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Posts Tagged ‘game’

Overhaul Fannie and Freddie? Why?

March 7th, 2013 Comments off

As washingtonpost informs MHProNews, while Fannie Mae and Freddie Mac have been vilified for allegedly causing the financial meltdown, for being bailed out by the government to the tune of $131 billion, and for taking business from private firms, neither the Democrats nor the Republicans are actively doing much to change the GSE landscape. While they remain for-profit entities, they are backed by the government, and despite the criticism, they were the only home finance game in town in 2009 when banks were not interested in making home loans. As Neal Irwin says, the housing collapse would have been much worse had Fannie and Freddie not been around. The reason the overhaul has not happened is because there are too many vested interests in keeping the system as it is. Accounting for 90 percent of U. S. mortgages keeps originators, servicers, lenders, banks, and builders pretty busy, not to mention the contributions from the GSEs to political campaigns.

(Image credit: Federal Housing Administration)

MH gets Small Bite of Fannie Mae Multifamily

February 4th, 2013 Comments off

Daily Markets informs MHProNews the $33.8 billion in multifamily loans that Fannie Mae and its lenders processed in 2012 builts nearly 560,000 units of housing. “In 2012 the multifamily market was strong, with solid fundamentals remaining in place,” said Jeffery Hayward, Senior Vice President, Head of the Multifamily Mortgage Business, Fannie Mae. “Private capital continued to return to the market, an important step to restoring a more normal lending environment.” In addition, 98 percent of the multifamily loans were through the Delegated Underwriting and Servicing (DUS) program, which requires lenders to have “skin in the game.” Manufactured housing communities received $912 million in 2012 from Fannie Mae, $377 million more than in 2011.

(Image credit: Forbes)

Community Banks Still on the Sidelines

December 6th, 2012 Comments off

Many community banks are still weighed down by non-performing construction loans, so their regulators do not want them issuing new construction loans, especially since so many small banks sank when the housing bubble burst. Originationnews tells MHProNews with housing starts up 3.6 percent Oct. 2011 to Oct 2012, community banks on a limited scale are getting back into the fray, especially in areas where the inventory of new home construction is low and builders are financially strong. Many smaller banks have done well with refinancings recently, driven by low interest rates and federal programs, and may be reluctant to take the risk of construction loans. But as the recovery gains momentum, and residential refinancings fall, as many forecasters predict, the game may be back on.

(Image credit: Fotosearch)

New Modular Builder on the Block

May 22nd, 2012 Comments off

The Chronicle tells us another modular player has entered the housing game in the oil boom of North Dakota. Colorado-based Confluence has already set the first of ten units of apartments called Confluence at Harvest Hills, as the initial 12 modules were sited May 15. Occupancy of the first unit is set for Aug. 1, 2012. The high end, one to three-bedroom apartments will be family friendly and energy efficient, and accessible to schools, shopping, and other services. Chief Custom Homes is manufacturing the apartments and intends to continue assembling the remaining units over the next year. Samuel Haviland of Confluence says, “We are developing a housing project that raises the bar on quality construction, and provides a family-oriented environment for a workforce that all too often deals with the strain of being away from spouses and children.” MHProNews.com has learned the housing shortage is so severe some people are living in tents, campers, and even cars.

(Photo credit: PRWeb/HC)

A Crushing Opportunity for Manufactured Housing

February 21st, 2012 Comments off

Drive A Tank in Kasota, Minnesota offers the opportunity to pilot three different military tanks for up to four hours, learn the history of tanks in warfare, fire historic weapons—-and crush a mobile home. Packages range from $500 to $3495 for the opportunity. AutoBlog tells MHProNews.com Drive A Tank’s Tony Borglum says his patrons enjoyed crushing junk cars so much they wanted bigger game, so he began offering the MH crushing option.

(Photo credit: Drive A Tank)