Posts Tagged ‘Federal Housing Finance Agency’

Manufactured Housing Association for Regulatory Reform (MHARR) Pressing Fannie Mae, Freddie Mac to Fully Engage on Duty To Serve (DTS)

May 30th, 2018 Comments off

The Manufactured Housing Association for Regulatory Reform (MHARR) in written comments filed on May 30, 2018, has called on the Federal Housing Finance Agency (FHFA) — the federal regulator of mortgage giants Fannie Mae and Freddie Mac — to significantly revise and amend the final rule that it issued on December 29, 2016 to implement the Duty to Serve Underserved Markets (DTS) mandate incorporated by Congress in the Housing and Economic Recovery Act of 2008 (HERA) and related FHFA “guidance” for evaluating the Government Sponsored Enterprises’ supposed DTS compliance plans that became effective on January 1, 2018,” the Washington, D.C. based trade group told the Daily Business News via a news release.


MHARR’s comments were submitted to FHFA pursuant to a “Notice of Regulatory Review” published in the Federal Register on April 5, 2018, seeking comments on FHFA regulations that “should be modified, streamlined, expanded, or repealed to make [FHFA’s] regulatory program more effective or less burdensome in achieving its objectives” in accordance with a 2012 Regulatory Review Plan developed under Executive Order 13579 (“Regulation and Independent Regulatory Agencies,” issued July 11, 2011),” with emphasis added, per the MHARR release.

Based on this request – and in order to bring both Fannie Mae and Freddie Mac into full compliance with DTS — MHARR’s comments call for substantial amendments to: (1) FHFA’s final DTS implementation rule; (2) FHFA’s DTS plan “Evaluation Guidance;” and (3) Fannie Mae and Freddie Mac’s DTS implementation plans themselves, given the patent failure and inability of these regulatory actions to effectively implement the DTS mandate in a market-significant and timely manner,” per MHARR.

In part, MHARR’s comments stress that a supposed “lack of information” regarding the performance of manufactured home chattel loans – which comprise upwards of 80% of the HUD Code market) – more than a decade after the enactment of DTS is both disingenuous and evidence of the type of continuing bias against manufactured housing and manufactured homebuyers at Fannie Mae and Freddie Mac that DTS was meant to remedy in the first place,” according to their statement.

There is no similar known effort being made by the Manufactured Housing Institute (MHI), which sources say has postured a push for DTS, but whose prior chairman, Tim Williams, has said in published comments was a “waste of time.”

MHARR has previously noted that every day that DTS isn’t fully implemented is a “gift” to the Berkshire Hathaway lenders.

Industry veteran and MHI award-winner, Marty Lavin, JD, has recently told MHProNews that MHI works forthe big boys,” and only works for smaller companies when that aligns with the interests of larger firms.


Further,” said MHARR, “the comments note that the supposed chattel loan “pilot programs” included in the Enterprises’ DTS “implementation” plans, are little more than token efforts that would serve slightly more than 1% of the manufactured housing market with no assurance whatsoever of expanded secondary market or securitization support for manufactured housing chattel loans at any time in the foreseeable future. As such, the supposed DTS compliance plans – and the final DTS rule and Evaluation Guidance that they are based on – are wholly inadequate to “effectively” implement DTS and must be revised in accordance with FHFA’s 2012 Regulatory Review process.”


In Washington, D.C. MHARR President and CEO Mark Weiss said: “The continuing failure of FHFA, Fannie Mae and Freddie Mac – more than a decade after the enactment of DTS — to take concrete and market-significant steps to increase the availability of chattel loans for lower and moderate-income manufactured homebuyers is inexcusable and in defiance of the law and the will of Congress.

Weiss elaborated.

 Using the alleged lack of chattel loan “data” as a risible excuse, FHFA, Fannie Mae and Freddie Mac are standing in the way of greater competition in the manufactured housing finance market and lower,” he said, “more competitive interest rates for consumers that would allow many more Americans to purchase a truly affordable home of their own. Conversely, the failure to implement DTS as written and intended by Congress, will have the negative consequence of driving more consumers into the arms of the current industry-dominant lenders and their higher-cost loans. DTS is far too important to allow it to be emasculated by Fannie Mae and Freddie Mac and their enablers within and outside the industry.”



