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Canadian and American Financial and Banking Systems Compared, Infographic

May 16th, 2018 No comments

CanadaUSTaleofTwoBankingSectorsVIsualCapitalistLogoManufacturedHousingIndustryDailyBusinessNewsMHProNews

The Daily Business News reports every day on Canadian based companies as well as U.S. based firms in our evening market report.  But it’s been a while since we’ve taken a broader look at the Canadian market, or done a comparison with how U.S. and Canada are similar and differ.

 

So, the following interesting Visual Capitalist infographic is a step toward providing a look at life north of the longest peaceful border on planet earth.

As is widely known, Canada avoided much of the turbulence that was experienced in the U.S. during the run up to and since the 2008 mortgage/housing crisis.  But like the U.S., affordable housing is an issue north of the border.

Manufactured housing regrettably experiences resistance on either side of the 49th parallel.

Against that backdrop, per RBC Global Asset Management and VC:

General Differences:

Historically, the Canadian banking system favors a limited quantity of banks, and many branches. It also carries the British influence of valuing stability over experimentation. Meanwhile, U.S. banking is more decentralized and localized, and more open to experimentation. This has led to trial and error, but also the world’s largest bank system.”

 

Regulatory Focuses

Canada’s banking system tends to promote safety and soundness, while the American system keys in on privacy, anti-money laundering, banking access, and consumer protection measures.”

 

Market Environment
The Canadian market is worth C$142 billion (US$111 billion) per year, while the U.S. market is over 10x bigger at US$1.4 trillion. Interestingly, these market sizes explain why Canadian banks often seek growth opportunities in the U.S. market, while U.S. banks just focus on the massive domestic sector for growth.”

Number of Banks

There are 85 banks in Canada, and 4,938 in the United States.”

Market Share
Canada’s five biggest banks hold a whopping 89% of market share, while America’s five biggest banks only hold 35% of market share.”

 

CanadaUSBankingFinancialSystemVisualCapitalistComparisonsDailyBusinessNewsMHProNewsRBCGlobalAssetManagement600

To see of download the full sized version of this infographic, click here or the image above.

MHProNews will also take this as an opportunity to link up under related reports below of some of the previously published Canadian-connected manufactured housing news. ## (News, analysis, and commentary.)

(Third party images and cites are provided under fair use guidelines.)

Related Reports:

ECN Triad Financial Services – Fascinating Facts, Manufactured Home Industry Professionals, Investors

‘Trailer Park Boys’ Death Focuses Manufactured Home Industry, Homeowners Challenge

New Mortgage Lending Changes Impacting Hundreds of Thousands of MH Owners

Tricon MH Community Stock Insider Trade, Plus Manufactured Home Market UPdate$

UPDATE: MHC Future in Doubt, the Other Side of Rent Control

 

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Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

DTS Manufactured Home Lending – Views to FHFA NAFCU, an Innovative MH Community Operator, and MHARR

March 24th, 2017 Comments off
fhfa-logo-house-cash-scott-lewis-flickrcreativecommons-posted-daily-business-news-mhpronews-

Credit: Scott Lewis, Creative Commons.

Back in January, The Federal Housing Finance Agency (FHFA) issued a request for input (RFI) on its duty to serve (DTS) underserved markets ‘pilot program’ to finance manufactured homes, with a deadline of March 21st.

According to commentary from the Manufactured Housing Association for Regulatory Reform (MHARR), the request was an adjunct to its December 29, 2016 final rule implementing the Duty to Serve Underserved Markets provision of the Housing and Economic Recovery Act of 2008 (HERA), seeking public input on considerations that Fannie Mae and Freddie Mac should include in their determinations of whether to include manufactured home chattel loan pilot programs in their Duty to Serve Underserved Markets Plans.  And if so, how such pilots could be designed, taking into account policy, safety, and soundness considerations.

DutyToServeManufacturedHousingMMarkWeissJDPresidentMHARR-MHProNews-

Text and image credit, MHProNews.com

As the deadline arrived, there was no shortage of commentary and feedback from the industry and interested parties.

I am writing to you in regard to the Request for Input on Chattel Financing of Manufactured Homes. Overall, NAFCU supports the steps the Federal Housing Finance Agency (FHFA) has taken to increase the liquidity of the mortgage market and improve the distribution of investment capital available to very low-, low-, and moderate-income families,” said Ann Kossachev Regulatory Affairs Counsel for the National Association of Federally-Insured Credit Unions (NAFCU).

DTSManufacturedHomeLendingViewtoFHFANAFCUanInnovativeMHCommunityOperatorandMHARRcreditLinkedIn-postedtothedailybusinessnewsmhpronewsmhlivingnews

Ann Kossachev. Credit: LinkedIn.

Nonetheless, NAFCU’s members have expressed concerns regarding the entrance of Fannie and Freddie into the chattel loan market given the history of manufactured housing loans in the secondary market.

Kossachev continued with a cautious tone to the FHFA.

Therefore, NAFCU requests that the FHFA diligently evaluate the chattel loans market prior to requiring the GSEs to decide whether they should pursue a pilot program, thereby extending the time allotted for the GSEs to make such a decision,” sais Kossachev.

