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Posts Tagged ‘Carole Galante’

MH Industry’s Call to FHA and HUD

November 23rd, 2011 Comments off

The Manufactured Housing Association for Regulatory Reform (MHARR) and the Manufactured Housing Institute, acting jointly as the Coalition to Advance Manufactured Housing (Coalition), held a 30-minute follow-up conference call Nov. 22, 2011 with Federal Housing Authority (FHA) Commissioner Carole Galante, and Housing and Urban Development’s program manager, Henry Czauski, to discuss three issues previously detailed: Easing of FHA Title I Government National Mortgage Association (GNMA) securitization requirements and increasing the number of loan originators; selection of a non-career administrator; and appointment to the Manufactured Housing Consensus Committee (MHCC) of MHARR and MHI staff members. The Commissioner stated as for the tight GNMA credit, she understood those loans under-perform, although she conceded the only data available is from the 1980s and 1990s, and that it would be difficult to obtain that information from current HUD Code manufactured home loans. MHARR pointed out one unintended consequence of tighter credit was de facto monopolization of MH financing by one or two companies. The Commissioner agreed to work with the Coalition to obtain more relevant data. As for a non-career administrator, Commissioner Galante replied that budgets are tight and she would work to involve the manufactured housing industry with policy decisions. Regarding the appointment of MHARR’s Mark Weiss and MHI’s Lois Starkey as representatives to MHCC, program manager Czauski noted the appointments are being processed and an answer should be forthcoming by the year’s end. MHARR reiterated the importance of including industry representation on the MHCC as required by law.

(Graphic credit: FHA/HUD)

 

 

Pres. Obama Signs FHA Bill to Raise Loan Limits

November 18th, 2011 Comments off

HousingWire reports a bill reinstalling higher conforming loan limits for the Federal Housing Administration (FHA) was singed into law Friday morning, Nov. 18, by President Obama. Both the House and Senate had passed the bill by over a two-thirds majority on Thursday. The FHA can now insure loans up to $729,750, an increase over the previous limit of $625,500. Congress had originally upped the limits in 2008 on FHA as well as Fannie Mae and Freddie Mac, but the ruling expired Oct. 1. The bill does not include Fannie and Freddie, much to the chagrin of Rep. John Campbell (R-CA) who says the GSEs continue to need government support. He said, “Even now, private lenders remain incredibly risk-averse, hesitating to provide long-term, fixed-rate mortgages to the vast majority of the market. Until Congress decides how to move forward with broad reform to fix our broken housing finance system, we should not dismantle the few remaining support systems that are preventing the housing industry from collapsing further.” Carole Galante, FHA Acting Commissioner, reminded Senators that government should be reducing the FHA market share.

(Graphic credit: FHA)