The Manufactured Housing Association for Regulatory Reform is a Washington, D.C.-based national trade association representing the views and interests of independent producers of federally-regulated manufactured housing. ## (News, analysis, and expert commentary.)

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Manufactured Housing Association for Regulatory Reform Demands Clarification on “New Class” of HUD Code Manufactured Home

March 9th, 2018 Comments off


The Manufactured Housing Association for Regulatory Reform (MHARR), in a February 27, 2018 communication to the Chief Executive Officer of Freddie Mac (linked below), demanded clarification of that organization’s implementation of the “Duty to Serve Underserved Markets” (DTS) in relation to a so-called “new class” of “manufactured home being developed on a secretive/proprietary basis within the Manufactured Housing Institute (MHI) by the manufactured housing industry’s largest corporate conglomerates,” MHARR said in a release do the Daily Business News.

The Manufactured Housing Institute (MHI), in their “recent news releases and published articles, has boasted that the concept for this “new class” of manufactured home, with a cost as high as $220,000.00, had already been presented to the two housing finance giants, Fannie Mae and Freddie Mac, and had been “well received,” said MHARR.

They noted that “…during a February 26, 2018 conference call meeting of Freddie Mac’s “Manufactured Housing Initiative Task Force” (MHIT), a Freddie Mac official, in the context of a discussion of  current and prospective implementation of DTS, referred to an impending “new class of home” pilot project — never before addressed or even mentioned by Freddie Mac — to be implemented as early as the Summer of 2018, for a type of high-cost manufactured home that has not previously been built or marketed, let alone mass produced.”

Wisconsin Housing Alliance – an MHI ‘Affiliate’ – Amy Bliss’ Messages Raise New Anti-Trust Issue

MHI was asked to comment on this topic, and declined.  One of their so-called “affiliates” sounded off in their defense, but actually raised new concerns in the process. For more on that, and now retired Ross Kinzler’s statements on the issue, see the links above and below.

‘Over Target’ Reactions, WHA Exec (ret) Ross Kinzler, Won’t Defend MHI Policies & Points to Prior MHI Failure

MHARR blasted the FHFA’s approval of the DTS plan, saying, “In the wake of the late-2017 approval by the Federal Housing Finance Agency (FHFA) of the grossly deficient and wholly inadequate DTS final implementation plans submitted by both Fannie Mae and Freddie Mac, there has been major confusion, both within and outside the HUD Code manufactured housing industry, regarding the relationship – or lack thereof – between DTS and the erstwhile “new class” of manufactured home being developed and touted by MHI and the industry conglomerates. Fueled by misleading “analyses,” strategically-targeted “leaks” and related commentary, this confusion has proliferated, particularly with respect to the harm that a nexus between a proprietary “new class” of manufactured homes and DTS would cause for smaller industry businesses and for consumers of affordable housing, by, among other things, relegating traditional, affordable manufactured housing to the second-class, “trailer” status that the industry has fought for decades to overcome.”

Going No Where

An MHI board member told MHProNews in an email, “DTS seems to be going nowhere.”

As MHARR has advised Freddie Mac, there is no legitimate or valid basis for diverting any aspect of DTS – which was enacted by Congress ten years ago to promote and advance the availability of traditional, inherently affordable, non-subsidized manufactured housing for lower and moderate-income homebuyers – to a “new class” of homes that, at a price-point reaching up to $220,000, would not be “affordable,”  stated their release.

They pointed to an apparent logical flaw, noting they weren’t doing more loans for a lack of data, and now were getting ready – per reports – to make loans on this ‘new class’ of homes, on which no data exists, because the homes haven’t been created.


MHARR Itemizes their Concerns

To start with, no such “new class” of homes have ever been produced.  As a result, there is no conceivable “loan performance” data – the absence of which Fannie Mae and Freddie Mac have used for decades, and continue to use, despite DTS — as an excuse for failing to provide any level of market-significant chattel financing support for the existing “class” of manufactured homes.  By diverting any portion of DTS to this “new class” of manufactured home, the Government Sponsored Enterprises (GSEs) would simply be continuing their long-established pattern and practice of discrimination against traditional manufactured housing and manufactured homebuyers. 

Second, no such program, involving a “new class” of manufactured home was included in the 2018-2020 DTS implementation plan submitted by Freddie Mac — and approved by FHFA.  As a result, any such program under DTS would be unauthorized by Freddie Mac’s federal regulator and, therefore, unlawful under the GSEs’ conservatorship.