NAFCU also requests that the FHFA continue to be transparent in the implementation of the chattel loans pilot program through regular updates and opportunities for stakeholders to provide feedback so the industry may closely follow the progression of the program.

Kossachev also shared that there is, potentially, very serious danger in moving forward too quickly, and that more time was the key to permit GSEs to evaluate the chattel loans marker.

There is serious trepidation among NAFCU’s member credit unions that the implementation of the FHFA’s chattel loans pilot program will cause a negative disruption in the mortgage market. Namely, credit unions are worried that lenders will increasingly enter the chattel loan market because of the associated higher interest rates, ignoring the fact that there is typically a higher rate of delinquency for manufactured housing loans,” said Kossachev.

Delinquencies in the chattel loan market often occur later in the life of the loan, such that the manufactured home is worth much less than the outstanding unpaid loan balance. This type of circumstance creates a risky environment susceptible to a crash.

The full response from the NAFCU is linked here.

It should be noted that NAFCU references the same documents that MHProNews published earlier this month in a feature story on DTS, linked here.

 

A Response From an Innovative Community Operator

Brian Gallagher, COO, CPA, JD, MBA, of Santefort Real Estate Group in Westmont, Illinois, and owner/operator of 11 manufactured home communities located in Illinois and Indiana, comprising 3,000 home sites, also provided commentary to the FHFA.

DTSManufacturedHomeLendingViewtoFHFANAFCUanInnovativeMHCommunityOperatorandMHARRcreditLinkedIn2-postedtothedailybusinessnewsmhpronewsmhlivingnews

Brian Gallagher. Credit: LinkedIn.

We are very confident that the Enterprise’s support of a secondary market for manufactured home community (MHC) chattel loans would be a win-win-win,” said Gallagher.

Secondary Market Investors (SMI) would receive higher yield investments with mitigated risk characteristics. Consumers would have access to more lending sources which, among other key benefits, would lower borrowing costs and unlock the equity value in their manufactured homes. MHC chattel home loan originators would have a source of funds to replenish their lending pools, leading to greater activity, jobs, and more Quality Affordable Housing for a presently unsubsidized and underserved consumer market.

Gallagher continues, stating that he sees a particular, innovative, method leading to success.

The Enterprises could bring this about through leading the development of ‘template transactions’ – standardized documents, PMI, and ‘Park Agreements’, pursuant to which the MHC’s in which the loan collateral is located agree to cooperate with originators and SMI to mitigate the risk of loss arising from borrower default. In sum, the Enterprises’ promotion of a chattel loan secondary market would satisfy their ‘Duty to Serve’ the lower economic classes which are disproportionately dependent upon manufactured home community living for their quality affordable housing needs.

The full response from Gallagher is linked here.

 

PimpleOnElephantsAssGSE-FHFA-ManufacturedHomeLending-MHProNews

To see the related news story linked above, please click the graphic.

For a deeper dive into understanding GSEs, Duty to Serve, and manufactured home lending, including Eagle One Financials Titus Dare and his “4S’” of good lending, click here. ##

(Editor’s Note: a special review of MHI’s comments is planned after the Tunica Manufactured Housing Show.

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

MH Industry Lender, Change Pending

February 10th, 2017 Comments off

BankVault$100sDailyBusinessNewsMHProNewsMHProNews has been told by an informed source that an announcement for a change is coming with a manufactured housing industry connected lender.

That announcement, our source says off-the-record, will be coming as soon as Monday.

This comes on the heels of another announcement, that Clayton Bank could be acquired by FB Financial Corp., a holding company of Nashville-based FirstBank.

That change of ownership must clear regulatory hurdles.

Follow up reports on each of these industry-connected lending stories will be found on the Daily Business News soon. ##

(Image credit, MHProNews graphic stock photo.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach for the Daily Business News on MHProNews.com.

Legal and General Reveals Secret for Modular, Prefab Lending

February 9th, 2017 Comments off
LegalandGeneralRevealsWhatsNeededforModularPrefabLendingcreditLegal&General-postedtothedailybusinessnewsmhpronewsmhlivingnews

Legal & General factory. Credit: Legal & General.

The survey arm of insurance giant Legal & General believes it has the answer for bringing the mortgage market on board with prefab and modular home lending.

An industry-wide guarantee would help bring everyone to the market but, of course, their appetites will differ according to the requirements of their own lending policies,” said a Legal & General spokesman.

There are many ways of reassuring mortgage lenders that homes constructed offsite are reliable enough to lend on.

But not least is the need to establish an industry kite mark such as Build Offsite Property Assurance or the National House Building Council which offer independent assurance around the design life of the homes.

britishgianteyescavcoindustriesholdingscreditlgcavcoopenclipart-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: Legal & General, Cavco, Open Clip Art.

Legal & General, which owns a modular housing factory capable of building 3,000 homes per year in Leeds, U.K., has been active in the manufactured, modular and prefab industries, including increasing its stake in builder Cavco Industries.

Speaking on the Farmer Report by Cast CEO Mark Farmer in November, which called out modular housing as a solution to the U.K. housing crisis, Paul Stanworth, managing partner at Legal & General, commented on the company’s plans.

