Posts Tagged ‘Gary Cohn’

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

March 5th, 2018 Comments off

The Duty to Serve (DTS) program for manufactured housing industry retailers, communities and potential home buyers took what may be a problematic twist in news revealed, according to a memo obtained by the Daily Business News.


The memo to Donald H. Layton, Chief Executive Officer, Freddie Mac – one of the largest lenders in the nation, cc’d Congressional leaders and Trump Administration officials as follows:

  • Hon. Michael Crapo
  • Hon. Sherrod Brown
  • Hon. Jeb Hensarling
  • Hon. Maxine Waters
  • Hon. Jeff Sessions
  • Hon. Mick Mulvaney
  • Hon. Gary Cohn
  • Hon. Melvin Watt

The memo said that, “At a February 26, 2018 telephone conference meeting of the MHIT, Freddie Mac representative, Ms. Simone Beatty, indicated, for the first time, that Freddie Mac plans to pursue implementation of a “pilot program” — on an expedited basis (i.e., during June and July 2018) — for loans on an undefined “new class” of manufactured homes, apparently based on the exclusionary (i.e., limited to MHI members) / proprietary MHI “new class” of manufactured home research and development activity.”

The MHIT meetings are supposed to be confidential, sources tell MHProNews. 

But when the Daily Business News inquired, how can an important public policy matter like this that impacts thousands of businesses be kept confidential?’ no reasonable response has come forward from any source yet.

Secrecy over DTS regulations defies common sense.  MHProNews has called on the Federal Housing Finance Agency (FHFA), the Government Sponsored Enterprises (GSEs) and the Manufactured Housing Institute (MHI) to produce all minutes from all meetings, for complete transparency in a process that critics say has notably provided Berkshire Hathaway lenders with a windfall every year that the program has been delayed.


Per the memo, obtained today by MHProNews, and linked here and here as a download, says in part:


“...a participant in Freddie Mac’s “Manufactured Housing Initiative Task Force” (MHIT), has learned that Freddie Mac apparently plans to divert an unspecified portion of its already minimal and wholly inadequate support of the manufactured housing market under DTS to a so-called “new class” of manufactured homes which is currently being researched and developed on an exclusionary, proprietary basis by the Manufactured Housing Institute (MHI), under the direction and authority of a control group comprised, in relevant part, of executives of the industry’s three largest manufacturers.”

As noted, the memo CC’d key Washington leaders, concludes by saying:

For Freddie Mac, after ten years of inaction on DTS, followed by a blatantly inadequate DTS implementation plan, to now even consider diverting any aspect or portion of DTS to a “new class” of proprietary, high-priced, non-affordable manufactured home, is indefensible, inexcusable, in direct defiance of DTS, and unacceptable,” said Mark Weiss, President and CEO of the Manufactured Housing Association for Regulatory Reform (MHARR). Weiss says MHARR will take any and all steps necessary to see that this rerouting of DTS monies won’t go to the controversial, so-called ‘new class’ of manufactured homes.

FHFA Publishes Fannie Mae’s and Freddie Mac’s Underserved Markets Plans for Duty to Serve (DTS) Program

Once more, the link to the full memo is here, or is available here as a downloadable PDF of the document provided. ## (News, analysis, and commentary.)


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

Keith Anderson, CEO Champion Homes, MHI ‘New Class’ Monopoly Concerns Memo, ‘Harms Owners, Independents’

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

Duty To Serve, “Complete Waste of Time” per Tim Williams, CEO/21st Mortgage; POTUS Trump, Warren Buffett Insight$

Manufactured Housing’s “Trojan Horse”

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Death to Dodd-Frank: Good News for SME’s

March 14th, 2017 Comments off

President Trump with community bank leaders. Credit: The Conservative Treehouse.

In a recent meeting with community bankers from around the country, President Donald Trump said that reducing Dodd-Frank regulations would benefit Small and Medium Enterprises (SMEs) that are struggling to get access to financing.