Third, diverting any portion whatsoever of DTS support to a proprietary product developed and manufactured on an exclusive or exclusionary basis by one group of competitors and not generally available or accessible to other industry producers, would be a blatantly anti-competitive action by Freddie Mac. 

Fourth, the diversion of any portion whatsoever of DTS support to a “new class” of homes with a reported retail cost as high as $220,000.00 instead of existing types of manufactured housing, which are inherently affordable for very low-, low- and moderate-income American families without the need for costly government subsidies, would violate the letter, intent and fundamental purpose of DTS, with entirely predictable anti-competitive impacts.

In part, this activity appears to be a larger-scale, updated version of the ill-fated “MH Select” program floated by Fannie Mae more than a decade ago.  That program, which reportedly resulted in zero loans, sought to deflect from the GSEs’ near-total failure to support the manufactured housing market (and low-, lower- moderate-income manufactured homebuyers) by conditioning securitization and secondary market support for manufactured homes on mandatory features that exceeded the HUD Code standards and undermined the affordability of those homes.  Apparently, with the GSEs having failed to learn any lessons from the MH Select fiasco, Freddie Mac now appears to be following a similar course to evade fulfilling its statutory DTS obligation to provide market support for the existing class of affordable manufactured homes, thus continuing the GSEs’ 40-year habit of talking about providing market-significant support for HUD Code consumer financing, but, in actuality,doing virtually nothing.

MHARR, on the other hand, will continue to press for the full, complete and robust implementation of DTS with respect to the existing class of affordable manufactured homes, without any diversion, deferral, or further delay of the Duty to Serve Underserved Markets involving any alleged, secretive, “new class” of homes.”

MHARR’s prior report and the copy of their letter to Freddie Mac CEO, is linked from the report below.

Plot Twist – Duty to Serve – Freddie Mac CEO Layton Called to Accountability w/Congressional, Administration Leaders Over New Manufactured Home Lending Revelations

About MHARR 

The Manufactured Housing Association for Regulatory Reform is a Washington, D.C.-based national trade association representing the views and interests of independent producers of federally-regulated manufactured housing.

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FHFA, Invisible Credit, and Change$ to Fannie and Freddie

August 8th, 2017 Comments off

A bipartisan pair of lawmakers – Senator Tim Scott, (R-SC), and Senator Mark Warner, (D-VA) – have come together to create a bill that aims to increase homeownership through reform of credit guidelines for those with “invisible credit.

Invisible Credit” is when individuals or families have paid their bills – like utilities, phone, and internet – on time. But they still don’t have any – or a good – FICO credit score.

  • FICO scores are typically based on such items as: credit card and loan debt and repayment,
  • the degree of credit utilization,
  • length of credit history,
  • and outstanding debts,
  • among other factors.

Such as change would allow the Federal Housing Finance Agency (FHFA) to use non-traditional credit scoring models to determine creditworthiness of applicants.  That would increase the numbers who qualify for loans, and allow the Government Sponsored Enterprises (GSEs) of Fannie Mae and Freddie Mac to approve these types of loans, per American Banker.

I’m focused on encouraging sustainable homeownership over a simple homebuyership. One way to do so is the [Federal Housing Finance Agency] updating the accepted credit scoring models of the GSEs,” Scott said at a Senate Banking Committee hearing last month. “If a family pays their utility bills or their phone bills on time for a decade, it ought to count towards their ability to have a home.”


Senator Sherrod Brown (D-OH). official photo.

Providing financing for more middle-income people who can pay their mortgage is so important,” Sen. Sherrod Brown, D-OH, “because there is such a terrible housing shortage for moderate-income people.”

MH Industry Professionals, Interests and Concerns

That there are manufactured home industry professionals – including lenders – who are open to providing more moderate-income or even low-income Americans with access to home loans through alternative credit is a step in the right direction.

But expanding access to chattel loans is the current hot-button topic in manufactured housing.


mel watt jacquelyn martin associated press postedDailyBusinessNewsMHProNews

Mel Watt, credit, AP.

According to HousingWire, though the Scott-Warner bill has been introduced and appears to have some support, FHFA Director Mel Watt says that anything changing before 2019, would be a “mistake.