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Paul Sanworth. Credit: UK Infrastructure Investment.

This review sets out a clear way for the construction sector to reinvent itself in order to meet the ever-growing demand for homes and infrastructure,” said Stanworth.

Legal & General is helping to address this problem by investing in a modern factory to produce homes using manufacturing processes seen in the production of cars and other consumer goods.

This construction method is safe, clean, and fast, providing a high level of consistency and durability. We sincerely hope that Farmer’s review galvanizes the entire sector to invest in innovation and secure its future.

According to Mortgage Introducer, Legal & General Surveying Services has been helping lenders understand risks and opportunities with visits to development sites that use modern methods of construction and by having speakers talk to property risk managers. It has also invited lenders to its factories.

The government also supports offsite construction and hints that a soon to be published housing white paper may increase that support,” said the spokesman.

The government will be keen to use these homes to fulfill the need in our cities as well as new towns. We see offsite construction as part of the wider solution to the housing crisis, and these buildings are particularly well suited to delivering affordable homes – the very kind of property we need most.

LegalandGeneralRevealsWhatsNeededforModularPrefabLendingcreditMortgageIntroducer-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Mortgage Introducer.

While critics of prefab homes in the U.K. often negatively compare them to ones built after World War Two, Legal & General says that the modern construction is very different.

Post-war, the key was to house people. Now the materials used must come with quality assessment so the properties can be mortgaged from the outset,” said the spokesman.

Also the quality of build and the features and specifications available are light years away from previous incarnations. New techniques are likely to be higher quality than traditional techniques because they are precision engineered.

Much like the automotive industry, the technology and features available now are unrecognizable to the post-war period.”

ChineseSpanishPowerPlayerstoBuildPrefabFactoriescreditcompaniesEnglandnet-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: Companies, England Net.

For more on modular and prefab housing in the U.K., including China National Building Material Company (CNBM), Barcelona Housing Systems and U.K. housing association Your Housing Group (YHG) joining forces to build six prefab factories that will deliver 25,000 energy efficient homes per year, click here. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Free Manufactured Housing Finance, Business Seminars and Forecast

March 24th, 2014 Comments off

standing-room-only-2014-louisville-manufactured-housing-show-seminar-room-masthead-blog-mhpronews-com-Some 2100 +/- manufactured housing industry professionals from all segments of the industry are expected at the 2014 Tunica Manufactured Housing Show. Registrations have come in from states coast to coast.

The Tunica Show features more homes and exhibitors than any other industry trade show in North America. Networking and free luncheon’s are part of the show line up.

Popular finance and business building seminars are offered free to industry attendees. General information about the finance and business building seminars are found linked here.

Tunica offers popular free manufactured and modular home finance panels, which features top industry lenders as well as MH Community commercial lending panels, both moderated by MH finance expert, Dick Ernst..

Business Building CRM, Marketing and Sales building programs and a Manufactured Home Community Lesson’s Learned panel discussion are on the schedule. A guest column by Brad Nelms on Why Retailers and Community Operators should Go Tunica, is linked here.

A possible program change may occur in the MHC Lessons Learned panel, which is being moderated by the National Community Council’s VP, Jenny Hodge. Rick Rand has advised seminar management that he may not be able to attend, but seasoned veteran and MHC-MD.com consultant, L. A. “Tony” Kovach will be available as an alternate panelist for that session. Featured MHC panel experts include Tammy Fonk with CBRE who has years of experience in a family owned community, as well as Maria Horton, a respected executive from west coast MHC powerhouse Newport Pacific. Seminars will be held in the Harrah’s Convention Center exhibit hall.

Video interviews are planned at the show, such as the ones linked here.

The current forecast for the Tunica Manufactured Housing Show is a sunny on Wednesday 3/26/2014 with a low of 43 degrees and a high of 55. Thursday’s forecast is partly cloudy, with a 10% chance of rain, low of 54 and a high of 63. Friday’s forecast is mostly sunny, but 40% chance of rain, with a low of 43 and a high of 69.

This is an industry trade show, and is not open to the general public. Industry professionals are reminded that they can typically gain free admission by bringing their photo ID and business card. ##

(Image Credit: MHProNews)

 

MHARR, MHI and GSE Reform, Background to Danny Ghorbani’s release and George Allen’s Planned “Story”

March 18th, 2014 4 comments

mhpronews-mharr-mhi-associations-graphic-manufactured-home-marketing-sales-managementOn Sunday, March 16 at 4:47 PM ET, a news release was received from the Manufactured Housing Institute (MHI) on the topic of the highly-charged issue of a Government Sponsored Enterprise (GSE, “Fannie and Freddie”) reform plan.

Some 3 Hours and 43 minutes later, at 8:30 PM on the same day, the first message came in from the Manufactured Housing Association for Regulatory Reform (MHARR) on the same topic. MHI’s full release on the topic of GSE reform is linked here, while the link to MHARR’s full release on the topic is found here.

In his message, MHARR’s President, Danny Ghorbani, claimed their “…calculated risk by MHARR that has now…” quoting their headline …achieves major victory.