According to Pymnts, in the March 9th meeting, which also included National Economic Council Director Gary Cohn and Treasury Secretary Steve Mnuchin, President Trump said that community banks are critical to the economic health of their communities and to providing small businesses with access to capital.

Nearly half of all private-sector workers are employed by small businesses,” said President Trump.

We must ensure access to capital to small businesses and for small businesses to grow. Community banks are the backbone of small business in America. But community banks, and subsequently their SME customers, are struggling to comply with the complex regulations of Dodd-Frank.

During the 45 minute session, bankers in attendance said that they discussed the role community banks play in rural areas and provided real-world examples about the difficulties smaller banking institutions face.


Credit: Cape Cod Times.

A key theme of the meeting was the need for “tailored regulations,” as the one-size-fits-all style of Dodd-Frank regulation puts smaller banks in a position where it potentially costs more to lend money due to unnecessary compliance.

We were very focused, our message on how do we create a tiered and proportionate regulatory environment for community banks,” said Rebeca Romero Rainey, head of Centinel Bank of Taos in New Mexico.

We emphasized tailoring regulations to fit the size and complexity of banks,” said Jeffrey Szyperski, chairman and CEO of Chesapeake Financial Shares Inc.

The ICBA, an industry group also in attendance, has advocated for a tiered system of regulations that tailor regulations to a bank’s size, business model, complexity and risk.

The White House agrees.

The type of regulation you need for a $700 million bank and the risks they present are very different than those for a $200 million bank or a $1 trillion bank,” the White House said in a statement before the meeting.

The discussion also covered the costs of compliance with Consumer Financial Protection Bureau (CFPB), which, according to Reuters, “was a particular pain point focused on by the meeting’s participants.


Credit: Mortgage Compliance Magazine.

The activity of the CFPB is of particular interest to Daily Business News readers, as the organization has been in the crosshairs of President Trump and Republicans, who have proposed Death Blows to the organization via legislation.


Sen. Ted Cruz. Credit: Washington Examiner.

Speaking on the pair of bills (S. 370 and H.R. 1031) put forward last month to advance Republicans’ broader Dodd-Frank reform efforts by tackling Title X of the law, Texas Senator Ted Cruz was clear on the problem.

This legislation would give Congress the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth,” said Cruz.

CFPB Director Richard Cordray has also been in the crosshairs of the Trump administration, but has maintained that he plans to stay put.

These national developments mirror and dovetail with comments made by a local credit union that has become in involved in manufactured home lending.

The Best Ever?

Moves such as his meeting with community banks has business leaders, and many in the manufactured housing industry, excited about the potential for President Trump’s administration.


This guy has got guts,” said Ken Langone, co-founder of Home Depot on CNBC’s Squawk Box this week.

And he’s got great people around him. Trump has the potential to go down as one of our greatest presidents ever.


Credit: MHARR, Wikipedia.

In a recent commentary, The Manufactured Housing Association for Regulatory Reform (MHARR) told MHProNews that Executive Orders issued by President Trump within the past forty-five days provide an unprecedented opportunity for the federally-regulated manufactured housing industry and American consumers who rely upon manufactured homes.M.Mark.WeissJDPresidentCEOMHARRManufacturedHousingAssociationforRegulatorReform-creditManufacturedHousingIndustryDailyBusinessNewsMHProNews

The stance of the Trump Administration on the needless regulatory burdens confronting America’s small businesses is a godsend for the manufactured housing industry and the mostly lower and moderate-income Americans who rely on its homes for affordable, non-subsidized housing,” said MHARR President and CEO, Mark Weiss.

With these new policies, the industry and consumers have an unprecedented opportunity to achieve and cement in place the major program reforms mandated by Congress in the 2000 reform law. While MHARR intends to aggressively pursue this opportunity, it cannot be the only industry organization seeking fundamental change to put the federal program back on track.”

The full statement from MHARR is linked here. For more on Dodd-Frank, the CFPB and its impact on the manufactured housing industry, click 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.