Watt vows that no changes will go into effect before then.

First, based on the overwhelming feedback we have received from the industry, it is clear that it would be a serious mistake to change credit scoring models before mid-2019 when the Common Securitization Platform is fully operational and the Enterprises implement the Single Security,” Watt said.

He added, “For this reason, any credit score model change would not go into effect before 2019 even if I announced a decision today.”

Second, we believe that, regardless of the decision we make on credit score models, the short term impact on access to credit will not be nearly as significant as was first imagined or as the public discourse on this issue has suggested,” says Watt.

Credit scores are only one factor the Enterprises use to evaluate loan applications and the Enterprises currently use the same or even greater levels of credit data in their underwriting systems as the credit scoring companies use.”

So while members of Congress attempt to move in one direction, the FHFA intends to hold off on that for at least another two years until mid-2019.

Both groups admit that in order to determine creditworthiness fairly under guidelines other than the FICO score that there will need to be more data, which will take time to collect.


Adding more credit scoring models to the market would require some data validations … time periods that adds costs,” Brenda Hughes, senior vice president at First Federal Savings Bank of Twin Falls in Idaho, said during testimony at a Senate Banking Committee hearing last month.

We think it’s very important for them to begin updating their credit models to take advantage of those other sources, which we think will widen the net of folks who become eligible for conforming mortgages” purchased by Fannie and Freddie, said Charles M. Purvis, president and CEO of Coastal Federal Credit Union in Raleigh, N.C.. # #

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to Daily Business News for MHProNews.



Duty to Serve (DTS) Manufactured Housing “Confidential Documents,” Draft and Downloads, FHFA, GSEs

February 15th, 2017 Comments off

Image credit, FHFA to the Daily Business News on See PowerPoint, linked below.

News/Analysis. The Duty to Serve (DTS) is widely seen as important for the future of manufactured housing financing by sellers, and for refinancing with personal property loans made more widely available for manufactured home consumers.

The DTS issue is not without controversy, as commentary by M. Mark Weiss of MHARR and Jim Ayotte of the FMHA vividly demonstrates.

Against that backdrop of delays, tension and controversy, the three documents marked “confidential” found linked below were deliberately provided to MHProNews for publication.

These “confidential” documents are hearby being provided to the industry-at-large, for broader consideration.

How and Why

We redacted references that might point to source(s) of these documents.  Otherwise, they are posted below as provided, and without editorial commentary.

As pro-industry trade media, the following points and disclaimers should be noted.

  • As a pair of attorneys confirmed for MHProNews, as media, we have a broad latitude in what we publish when it is submitted to us by a third party.
  • As pro-manufactured housing industry trade media, we review such items on a case-by-case basis. Where is the potential harm? Or, where is the possible good in publishing such items?
  • We also consider, what was the agenda of those who submitted the documents to us?
  • We receive information from sources outside of our team daily at MHProNews. Some of that is purely self-promotional, while some are truly useful news tips, and in some cases, there may be something of little or no ‘news’ value.
  • Protecting the source(s) of information, is a hallmark of proper journalism, which we adhere to routinely.

For Jim Ayotte, Florida Manufactured Housing Association (FMHA), full commentary, please click the image above or the link here.

MHProNews has published “leaked” material before.  We neither encourage nor discourage professionals from sending us something they think is important for background on stories, or is otherwise newsworthy for the manufactured, modular and prefab “factory built” housing industry.


For M. Mark Weiss, Manufactured Housing Association for Regulatory Reform (MHARR), full commentary, please click the image above or this link here.

The documents market confidential are linked below. Each download is a PDF, which had only those markings on it removed that might reveal the source(s) of the information.

All of the above have reportedly been seen by several dozen professionals in the manufactured housing industry and those involved in the listening sessions with the FHFA and the GSEs held in various parts of the U.S.  In the view of our publisher, there were no compelling reasons not to share this with the manufactured housing industry-at-large.

Image credit, FHFA. The graphic above is a screen capture from the report linked below, sent by the FHFA to the Daily Business News on

Other Previously Private, now Public Information from “Listening Sessions”


Jim Gray, FHFA, credit, Twitter.

Beyond the documents labeled “confidential” above, MHProNews obtained the following via a direct request to Jim Gray, Manager of the Duty to Serve Program, Housing and Community Investment with the Federal Housing Finance Agency (FHFA).