While most industry professionals who follow these events would agree that this is certainly promising for consumers and the industry, the GSE reform legislation has a long way to go before it is becomes law. This is a one step along a longer path, as Ghorbani’s own statement from MHARR later acknowledges.

That fact begs the question, what makes this a bigger success than HR 1779 or S 1828, both of which are well underway?

It also raises the question, what was the “calculated risk” that Ghorbani’s message refers to in his release? Where is the “risk” in MHARR sending a position paper to the Senate Banking Committee?

Could it be that the “risk” Ghorbani refers to is that MHARR has not publicly supporting HR 1779 and S 1828? Isn’t it risky for their member-manufacturers and customers to not cover all possible legislative and lobbying bases, as MHI’s team has been doing on the finance and other issues?

MHARR claims MHI had a Single Focus

MHARR CEO Ghorbani’s message included this paragraph,

At a time when much of the industry was pursuing a singular focus on unsuccessful legislative modifications to the loan originator compensation and high-cost loan provisions of the Dodd-Frank finance reform law — and was unwilling to join MHARR in an  initiative on the much farther-reaching issue of GSE reform — the MHARR Board of Directors chose to advance the inclusion of all types of manufactured home loans and definitive action to end the discrimination that has dogged the industry’s consumer financing for decades, as part of the GSE reform process in Congress.”

As the numerous items that follow below demonstrate, the first part of this statement cited above is demonstrably in error. Namely:

At a time when much of the industry was pursuing a singular focus on unsuccessful legislative modifications to the loan originator compensation and high-cost loan provisions of the Dodd-Frank finance reform law –…”

Furthermore, as this Congressional legislative session is not yet over, none of these efforts – GSE Reform or Dodd-Frank reform – can be called a failure or a success.

So why is there a need for MHARR’s CEO to paint MHI’s efforts as a ‘failure,’ when the GSE effort is not as far along as HR 1779 or S. 1828?

Some MHARR officials and allied industry commentator in the dark?

Messages and calls from MHARR members, those aligned with MHARR and others outside of that camp to MHProNews seem to be unaware – or in some cases, won’t acknowledge – the fact that MHI has demonstrably been engaged on this topic of GSE reform for years, along with a variety of other issues in Washington. DC. Some examples will be shown in a down-loadable attachment, later below.

Agenda of Making MHI look bad, as a way of Making Ghorbani and Allen look more important?

broadside-darius-danny-ghorbani-president-mharr-george-allen-allen-letter-community-i ... actured-housing-institute-manufactured-housing-association-for-regulatory-reformOn Monday, after allegedly communicating with Danny Ghorbani, President and CEO at MHARR, George Allen sent an email to Rick Robinson, Vice President and General Counsel at MHI.

Robinson forwarded that email to Senior Vice President Jason Boehlert for response.

Allegedly, this email exchange has been shared with Ghorbani, Jim Visser, Ken Rishel and others linked to MHI and MHARR; and seems to accuse MHI of grabbing credit for work done by MHARR.

While sensational, the problem with this accusation by Allen against MHI, is that it flies in the face of the facts. But doesn’t this fit Allen’s self-description on his own blog of his activities? The word Allen used about himself, “agitate” includes the following definition from Google: “1) make (someone) troubled or nervous.”

The Google definition of agitator, is also insightful:

1. a person who urges others to protest or rebel.

synonyms: troublemaker, rabble-rouser, agent provocateur, demagogue, incendiary;

The Facts Say Differently

While some in the mix seem to take the position, ‘Don’t confuse me with facts, my mind is made up,’ a simple Google search demonstrates to the truth seeker that MHI has issued numerous updates on their activities in the GSE Reform arena.

A search of the articles published in the MHI News module demonstrates the same, and for those who attended the 2014 MHI Winter Meeting and Legislative Session, a briefing was given to attendee/members that coveted all of MHI’s lobbying and legislative initiatives, including GSE reform.

Clearly, MHI’s engagement on the GSE issue is a matter of public record and is no secret.

As MHProNews has documented in a series of articles, linked at the end of this report, George Allen has in his own words:

  • describes himself as one who agitates,

  • has gone from opposing Danny Ghorbani and calling him a flawed writer and leader, to now lauding him as a leader others should follow. The difference between recent and prior statements by Allen on Ghorbani?   Is it the MHARR paid ad and factories who Allen himself says are now paying Allen?

  • Allen has blasted MHI off and on for some two years for not buying him out when Allen wanted to retire.

Don’t such flip flops, contradictions, slanted ‘coverage’ and motivations beg a reasonable person to question the motivations and accuracy of Allen’s commentaries?

The Emails Between Allen and MHI – “We Provide, You Decide” ©

The exchange below is in a first-to-last message time sequence. They are word-for-word as the respective parties sent them, save the removal of the ‘signature (contact/disclaimers/resource)’ info at the end of each email and what amounts to ads from each of the respective emails. The typos in George Allen’s emails are in the original. The first message, as shown below, is to Rick Robinson at MHI.

