told MHMSM.com that Champion has applied to join the organization. According to its website, Champion is a leader in the manufactured housing industry and one of the largest modular homebuilders in North America.  Headquartered in Michigan, the company has 27 manufacturing facilities located throughout North America and Europe and employs more than 2,500 worldwide. Calls to the company this week have not been returned.

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Bachus Announces Financial Services Leadership Team

December 9th, 2010 Comments off

By Office of Congressman Spencer Bachus

Congressman Spencer Bachus (AL-6), Chairman-elect of the House Financial Services Committee, announced his appointments for committee leadership positions in the 112th Congress Thursday.  In addition to naming the vice chairman and subcommittee leaders, Bachus announced plans to modify subcommittee jurisdictions to promote a more efficient and balanced work-load for committee members. “This is the leadership team that crafted the first comprehensive financial reform bill to put an end to the bailouts, wind down the taxpayer funding of Fannie Mae and Freddie Mac, and enforce a strong audit of the Federal Reserve,” Bachus said.  “By working together, we will honor our commitment to aggressive oversight, reform of the GSEs, and monitoring the implementation of the Dodd-Frank Act to ensure more jobs aren’t lost to unnecessary regulations on community banks and businesses.  We are ready to hit the ground running, and I look forward to continuing our work in the next Congress.” Bachus said the jurisdictional adjustments will augment the housing policy related subcommittee to include all insurance issues, formerly under the purview of the Capital Markets and Government Sponsored Enterprises Subcommittee.  “Our first priority is to end the taxpayer funded bailout of Fannie and Freddie.  This adjustment frees up more resources for the subcommittee chairmen and expands the jurisdictional mandate of the housing-related subcommittee to include insurance issues.”

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Stocks End Flat on Hump Day

December 8th, 2010 Comments off

Stocks closed up 13 points mid-week after staying close to the even mark all day. The Manufactured Housing Composite Value was off half of one percent. Some manufactured housing and related stocks suffered significant losses, on a percentage basis anyway. Global Diversified Industries was off more than 50 percent to arrive at two cents per share. Palm Harbor Homes was off more than 15 percent to arrive at 11 cents per share and All American Group was off 14 percent, ending the day at 21 cents a share. Drew Industries and Skyline Corporation logged modest gains.

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Scaling Down and Stepping Up Into a Manufactured Home Community

December 8th, 2010 Comments off

From the San Luis Obispo Tribune comes a story about scaling down and stepping up into a manufactured home. The article features retirees Saul and Carol Goldberg who downsized to Avila Beach’s San Luis Bay Estates, an upscale community of manufactured homes. Residents own their lots and a homeowners association oversees the type of manufactured homes allowed there. The new home may not be what first comes to mind when a manufactured home is mentioned. The Goldberg’s quarter-acre lot backs to green space and offers views of rolling hills, oaks, creeks and canyons. The home was provided by Silvercrest, a manufacturer in Corona, California. The home has a simple, contemporary exterior, with interior modifications made to their specifications.

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