This request was initially resisted, but through MHProNews’ efforts, is hereby being made public.  See that downloadable presentation, linked here.

All of the above are in keeping with our publisher’s mission of being the MH Industry’s top, go-to news resource for “Industry News, Tips and Views Pros Can Use.” © “Often First, Always the Best Industry News Coverage.” ©

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Matthew Silver.

Submitted by Matthew Silver, assignments editor for the Daily Business News on MHProNews.


MHARR to FHFA: Duty to Serve Without Chattel is Unacceptable

January 31st, 2017 Comments off

Capitol Building credit, Wikipedia. MHARR, Mark Weiss images MHProNews. MHARR logo is their intellectual property, and is shown here under fair use guidelines.

Washington, D.C. – The Manufactured Housing Association for Regulatory Reform (MHARR) reports to MHProNews that, at a Duty to Serve (DTS) “listening session” conducted by the Federal Housing Finance Agency (FHFA) in Chicago, Illinois on January 25th,  it advised FHFA officials and representatives of the FHFA regulated Government Sponsored Enterprises (GSEs), that the December 29, 2016 FHFA final DTS rule which does not mandate manufactured housing chattel loan securitization and secondary market support by the GSEs is unacceptable as currently written.

In comments and a detailed written statement at the meeting, MHARR stressed that any DTS rule which fails to provide meaningful and timely securitization and secondary market support for chattel loans, which comprise upwards of 80 percent of the manufactured housing consumer finance market, cannot conceivably satisfy the mandate imposed by Congress via the DTS provision of the Housing and Economic Recovery Act of 2008 (HERA).

MHARR says that while the FHFA final rule and related guidance proposal issued on January 13th have been lauded by some as bringing consumers and the industry “closer to the realization of a manufactured housing chattel loan securitization and secondary market support program that would end decades of discrimination against the largest segment of the manufactured housing finance market,” the reality is that the final rule contains no affirmative requirement for GSE support of manufactured home chattel loans and no meaningful penalty or sanction for their continuing failure to serve that part, or any other part, of the manufactured housing finance market.


Credit: Neon Tommy.

The final rule and evaluation guidance would only require that the GSEs consider such support, a formulation that particularly given the GSEs history, would allow them to either bypass and reject such support or engage in endless and ultimately meaningless research and outreach, with nothing more than a perfunctory explanation.

MHARR contends that the FHFA rule as confirmed at the meeting would leave major FHFA regulatory hurdles including its rule requiring approval of new products that could prevent or significantly delay any actual GSE support activity for manufactured housing chattel loans, in place.

The rule would thus continue to exclude the vast majority of potential manufactured housing purchasers from the market, because they cannot afford to pay higher-cost manufactured home chattel loan interest rates that are needlessly inflated by the discriminatory lack of GSE securitization and secondary-market support for such loans and by the lack of full and robust free-market competition, which is artificially suppressed by those same policies.


Danny Ghorbani, photo credit, the Journal.

While discussing the GSEs, former MHARR President Danny Ghorbani further confirmed concerns.

Despite forty-years of on-again, off-again flirtation with the industry and its consumers, are socially active and engaged, but fiscally removed and divorced from each,” said Ghorbani.

[The GSEs] talk the right talk and go through the right motions, attending and sponsoring industry events and even hiring industry members as consultants to advise them, but have never formulated and implemented a positive and workable program to securitize the chattel loans that would allow low, lower and moderate-income consumers to become homeowners an underserved market that Congress decreed nine years ago, the GSEs must now serve.

For the full statement from MHARR, click here.

The Daily Business News covered the FHFA in a report linked here

Masthead commentary on this issue is linked here. ##

(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

MHARR: FHFA Final Duty to Serve Rule Continues to Fail Manufactured Home Buyers

December 16th, 2016 Comments off

Capitol Building credit, Wikipedia. MHARR, Mark Weiss image collage – MHProNews. MHARR logo is their intellectual property, and is shown here under fair use guidelines.

Washington, D.C. – The Manufactured Housing Association for Regulatory Reform (MHARR) reports to MHProNews that after review of the Federal Housing Finance Agency (FHFA) release of its final rule to implement the “Duty to Serve Underserved Markets” (DTS) provision of the Housing and Economic Recovery Act of 2008 (HERA), the organization sees limitations.