Start of George Allen to Jason Boehlert at MHI Email Exchange

From: <gfa7156@aol.com<mailto:gfa7156@aol.com>>

Date: March 16, 2014 at 5:43:35 PM EDT

To: <info@mfghome.org<mailto:info@mfghome.org>>

Cc: <rrobinson@mfghome.org<mailto:rrobinson@mfghome.org>>

Subject: Re: MHI Housing Alert –  Senate Banking Committee Leaders Unveil GSE

Reform Plan – MHI Successfully Stakes out Ground for Manufactured Housing and

Personal Property Loans

Rick

When did MHI switch its’ primary legislative focus from Dodd-Frank regulatory
reform to GSE Reform? Didn’t seem to be that much of a priority during the
annual Legislative Conference last month in Arlington, VA. Here quoting directly
from this afternoon’s HOUSING ALERT from MHI:


“MHI Successfully Stakes Out Ground for Manufactured Housing and Personal
Property Loans” and “As advocated for by MHI, the legislative draft released by
the Committee includes language that would provide manufaturd home loans secured
by personal property with key access to a newly envisioned secondary market
mechanism.”

As exciting and hopeful as this news is, I’m wondering whether we’re indeed
reading/learning of a pure MHI effort to this much desired result, OR is there
more to this now quickly unfolding story, i.e. Is there someone else more
intimatly involved ‘in the mix’ who is NOT getting credit, in this email alert,
for drafting the language and lobbying for this legislative draft?

Frankly, I sense a story here….

GFA

George Allen


—–Original Message—–

From: Jason Boehlert <jBoehlert@mfghome.org>

To: GFA7156 <GFA7156@aol.com>

Cc: Richard Jennison <rjennison@mfghome.org>; Rick Robinson <rrobinson@mfghome.org>

Sent: Mon, Mar 17, 2014 11:32 am

Subject: RE: MHI Housing Alert – Senate Banking Committee Leaders Unveil GSE

Reform Plan – MHI Successfully Stakes out Ground for Manufactured Housing and

Personal Property Loans

George,

Thank you very much for your email.  However, I am unclear what you mean by “Is
there someone else more intimatly(sic) involved ‘in the mix’ who is NOT getting
credit, in this email alert, for drafting the language and lobbying for this
legislative draft?” We do not comment on the activities or actions of other
national organizations—that is not our role. Nor do we believe it serves the
interests of the industry or our members to do so.


Since MHI represents every facet of the industry—including builders, community
owners, lenders, supplier, retailers—our policy priorities are reflective of the
totality of our membership.  Dodd-Frank is a priority.  As are housing
finance/GSE reform, energy efficiency, tax, HUD Code and environmental issues
and we would never focus on one issue so persistently that it would be to the
detriment of the others. I know you did not attend, but GSE reform was
reaffirmed as an association policy priority during our legislative conference
and winter meeting and was discussed at length during the meeting of our
newly-formed government relations committee. The new government relations
committee has multiple representatives from each MHI division.


Expanding secondary market access for manufactured home loans, including those
secured by personal property has been a long-standing priority of MHI—dating
back to at least the duty-to-serve requirements that were included in the
Housing and Economic Recovery Act (HERA) in 2008.  We have, and continue to,
work with FHA, FHFA, Fannie Mae, Freddie Mac, Ginnie Mae, HUD, and the House
Financial Services and Senate Banking Committees to improve the availability of
financing options in the manufactured housing market, both from a residential
and commercial standpoint.

MHI represents every significant manufactured home lender in the industry and we
work hard to see that the totality of their interests—which are not limited to
Dodd-Frank/CFPB rule makings—are served.  Our efforts on GSE reform extend well
beyond the Senate Banking Committee’s recent legislative draft. If you are
suggesting that we have not been an active player in this regard, you are
mistaken. GSE reform has been an issue that has received very close attention
from our internal and external lobbying teams on an ongoing basis for several
years.

A sampling of our most recent activities include (but certainly not limited to):

· working with drafters of the underlying Corker-Warner bill (S.
1217)—which serves as the blueprint for the Senate Banking Committee bill—to
garner their approval for modifications of their measure that would expand
access for personal property loans

· communicating—both our internal and external lobbying teams—on an
ongoing basis with Democratic and Republican senior staff to the Senate Banking
Committee to include specific manufactured home/personal property language

·         providing key industry lending data to Senate staff to underscore the
need for specific statutory language

· facilitating an industry lender roundtable for Senate Banking
Committee staff—this panel of lenders, which represented the vast majority of
personal property manufactured home lending—provided the key information and
feedback needed by  committee staff to include manufactured home lending
provisions (which took place at our recent legislative conference)

· working to develop a consensus coalition position with consumer group
that are also seeking to expand personal property lending options for
manufactured housing

·  outreach to the Federal Housing Finance Agency (FHFA)—the
administration’s voice on GSE reform—to support legislative provisions expanding
manufactured home lending opportunities

· engaging an external lobbying firm whose principals include the most
recent Democratic Staff Director to the Senate Banking Committee (working
directly for Chairman Tim Johnson) and provided significant access to committee
staff drafting the legislation

As I hope you are aware, MHI’s involvement has not only been limited to the

Senate Bill. Our work also includes:

· facilitating the first-of-its-kind lending conference, sponsored by
then Rep. Joe Donnelly, in Elkhart, Indiana (which I believe you attended)

