Posts Tagged ‘oversight’

Congressman Criticizes Cordray

September 10th, 2013 Comments off

Rep. Patrick McHenry, (R-N.C.) rapped Consumer Financial Protection Bureau (CFPB) Director Richard Cordray for suggesting credit unions make mortgages to borrowers they see as a reasonable credit risk even though they fall outside the guidelines of the qualified mortgage (QM) rule. Rep. McHenry says that is opening the door for potential litigation against lenders. As nationalmortgagenews tells MHProNews, the QM rule, which is scheduled to take effect in Jan., 2014, protects lenders from litigation in cases of default, and also protects Fannie Mae, Freddie Mac and FHA loans. But McHenry, as Chairman of the House Financial Services Subcommittee on Oversight says: “If you truly desire that creditors venture outside the walls of the QM rule, I strongly recommend the CFPB work to remove the repercussions of legal action, rather than simply urge lenders to try their luck.”

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IBTS Inc Gets 25 Million Contract from HUD

August 21st, 2013 Comments off

institute-building-technology-safety-ibts-logo-posted-manufactured-housing-professional-news-mhpronews-daily-business-news-The Department of Housing and Urban Development (HUD) announced on and its own website that it was awarding the
Institute for Building Technology and Safety (IBTS) Inc. the contract to perform “…assessment inspections, monitoring, and evaluation of the performance of private and state agencies responsible for oversight of design and construction of manufactured housing.” The contract award amount was stated as $25,006,546.00. The Manufactured Housing Association for Regulatory Reform (MHARR) has opined that this keeps HUD labels coming, but voiced other concerns as part of a commentary on this award that they have provided MHProNews, which is linked here. Details on the HUD contract award are linked here. ##


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New Contractor Sought for Manufactured Housing Program

May 14th, 2013 Comments off

The Manufactured Housing Institute (MHI) informs MHProNews the U. S. Department of housing and Urban Development (HUD) is seeking a qualified organization to assist HUD in performing assessment inspections, monitoring, and evaluation of the performance of private and state agencies responsible for oversight of design and construction of manufactured housing, and for monitoring the performance of states assisting HUD in the enforcement of its Standards and Regulations. The solicitation is for a one year contract that can be extended to four years. HUD has budgeted $1.5 million for the four year contract. Since the program’s inception, the Institute for Building Technology and Standards (IBTS) has been the only contractor although the industry has often called for a new one.

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Dodd-Frank not Likely to Vanish

September 11th, 2012 Comments off

BloombergBusinessWeek says while Republican presidential candidate Mitt Romney has vowed to repeal Dodd-Frank, it’s more likely he would water down some of the restrictions on the most lucrative and profitable investments while providing sufficient oversight to protect the banks. Specifically, banks would toss restrictions on investments in private equity and hedge funds, reduce the reach of the Consumer Federal Protection Bureau (CFPB), and block the Volcker Rule. MHProNews has learned Matthew Albrecht, an analyst with Standard & Poor’s, says the eight biggest U.S. banks could lose between $22 billion and $34 billion due to Dodd-Frank. Mark Calabria, a former Republican Senate aide, says, “From a bank’s perspective, you’d rather have piecemeal reform of Dodd-Frank, not only because there are things in the law you want to keep, but also because you’re going to have more control over the process.” Bank executives are aware of the public’s anger in its role in causing the recession and publicly may favor Dodd-Frank while their lawyers fight behind the front line to weaken the rules.

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MHARR: Rep. Bachus, Lawsuit, Challenge Dodd-Frank

June 22nd, 2012 Comments off

The Oklahoma Manufactured Housing Association (OMHA) and the Manufactured Housing Association for Regulatory Reform (MHARR) reports House Financial Services Committee Chairman Spencer Bachus (R-Ala), in commenting on a lawsuit challenging the constitutionality of Dodd-Frank, says the Consumer Financial Protection Bureau (CFPB) is a massive governmental bureaucracy without adequate checks and balances, concentrating too much power in the hands of a single director who can spend his budget without oversight. MHARR points out the CFPB director has control over which financial products and services are available to consumers, currently crucial to the manufactured housing industry. Legislation co-sponsored by Rep. Bachus would: Establish a five-member commission to run the agency; create a review process to determine the affect of rules on financial institutions; and ensure the commission chair is Senate-confirmed. For MHARR’s full report, click here.