MHARR says that if the portions of this final rule addressing manufactured housing personal property (i.e. chattel) loans – which have been the continual focus of MHARR since the inception of the DTS rulemaking in 2010 — are any indication, the industry’s post-production sector may wish to carefully analyze all aspects of the final rule, which will continue to devastate the 80% of lower and moderate-income consumers who rely on chattel financing to purchase affordable manufactured homes.


Credit: Neon Tommy.

The 241-page final rule – which MHARR suggests was released to another national association by FHFA pending formal publication in the Federal Register – would on its face nominally permit one or both of the Government Sponsored Enterprises (GSEs) to obtain DTS credit for manufactured housing chattel loans.

But MHARR says it does so under a veritable mountain of conditions, qualifications and limitations that are so restrictive, it is doubtful that the lower and moderate-income American consumers who rely on these loans will ever see any meaningful relief.  A MH lender privately told MHProNews that they didn’t expect the rule as it stands to do much for manufactured housing sellers and buyers.

For the full statement from MHARR, click here.

The Daily Business News covered the FHFA in a report linked hereMasthead commentary on this issue, is linked here. ##

(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.


MHARR Calls for Federal Moratorium On Critical Regulations

November 23rd, 2016 Comments off
mharr logo

Credit: MHARR.

The Manufactured Housing Association for Regulatory Reform (MHARR) has joined with President-elect Trump and leaders in Congress in calling for federal agencies to place a moratorium on pending regulatory actions during the final days of the Obama Administration.

M_Mark_Weiss_MHARR_president__mhpronews__credit postedDailyBusinessNewsMHProNews

MHARR president and CEO M. Mark Weiss. Credit: MHProNews.

MHARR tells the Daily Business News that they are calling on the heads of three agencies specifically – The U.S. Department of Energy (DOE), the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) to defer further action on pending controversial rules or actions that could have a severely negative impact on both the manufactured housing industry and American consumers of affordable housing.

MHARR will closely monitor all regulatory activity affecting manufactured housing during the remaining term of the Obama Administration, and will keep the industry apprised – and take further steps — as warranted.

For additional details on MHARR’s call for a moratorium, including the official news release and letters sent to regulators and public officials, click here.


MHARR member builders include Sunshine Homes, which produced the Energy-Star rated single sectional manufactured home shown above.  Photo credits from a still of an Inside MH video on, Sunshine Homes and

As long-time Daily Business News readers know. MHARR represents independent producers of federally-regulated HUD Code manufactured homes.##

(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Calls for Housing Finance Reform Continue to Resound

July 13th, 2016 Comments off

mel watt  jacquelyn martin  associated press postedDailyBusinessNewsMHProNewsWhile many on both sides of the aisle recognize the importance of reforming the secondary housing finance system, 32 Congressional Democrats sent a letter to Federal Housing Finance Agency (FHFA) Director Mel Watt saying the government-sponsored enterprises’ (GSEs) capital base, which is set to expire in 2018, sends out a dark cloud for “underserved markets.”

Meanwhile, the Mortgage Bankers Association, National Association of Realtors, National Association of Home Builders, American Bankers Association and National Housing Conference also sent a letter to the FHFA saying Congress needs to take up the issue of housing finance reform, according to housingwire.

While Watt did not respond directly to the letters, in a letter not made public, but which The Wall Street Journal‘s Nick Timiraos revealed to MHProNews, Watt wrote, “I continue to believe that conservatorship is not a desirable end state and that Congress needs to tackle the important work of housing finance reform. In the meantime, however, you can be assured that FHFA will continue to fulfill its responsibilities to manage the conservatorships of the Enterprises in a safe and sound manner and in accordance with our statutory responsibilities.” ##

(Photo credit: Associated Press/Jacquelyn Martin–Mel Watt, FHFA Director, at his swearing in)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

New CFPB Ruling Broadens Lending in Rural Areas

June 6th, 2016 Comments off

mfg com  arrowhead village mobile home park  jake bacon arizona daily sun  creditFor many years rural housing issues have been to the housing market what middle America has been to the east and west coasts—the flyover zone. Eighty percent of U. S. land is rural comprising just 20 percent of the population, says CoreLogic‘s Faith Schwartz, adding that rural housing is “a laboratory for cutting edge affordable housing techniques.”