· improving the FHA Title I &II programs and opening Ginnie Mae to new
issuers (a work in progress)

· coordinating more than 1,000 comments in opposition to FHFA’s
duty-to-serve rule, which would ignore secondary market access for personal
property loans

· working to provide equal access for all mortgages in the House version
of GSE reform –the Path Act (which also includes specific MH relief from the
Dodd-Frank Act)

· testifying before Congress on three separate occasions over the past
three years on the need for secondary market access for manufactured home loans
secured by personal property—this does not include testimony provided prior to
2010 on the need to improve the FHA Title I & II programs for manufactured
housing

· more than 300 meetings conducted over the past three years with
Members of Congress specifically on the lack of credit access provided by the
GSEs for manufactured housing

· working directly with Fannie Mae and Freddie Mac to develop new
lending options for manufactured housing

I can only speak to the involvement of MHI, which has been continuous and
ongoing and substantial. Looking at the history, I think it is fair to say MHI
and its members have been leaders in working to expand manufactured housing
financing options for quite some time.

Best,
Jason


Jason Boehlert
Manufactured Housing Institute (MHI)
Senior Vice President of Government Affairs

________________________________________

From: gfa7156@aol.com [gfa7156@aol.com]

Sent: Monday, March 17, 2014 1:20 PM

To: Jason Boehlert

Cc: news@journalmfdhousing.com; ken@rishel.net; Rick Robinson

Subject: Re: MHI Housing Alert –  Senate Banking Committee Leaders Unveil GSE

Reform Plan – MHI Successfully Stakes out Ground for Manufactured Housing and

Personal Property Loans

Jason

You, in behalf of MHI did NOT answer the lead question in my email
correspondence dated 3/16/2014, to wit; “When  did MHI switch its’ primary
legislative focus from Dodd-Frank regulatory reform to GSE Reform?” You can
blather all you want about ‘A sampling of our most recent activities include
(but certainly not  limited to)’ to  cloud the issue – which I’m getting to –
but the fact remains, throughout the Fall of 2014 MHI had tunnel vision relative
to effecting Dodd-Frank regulatory reform.


The tenor of your sentence,”We do not comment on the activities or actions of
other national organizations – that is not our role. Nor do we believe it serves
the interests of the industry or our members to do so.” tells me you well
understand what I was referring to in the above-referenced email  message, i.e.
Quoting MHARR’s Press Release dated 3/16/2014:  “…MHARR today lauded the
inclusion of specific  MHARR-proposed language in the bi-partisan GSE housing
finance reform bill (S.1217)…(containing) “langaguage submitted to the Senate
Banking Committee in Septermber and October 2013….” There lies the crux of
this whole issue of giving credit where credit is due!


Being as new as you are to MHI’s staff, you can be forgiven for not knowing how
often in the past, MHARR and MHI have ‘worked together’ to effect federal
legislation, e.g. Manufactured Housing Impovement Act of 2000 is but one
example. And how both national advocacy bodies have, in the past, ‘commented
(appropriately &/or positively) on the activities or actions of other national
organization’ YES, that should be one of the rolls taken on by MHI even if it’s
not as commonplace today as it has been at times in the past.


Furthermore; speaking as a 35 year entrepreneur businessman in the manufactured
housing industry and land-lease-lifestyle community asset class, and 20+ year
direct, dues-paying member of MHI, I disagree with you! Interadvocacy body
cooperation/praise (as should have been in this instance!) does serve the
greater interests of the industry, and certainly its’ members!


I think it entirely appropriate, that sometime this week, MHI take steps to
right the  misunderstanding couched in the subtitle & text:HOUSING ALERT, i.e.
“…MHI Successfully Stakes out Ground for Manufactured Housing and Personal
Property Loans”, before someone else does it for you….


Need someone to do this  public relations magic for you? I can recommend
someone, if asked.

GFA
George Allen

—–Original Message—–

From: Jason Boehlert <jBoehlert@mfghome.org>

To: gfa7156 <gfa7156@aol.com>

Cc: news <news@journalmfdhousing.com>; ken <ken@rishel.net>; Rick Robinson <rrobinson@mfghome.org>; Richard Jennison <rjennison@mfghome.org>

Sent: Mon, Mar 17, 2014 3:05 pm

Subject: RE: MHI Housing Alert – Senate Banking Committee Leaders Unveil GSE Reform Plan – MHI Successfully Stakes out Ground for Manufactured Housing and Personal Property Loans

George,

I am sorry to hear you found my response to your original inquiry,
unsatisfactory. I believe I answered in an honest and thorough fashion. But, to
try and further clear things up:

1) MHI is a multifaceted trade association.  This requires us to multitask and
pursue multiple policy priorities at the same time. Our focus is not solely
limited to Dodd-Frank. It also includes GSE reform, HUD-MHCC issues, tax, energy
and environmental policies.  This does not require us to shift our focus, but to
add to it–and GSE reform has been a focus of MHI now for several years.

2) I do not work for MHARR. Therefore, I have no real knowledge of their
lobbying activities. As such, it would be wholly inappropriate for me to comment
on MHARR’s activities. Just as it would be wholly inappropriate for MHARR to
comment, with any real knowledge on MHI’s policy activities.