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MHI Responds to House Committee’s Letter

June 11th, 2012 Comments off

The Manufactured Housing Institute (MHI), responding to a request from the House Oversight and Government Reform Committee regarding regulations that negatively impact job growth in the manufactured housing industry, focused on three major areas of regulatory reform: Regulations authorized by Dodd-Frank; the Manufactured Housing Construction and Safety Standards Act; and proposed regulations authorized by the Energy Independence and Security Act of 2007. The major areas of concern deal with streamlining mortgage standards and guidelines as they apply to manufactured housing, reducing regulatory impediments, and making manufactured housing a priority in the Department of Housing and Urban Development (HUD), which in itself might clear up some of the overall issues that hinder and derail the industry’s attempts to provide affordable housing. For a full review, click here.

(Image credit: Manufactured Housing Institute)

Program Documents Wanted from HUD

May 15th, 2012 Comments off

HousingWire says after a year of investigation, the House Oversight and Investigations Subcommittee will decide Wednesday, May 16 whether to subpoena additional program records from the Dept. of Housing and Urban Development (HUD) concerning reportedly wasteful spending in the HOME Investment Partnership Program. The Washington Post reported last year over 700 projects costing more than $400 million had made no progress, sometimes even after a decade of funding. Designed to develop properties in low-income areas, HUD claimed only 2.5 percent of the programs were stalled. has learned the subcommittee wants to weed out what it says is waste, fraud, and abuse.

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Congress to HUD: Where Have You Been Since 2000?

April 25th, 2012 Comments off

The Manufactured Housing Association for Regulatory Reform (MHARR) reports a joint letter dated April 17, 2012 from the chairmen of the House Financial Services Committee and the Housing, Insurance, and Community Development Subcommittee to HUD Secretary Shaun Donovan seeks follow-up from HUD regarding its implementation of the Manufactured Housing Improvement Act of 2000. understands the letter stems from a field hearing Nov. 29, 2011 in Virginia and a subsequent oversight hearing by the Subcommittee Feb. 1, 2012, both of which saw witnesses from various parts of the industry highlight HUD’s failure to implement certain provisions of the Act of 2000. The letter says, in part, ”The 2000 law is intended to   benefit both the manufactured housing industry and homeowners by providing a more timely method of establishing the standards to which manufactured homes are built.” Noting the role of the Manufactured Housing Consensus Committee (MHCC) in advising HUD, the letter questions why HUD has not taken action on 135 of the 185 recommendations made by the Manufactured Housing Consensus Committee since 2004, and asks for a written explanation. MHARR says, “The letter is a clear indication to HUD, the program management and regulators that the oversight hearing was not only not the end of this matter, but that Congress is serious about compliance with all of the reform provisions of the 2000 law that finally would definitively and officially identify manufactured homes as ‘housing’ for all purposes.”The letter is signed by Spencer Bachus  of the House Financial Services Committee and Judy Biggert of the Subcommittee on Housing, Insurance and Community Development.

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CFPB’s Cordray Attempts to Allay Congressional Fears

January 25th, 2012 Comments off

HousingWire tells Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, appearing before a House subcommittee, says he is examining the exclusion of smaller banks from regulations targeted at larger firms responsible for the housing crisis. He says the bureau will analyze how the rules might impact banks with assets below $10 billion. Responding to lawmakers ongoing concerns that the CFPB might be prone to overstep its boundaries, Cordray reiterated the oversight provisions that apply to CFPB that do not apply to any other agency. He says the qualified mortgage requirements will be proposed soon, and the rule that conjoins the Truth-In-Lending-Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) will be released before summer. He also says the CFPB will continue to assume its regulatory role over the entire mortgage process as well as non-bank lenders.

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