Posts Tagged ‘melvin watt’

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”

EmailedMHProNewsHeadlineNewsDailyBusinessNewsDon’t be the last to know. Over 1,000 new subscribers in the past 2 months. Thousands More “Get It.”

Sign Up Today! Click here to sign up in 5 seconds for the manufactured home industry’s leading – and still growing – emailed headline news updates. You’ll see in the first issue or two why big, medium and ‘mom-and-pop’ professionals are reading these headline news items by the thousands. These are typically delivered twice weekly to your in box.

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

Follow us on Twitter:


SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for

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




To report a news tip, click the image above or send an email to – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

Sunday Morning Recap-Manufactured Housing Industry News Feb. 28-March 6, 2016

March 6th, 2016 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured

Rancho El Mirage, new 55+ Manufactured Home Community Opening near Yuma, AZ

Tired of renting? Get the Scoop on Manufactured Homes

What’s New in Manufactured Housing Industry Professional News

American Dream lives. HUD Code production starts year strong. Patrick, Drew Industries acquire ancillary businesses. Congressman urges GSEs to buy chattel loans. Rent control equals price fixing. TRID Rule continues to hamper closings. New Durham MHC sets open house. New MH proposed for North Carolina MHC. DNC chair aligns with Republicans. Off-site housing spurs South Carolina development. D. J. Pendleton: Texas races just as hot as nationals. Pending home sales fall. RHP Properties adds to portfolio. Much, much more in news and views for you to peruse as you sip your morning jo.

Saturday, March 5, 2016

Rep. David Scott: GSEs should Purchase Chattel Loans

Friday, Feb 26

Sun Community Shareholders Buy and Sell Shares

Patrick Industries Acquires Electronics Distributor

Rent Control termed a Form of Price Fixing

Northstar Added to Stock Lineup; Dow Crosses back across 17k Mark

On Site Completion of Construction of Manufactured Homes Frequently asked Questions

Rent Increase at Calif. MHC has Residents Worried

Thursday, March 3

Minorities, Millennials Still Believe in American Dream

Dublin City Council Sets Timetable for Siting of Modular Homes for Homeless

MHCV Gains 3.14 Percent; AMG Advances 3.32 Percent

DNC Chair Switches Teams over Payday Lending

TRID Rule Continues to Hamper Mortgage Lending Industry

Caddis Capital adds Two More MHCs to Portfolio

Wednesday, March. 2

New Durham Estates to Hold Open House

Prospective MHC Owners Plan to Upgrade the Community with New Homes

Most MH-related Stocks Edge up

New Year Begins with Energetic HUD Code Production

National non-profit Suggests Manufactured Housing as an Option to Renting

Astounding Growth for Single-family Home Rental Company

Tuesday, March 1

Modular Builder in UK sees Profit Grow 29 Percent

Home Prices Rose 6.9 Percent Year-over-Year

Dow Advances 348 Points; MHCV Moves up to 1088.1

Off-site Housing Seen as Spur to Redevelopment in South Carolina

D.J. Pendleton: Texas Races are Hot—but Get Out and Vote Regardless

Pending Home Sales Drop in January

Monday, Feb. 29

Drew Acquires Manufacturer of RV Interiors

Buffalo Home Show to Feature Modular Home

MHCV Drops -2.24%; Carlyle Group Leads Gainers

RHP Properties Acquired 5,538 Home Sites In 2015

Patrick acquires Parkland Plastics

Bills would Begin to Address the Shortage of Affordable Housing

Sunday Morning Recap-Manufactured Housing Industry News Feb. 21-Feb. 28, 2016 ##

Rep. David Scott: GSEs should Purchase Chattel Loans

March 5th, 2016 Comments off

david_scott_dot_house_.govIn a letter to Melvin Watt, Director of the Federal Housing Finance Agency (FHFA), Rep. David A. Scott (D-GA) reminds Dir. Watt the Housing and Economic Recovery Act (HERA) pinpointed manufactured housing (MH) as an underserved market. Noting the importance of MH as a source of homeownership for millions of Americans, he says homeowners pay more to finance their homes than do buyers of site-built homes, and sometimes loans are just not available, as MHProNews understands..

As the agency is set to finalize the GSEs’ (government-sponsored enterprises) Duty-to Serve (DTS) rule, he urges Dir. Watt to require “the GSEs to significantly increase their support of manufactured housing through the purchase of chattel loans.”

Citing Census Bureau statistics, he says the income of manufactured homeowners is almost 50 percent less than that of all homeowners, and that MH accounted for approximately 12 percent of all new single-family homes sold in the U S. in 2013. He writes, “Of this, manufactured housing represented more than 80 percent of all new homes sold under $125,000, 64 percent of new homes sold under $150,000 and 35 percent of new homes sold under $200,000.”

He states because MH are financed as chattel—70 percent of all MH are thus financed—buying an MH can be expensive. He writes that the Consumer Financial Protection Bureau (CFPB) says that the cost of an MH sited in a manufactured home community (MHC) could be as much as 50 to 500 basis points more than a site-built home.

If the proposed DTS rule requires the GSEs to create a secondary market for chattel loans, the opportunity for homeownership will increase for many more working class families.

For comments on the Federal Housing Finance Agency’s proposed GSEs Duty to Serve rule by Michael A. Parham, JD, click here. ##

(Photo credit: David–Rep David A. Scott)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

FHFA under Melvin Watt Taking New Approach to MH

September 5th, 2014 Comments off

federal_housing_finance_agency__logoThe Manufactured Housing Association for Regulatory Reform (MHARR) informs MHProNews that the “Duty to Serve Underserved Markets” as it applies to manufactured housing, according to the Housing and Economic Recovery Act of 2008 (HERA), will be “revisited” under Melvin Watt, the new head of the Federal Housing Finance Agency (FHFA). The previous director held DTS in administrative limbo. The agency is also seeking comment on the possible inclusion of manufactured housing community “blanket loans” as part of FHFA’s multifamily affordable housing goals. MHProNews has learned FHFA’s current housing goals rule expires at the end of 2014. For the agency’s 2015-2017 housing goals for Freddie Mac and Fannie Mae, please click here. ##

(Image credit: Federal Housing Finance Agency)

Melvin Watt : New Light at the Federal Housing Finance Agency?

January 10th, 2014 Comments off

Former North Carolina Democrat Melvin Watt was sworn in Jan. 6, 2013 as the new head of the Federal Housing Finance Agency (FHFA), replacing the acting head since 2009, Edward DeMarco. The Manufactured Housing Association for Regulatory Reform (MHARR) says Watt was instrumental in the passage of the Manufactured Housing Improvement Act of 2000 and vigorously supported enactment of duty to serve (DTS). Previous leadership of the FHFA had proposed a DTS rule that excluded manufactured home chattel loans, as MHProNews has learned. MHARR hopefully anticipates the change in leadership will result in a corresponding change in the direction of the agency.

You can find MHARR’s full report linked here.##

(Photo credit: Jacquelyn Martin/Associated Press–Melivn Watt swearing-in as new FHFA director)