The United States Department of Agriculture (USDA) and the Department of Housing and Urban Development (HUD) have mortgage programs for, respectively, rural housing and Native Americans which comprise four percent of the $436 billion in Ginnie Mae securities issued last year–$17 billion for rural housing.

A new ruling by the Consumer Financial Protection Bureau (CFPB) will implement Congress’ HELP Act—Helping Expand Lending Practices in Rural Communities—which expands guidelines for lenders to reach a broader market, as dsnews informs MHProNews.

CFPB Director Richard Cordray says: “The Consumer Bureau today has acted to implement the recent law that extends to more small creditors the specific provisions for operating in rural or undeserved areas. This rule provides broader eligibility for lenders serving in those areas to originate balloon payment qualified and a high-cost mortgages.”

A new rule introduced in Dec. 2015 requires the Federal Housing Finance Agency (FHFA) to implement the Duty to Serve rule, directing the government-sponsored enterprises (GSEs) to serve three underserved markets including manufactured housing, as well as rural markets and preserving affordable housing. It would be directed to very low-, low- and moderate-income families. ## 

(Photo credit: arizonadailysun/Jake Bacon–Arrowhead Village MHC)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Sunday Morning Recap-Manufactured Housing Industry News April 24-May 1, 2016

May 1st, 2016 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured

Tornadoes, Hurricanes, Conventional Housing and Manufactured Homes Video Report

What’s New in Manufactured Housing Industry Professional News

MHC closing in Minneapolis. CFPB constitutionality challenged. MHARR, MHI spar over DTS and chattel lending. Clayton acquires another site-built home builder. Champion expanding into Kentucky. Drew looking overseas? MH withstands high winds better than site-built. Patrick revenue increases Q1. Iowa modular builder may re-open with new owner. MHC closing, relocation resources available. Affordable housing harder to find. Modular homes built with disposed plastic. MHC receives Fannie Mae refi. Students redesign affordable housing. Much more in news, views and information you can use.

Saturday, April 30, 2016

Champion Homes Expanding Operations in Kentucky

Friday, April 29

Manufactured Home Community Closing in Minneapolis

Clayton Acquires another Site-built Home Builder

Louisiana Pacific Gains more than other Stocks, +2.47%; UFPI ends the week Down -5.94%

MHARR, MHI Spar over FHFA & Duty To Serve Manufactured Housing via GSE Chattel Lending

Murdoch’s Barron’s Reports Incorrect Info about Manufactured Home Industry

Drew Drawing a Bead on Overseas Markets?

Thursday, April 28

Stop-work Order Leads to Uncertain Future of Factory-built Home

Patrick Ind. Reports Revenue Increase of 25 percent for Q1

All Tracked, MH-related Stocks Drop, or remain even, with Patrick leading the Downward Charge

Video Proves Manufactured Homes Tougher than Comparable Site-built Homes

Challenges to CFPB Constitutionality could Create Financial Havoc?

City Unanimously Approves Manufactured Home Siting

Wednesday, April 27

Modular Builder in Iowa may Re-open with New Owner

Kentucky Manufactured Housing Institute Awards Scholarship

Patrick Ind. Gains the Most of MH-related Stocks

Rezoning Requests Approved for MH and RV sites

Manufactured Home Community Closing, Relocation Resources Available

Country Cousin Obtains a Fannie Mae Refi Loan

Tuesday, April 26

Freddie Mac 2016 Forecast: Housing will Continue Growing, GDP to Slow

Drew Industries set to Release First Quarter results

Skyline Plummets 15.5%; Cavco, Drew, AMG Gain

Board Needs More info about Proposed MH/Modular Community

Iraqi Army Vet and Humanitarian Worker Receives Modular Home

Modular House Saves Plastic from Landfill

Monday, April 25

Nationwide Expanding Martinsville VA Modular Facility

Affordable Homes becoming more Scarce

Deer Valley Spikes +26.19%; Universal Forest Products Falls -5.07

Virginia County Recommends Manufactured Home Rezoning Request

Students Compete to Redesign Affordable Housing Complex

Sunday Morning Recap-Manufactured Housing Industry News April 17-April 24, 2016 ##

(Photo credit: MHProNews)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.