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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)