Archive

Posts Tagged ‘home retailers’

Manufactured and Mobile Homes Survive Recent Oklahoma Tornadoes

June 6th, 2013 Comments off

Contrary to the common focus of too many weather reports, MHProNews has leaned that no one in a pre-HUD Code mobile home or a modern manufactured home died as the result of the May 20 and May 31st EF5 storms in Oklahoma. While thousands of conventional homes were leveled or badly damaged, and with some 43 combined dead from those two devastating events, Deanna Fields, Executive Director of the Manufactured Housing Association of Oklahoma (MHAO) said: “No one has been killed in a manufactured/mobile home so far.” An EF4 tornado hit Steelman Estates near Shawnee, OK on May 19th that devastated homes there much the same as conventional homes were leveled the next day in Moore. About the deaths among Steelman manufactured home community’s residents, Fields said: “The two deaths in Steelman included one elderly resident—who kept to himself—who was outside his home and received blunt force trauma to his body, and the other older gentleman was in his vehicle.” Fields told MHProNews that a YES! Community was struck by the May 31st storm, and while homes were damaged, none were destroyed. 3 manufactured home retailers near El Reno suffered no lost homes. Suzanne Felber said Golden Rule MHC was in the middle of the storm, but she also confirmed there were no total losses. “Huge trees ripped apart, almost every powerline (was) down among them, and when you look at some of the homes it looks like someone was using them for target practice,” as a result of flying debris. Yes! Communities has sent teams from three states to help residents with the post-storm clean-up and recovery. The YES! Communities all had shelters for their residents. The photo shown is from a conventional housing neighborhood in Moore, OK hit by the May 20th storm. To see a video of a manufactured home that survived a tornado and was then subjected to a C-130 Hercules military aircraft’s prop wash, click this link here.

(Photo credit: youtubehollywood2nyisback–Moore, OK following the tornado))

Rep. Fincher’s Remarks Regarding HR 1779 in the Congressional Record

May 3rd, 2013 Comments off

Rep. Stephen Fincher (R-Tenn.), Rep. Bennie Thompson (D-Miss.), and Rep. Gary Miller (R-Calif.) sponsored The Preserving Access to Manufactured Housing Act, HR 1779, which will amend the provisions in Dodd-Frank that curtail the availability of manufactured housing loans. In remarks in the Congressional Record of April 26, 2013, Rep. Fincher, while noting the importance of manufactured homes as affordable housing that many families rely on, states the housing turndown resulted in an 80 percent reduction in the production of MH, the closing of 160 plants, and the loss of 200,000 jobs. He says the Consumer Financial Protection Bureau (CFPB) issued guidelines as required under the Dodd-Frank Act that will classify many manufactured home loans as predatory and high-cost under the Home Ownership Equity and Protection Act (HOEPA). He says, “ Simply put the cost of originating and servicing a $250,000 loan and a $25,000 loan are the same in terms of real dollars, but the cost as a percentage of each loan’s size is significantly different. This difference causes the smaller-sized manufactured home loan to potentially exceed the new HOEPA thresholds set by Dodd-Frank and be categorized as a high-cost mortgage and stigmatized as predatory, even though there is nothing predatory about the features of the loan. The liabilities associated with making and obtaining a HOEPA high-cost mortgage will likely prevent lenders from offering loans to low and moderate-income homebuyers, denying families access to necessary credit for new and existing manufactured homes.” Noting the business model for buying manufactured homes differs from a traditional mortgage, he adds the measure would also remove manufactured home retailers and salespersons from being classified as loan originators, providing they do not receive compensation from a lender. As MHProNews reported April 27, the Senate will be considering a similar bill. For the entire entry into the Congressional Record, please click here.

(Photo credit: Champion Homes)

MHI & MHARR Begin Joint Project

March 15th, 2013 Comments off

The Manufactured Housing Institute (MHI)  informs MHProNews at their  Board Meeting Feb. 25, president and CEO Richard Jennison presented the three issues which MHI is newly collaborating on with the Manufactured Housing Association for Regulatory Reform (MHARR): 1) have a non-career head of the MH program at HUD; 2) have two non-lobbyist representatives on the Manufactured Housing Consensus Committee (MHCC); 3) and reform GSEs so there are more financing options for MH. And from their newsletter: “The Federated States Division recommended that MHI consider protection of retail sales centers from the CFPB definition of a loan originator through commercial speech laws. It was noted that the Finance Lawyers Committee is exploring options at this time. The Dodd-Frank/CFPB Task Force recommended that MHI’s financial services policy priorities be focused on reforming three key areas of CFPB regulation that would, both individually and collectively, significantly limit the availability of credit in the manufactured housing market. They are: 1) HOEPA High Cost Mortgage Triggers; 2) HPML Appraisal Requirements; and 3) Loan Originator Compensation Exclusion for Manufactured Home Retailers.”

(Photo credit: Chris Butler/idahostatesman–Delores Loredo working on MH)