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Posts Tagged ‘instances’

American Banker Interviews Richard Cordray

August 20th, 2013 Comments off

While bankers fear the Consumer Financial Protection Bureau (CFPB) under Director Richard Cordray may be too aggressive, he assures them he is balancing safety and soundness with consumer protection. In a wide-ranging interview with American Banker, he says despite the fight over his initial recess appointment, he and his staff prioritized their mission: Protect and empower consumers in a financial marketplace. He says the Bureau recently received its 200,000 complaint, a statistic he says indicates the protection is being effective, as MHProNews has learned. Responding to a question regarding the biggest challenges of the agency, he referred to the four D’s: Deceptive and misleading marketing of products; debt traps like payday loans and deposit-advance products that can garner up to 390% interest; discrimination—treat all consumers the same; and dead ends, like debt collection, loan servicing, and possibly student-loan servicing and other instances in which the consumer is between two institutions. For the complete interview, please click here.

(Image credit: Consumer Financial Protection Bureau)

Home Building Methods have Changed Little

July 26th, 2013 Comments off

Ten years ago architect Stephen Kieran, noting you can drive the least expensive automobile through a thunderstorm at 70 mph and not get a drop of water inside, challenged the home building industry to do as good a job. Martin Holladay of Green Building Advisor says the technology for producing cars has advanced with new electronics, materials, engineering, and gadgetry, while homes, on-site and in factories, still use wood framing, drywall, vinyl and paint. Attempts to change the manufacture of factory-built homes have not succeeded although the homes, in many instances, have: Lustron Homes of the 1940’s were made of porcelain enameled steel on the outside, metal roofs, metal paneled interiors with metal cabinets and pocket doors. Owners say they have never had to repaint the outside or replace the roof, although the company went bankrupt in 1950, unable to compete with stick-built. While tools used for building homes have improved, as MHProNews has learned from treehugger, the methods have changed little. American houses are designed to be as big as possible, using the fewest materials as possible, and built as cheaply as possible. Until we are willing to trade quantity for quality, it will not get better.

(Photo credit: treehugger–parts to a Lustron home)

MH Component Stocks Rise

October 8th, 2012 Comments off

Investors tells MHProNews the stocks of Patrick Industries (PATK) and Drew Industries (DW) surged this past week. Drew advanced seven percent, and Patrick, which jumped 20 percent at the beginning of the week, settled at plus 13 percent. Both companies are major component suppliers to the manufactured housing and RV industries. According to the report, the annual RV show in Pennsylvania in Sept. saw record sales in some instances. Berkshire Hathaway’s (BRKA) Forest River subsidiary, which also makes modular and HUD Code homes, sold “virtually hundreds of units” at the show.

(Image credit: Wikipedia historic)

Ignored Foreclosed Homes: Who’s Responsible?

August 29th, 2012 Comments off

CNNmoney says in a complaint filed last month, the Los Angeles city attorney’s office accused U.S. Bank of contributing to crime, blighting neighborhoods, and harming property values by failing to maintain 170 foreclosed properties. With 3,000 branches in 25 states, the nation’s fifth largest bank is being called the largest slumlord in LA. The bank says the mortgage servicer that’s been collecting payments is responsible for maintenance, that the bank is merely the trustee. In some instances banks have the mortgages on their books. In the case of securitized loans, a trustee will distribute payments from servicers to the bondholders who own the mortgages, thereby complicating the responsibility for the property. As MHProNews has learned, according to LA City Assistant Attorney Tina Hess, trustees need to assume responsibility if the servicer fails to maintain the property. RealtyTrac says the number of foreclosed homes owned by lenders has dropped from one million in January 2011 to approximately 620,000. Daren Blomquist, vice president of RealtyTrac, says the longer they sit, the more likely they fall into disrepair, causing neighborhood values to plummet.

(Photo credit: Jillian Berman/Getty Images)

Enter, Manufactured Housing?

June 19th, 2012 Comments off

Community development lenders and investors might be eligible for $200,000 grants each from the departments of Agriculture, Treasury and HUD to replace some of the worst housing in the nation—worse than urban slums or some Indian reservations: It’s the “colonias” areas of the U.S. border with Mexico. Likely to be in rural areas or just outside big cities, the residents are largely Hispanic, mostly American citizens, with a cultural propensity to own land. Often sold by shady landowners who tend to confiscate the land if one payment is missed, the residents too frequently have no money for a house after acquiring the land, so the “homes” tend to be of leftover wood, tar paper, and other scrounged materials. In some instances there is no water or sewage hook-ups, providing a breeding ground for disease. In fact, NationalMortgageNews tells MHProNews, Bubonic plague has even been detected at some sites. The funding will be targeted for infrastructure and construction to provide healthful and safe conditions.

(Photo credit: NBCSanDiego)