3) Had you been able to attend MHI’s legislative conference, you have
undoubtedly learned that MHI’s GSE reform activities have been substantial and
ongoing.  MHI’s GSE efforts have been significant and have unequivocally led to
this positive outcome.  I am sorry you are unable to see yesterday’s news as a
positive development for the entire industry.


However, if you feel additional clarification is needed please feel free to
contact MHI’s CEO Dick Jennison at 703.558.0678.

Jason

———-

From: <gfa7156@aol.com>

Date: March 17, 2014 at 3:47:48 PM EDT

To: <jBoehlert@mfghome.org>

Cc: <news@journalmfdhousing.com>, <ken@rishel.net>, <rrobinson@mfghome.org>

Subject: Re: MHI Housing Alert –  Senate Banking Committee Leaders Unveil GSE Reform Plan – MHI Successfully Stakes out Ground for Manufactured Housing and Personal Property Loans

Jason

You can dance around the issue all you want, but truth be told, GSE reform was not a primary focus for MHI during the last half of 2014. I am an MHI member read what little is sent my way these days.

Amazing. You & MHI claim no prior knowledge of the source of the language used in this bi-partisan GSE housing finance reform bill (S.1217), yet are bold to state: “MHI will continue in its’ role as the leading advocate for the manufactured housing industry to ensure that manufactured home finance opportunities are expended to the greatest extent possible in forthcoming housing finance reform measures.” By the way, in this sentence, did you intend for the word choice to be ‘expended’, rather than ‘expanded’ or some other appropriate non-dissipating word?

Of course I see yesterday’s developments to be of value to the entire HUD-Code manufactured housing industry. And I see MHI’s HOUSING ALERT, in the manner in which it was written, to be unequivocal grandstanding, when it’d have been highly appropriate, and much appreciated by ‘the entire HUD-Code manufactured housing industry’, if credit had been given where credit was truly do!

Thank You for fleshing out my story for this week, if nothing more newsworthy doesn’t come along.

GFA.

George Allen

—- end of emailed messages on this thread —-

An impartial reading of George Allen’s messages suggests is a either a lack of objective research into the ongoing efforts and engagement by MHI on the subject of GSE reform, or perhaps an effort to “agitate” (Allen’s word about himself) against MHI, and/or some other motivations.  Allen clearly implies his intent to write about this topic, which is certainly his right, but after reading this exchange, does an objective person believe that Allen will right about it in a fair and balanced fashion?  Or will Allen use this once more to “agitate” against MHI?

As noted previously,

  • a simple Google search revealed numerous links dating back several years regarding MHI engagement on the topic of GSE reform. Please see below.

  • A search on the MHProNews website proves the same point of MHI engagement on GSE reform that Jason’s replies state.  So does a review of MHI’s typically weekly reports, that go out to members like Allen, and as did the update briefings during their 2014 Winter Meeting and Legislative session that all referenced efforts by that national trade association on GSE reform.

Why Does Allen seek to Manufacture a new Controversy?

It should be noted that MHARR has indeed made GSE reform an issue they have pursued.

But what is lacking from MHARR’s President and CEO, Danny Ghorbani is the same credit to MHI’s efforts, that Allen allegedly seeks on Ghorbani’s behalf from MHI as a tip of the hat to MHARR.

Thus Allen and Ghorbani seem to want from MHI what they are unwilling to give themselves. On MHI’s part, Boehlert’s responses to Allen are polite and professional.

Prior to issuing this report, MHProNews reached out once more for comment to Messrs. Allen and Ghorbani. For those anxious to share their views to their select group of readers, they have opted not to state reasonable replies to our questions for the record to the largest professional audience in the industry.  Why are they ducking replies?

A copy of the questions sent to MHARR’s President and Vice-President are below, as are the questions sent to George Allen.

A download of the search results from Google on this date for “Manufactured Housing Institute” = “GSE Reform” produced the results shown in the attachment linked here, which also reflects search results found on MHProNews, both of which pre-date by months or years the MHARR initiative ballyhooed by Danny Ghorbani.

The initiatives in the Senate both MHARR and MHI reference provide reasons for hope for all in the industry.

By contrast, this apparent manufactured controversy detracts from what ought to be one of many joint steps forward by MHARR, MHI and state associations, who all should be working in concert on issues vital to the manufactured housing industry.

Inflammatory messages may help a pair of ‘leaders’ posture themselves as tough, but do such missives advance or harm the manufactured housing industry’s agenda, and the interests of their own followers?

Industry voices cited in the articles found in the links below question if Danny Ghorbani – with or without the aid of George Allen – can effectively deal with regulators and politicos, without major changes in his modus operandi…or will real leadership by MHARR’s CEO come from Ghorbani’s successor, should Ghorbani depart or retire? ##


Appendix

Questions provided to George Allen for response by MHProNews:

1) Will you publish the unedited reply from Jason this upcoming weekend on your blog, or will you continue on your allegedly pro-Danny Ghorbani/MHARR, anti-MHI public stance?

2) As a self-proclaimed MH Communities owner advocate, how do you defend Danny Ghorbani’s embrace of Ishbel Dickens and her anti-MHC owners organization, when Dickens has reportedly said in public that community owners are “the enemy…”?

3) You’ve described on your blog your activities in part as an “agitator. ”  You’ve described Danny Ghorbani as a “leader.” Yet in the past, you decried Ghorbani for very similar stands to his current one, and after your own analysis, described in the article and links from the post here,

http://MHProNews.com/blogs/tonykovach/mharr-after-danny-ghorbani-and-more-manufactured-housing-issues/

you concluded Danny was mistaken in his writing that you then cited.  Where you wrong then? How do you answer your own rejection of Danny’s views  then, what has he practically accomplished since then which has caused you to change your stance? How much has payments for ads or other money received from MHARR factories influenced  your new found admiration for Danny?

4) Why do you not show remarks opposing your views on your blog?

5) We’ve invited you and Danny to debate MH Industry related topics; why have you not done so?

6) As an industry commentator, did you know that GSE reform was on the MHI legislative agenda?

7) You are fine with asking questions, so why do you not provide the courtesy of replying to questions when you are asked?

Questions provided to Danny Ghorbani and M. Mark Weiss at MHARR

1) We’ve asked many times, and ask again, what are the achievements of your last last 5 years at MHARR?

2) Why is it necessary to undermine MHI to make yourself look better?

3) Specifically what did you do – apart from MHI – that makes this advancement in GSE Reform your sole victory?

4) And how is this bill – not yet a law – more of a victory than HR 1779 or S 1828?

Previous Reports, Posts and Articles on this or Related Topics

Some Related Story Links:

Downloads and Attachments:

Commentary on MHARR ad from a cross section of MHPros in the Industry are found here.

2014 Louisville Show Forecast; Cool, Busy!

January 18th, 2014 Comments off

louisville-show-onsight-registration-posted-masthead-blog-manufactured-housing-pro-news-.jpgThe tough winter of 2013-2014 has not slowed the record pace for pre-registertions for the 2014 Louisville Manufactured Housing Show. The long range weather forecast for the Louisville Manufactured Show are for lower than normal temperatures, with highs during the show generally in the mid to upper 30s. But the all-indoor show will be busy, with red-hot pace record numbers of retailers, community, installers and builder/developers pre-registering.  2400+ industry professionals are expected ‘all in,’ based on record pre-registration numbers and past historic trends. Those keen to grow their business and profits in 2014 will find 48 model homes, some 80 exhibitors, deal making, networking, mixers and special incentives to do business. “Show Me the Money!” Seminars and workshops include the latest programs offered by top industry lenders, marketing, sales, CRM and business development, lessons learned by community professionals, community lending and more. Most professionals can attend free with a business card and photo ID, more information at this link. Go to the LouisvilleManufacturedHousingShow.com for details. MHProNews will be in attendance, at booth #115. ##
http://www.youtube.com/watch?v=6sU0xkLomrg
(Video and photo credit: ManufacturedHomes.com and MHProNews.com)

HUD Rule Expands Regulations on Non-Discrimination

February 14th, 2012 Comments off

 Shaun Donovan, HUDHousing Secretary Shaun Donovan recently posted on the HUD blog that a new rule taking effect March 5 will prevent housing discrimination based on sexual orientation or gender identity. Donovan says the need for this rule is clear, particularly when it comes to housing. Contained in the rule are four provisions including an equal access provision making clear that housing that is financed or insured by HUD must be made available without regard to actual or perceived sexual orientation, gender identity, or marital status. Second, by prohibiting owners and operators of HUD-funded housing, or housing whose financing we insure, from inquiring about an applicant’s sexual orientation or gender identity or denying housing on that basis. Third, Donovan says the new rule makes clear that the term “family” includes LGBT individuals and couples as eligible beneficiaries of HUD’s public housing and voucher programs. The rule also expresses that sexual orientation and gender identity cannot be part of any lending decision when it comes to getting an FHA-insured mortgage.

(Image Credit: HUD)

High Down Payments Still Roil Many in Industry

December 30th, 2011 Comments off

NationalMortgageNews tells MHProNews.com a survey by mortgage lender Lending Tree reveals Americans who can afford to buy homes are putting 12 percent down on average, even more where the property is more expensive. While some regulatory proposals push for down payments of 20 percent in order to be exempt from risk retention, as in the Dodd-Frank Act, many in the mortgage industry advocate a rate as low as five percent down, while regulators say ten percent would be wiser. Policymakers are even suggesting Fannie Mae and Freddie Mac minimums need to be raised from the current five percent. Doug Lebda, Lending Tree chief executive says of the data, “You’re dealing here in averages. In this data some borrowers have put 40% down and some have put 5% down. I’m for the 5%.” New Jersey has the highest average down payment at 13.8 percent, followed by California at 13.6 percent, Washington, D.C. and NYC at 13.5 percent, and Hawaii with 13.4 percent. Home buyers in Utah, Tennessee, Wyoming, and Oklahoma averages the lowest with between 11.4 percent and 11.7 percent.

(Photo credit: NewsCourier/Rebecca Croomes)