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What Congressional Representatives, Senators, and Industry Professionals Should Be Asking About Duty to Serve Manufactured Housing

June 18th, 2019 Comments off

 

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There are several ways to understand people and organizations. One method, is to listen to what they say.

 

Another is to see how what they claim compares to what they actually do. 

Yet another is the investigator’s method, which is “follow the money.”

A classic variation on the above is the question: Cui Bono? Who benefits?

Toadies and lemmings will simply follow mindlessly, even if they are following a ‘leader’ over a cliff.

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MHInsider, George Allen, others are arguably the current examples of toadies to the industry’s powers that be.

The Manufactured Housing Association for Regulatory Reform (MHARR) has been pushing, prodding, and calling for action, not words by the Government Sponsored Enterprises (GSEs) of Fannie Mae and Freddie Mac with respect to their congressionally mandated Duty to Serve (DTS) manufactured housing.

By contrast, the Manufactured Housing Institute (MHI) has taken money from the GSEs to sponsor events that have failed to deliver DTS.

Who benefits from that, other than the largest corporate players that are trying to consolidate manufactured housing into ever fewer hands?

With that introduction, let’s dive into MHARR’s release, which follows below. That will be followed by some additional comments, links, insights, and information. 

MHARRlogoMHARRNewsHeaderMHProNews

MHARR REITERATES CALL FOR DTS INVESTIGATION

 

Washington, D.C., June 18, 2019 – The Manufactured Housing Association for Regulatory Reform (MHARR), in a June 13, 2019 communication to Fannie Mae Vice President Jonathan Lawless (copy attached), has reiterated its call for a congressional investigation into the failure of both Fannie Mae and Freddie Mac to implement the statutory Duty to Serve Underserved Markets (DTS) in relation to manufactured home personal property (or “chattel) loans.  Those loans, which provide consumers with the most affordable access to the nation’s most affordable non-subsidized homes, comprise nearly 80% of the manufactured consumer lending market.  Nearly 11 years after the enactment of DTS as part of the Housing and Economic Recovery Act of 2008 (HERA), however, neither Fannie Mae nor Freddie Mac have purchased any manufactured housing personal property loans pursuant to that mandate – which expressly includes such personal property loans – let alone provided the type of market significant securitization and secondary market support that Congress envisioned.  Indeed, even an extremely limited and highly restricted “pilot program” for such loans has yet to materialize after nearly two years of empty promises, and is referred to by Fannie Mae as only a “potential” pilot program. 

Instead of providing such crucial support for the largest single segment of the manufactured housing consumer lending market and mainstream, inherently affordable manufactured homes, as MHARR’s communication notes, both Fannie and Freddie have instead prioritized pilot programs for much higher-cost manufactured homes, as well as a supposed “new class” of manufactured homes with retail purchase prices as high as $220,000.00 – as contrasted with an average purchase of $71,900.00 for all types of existing, mainstream, HUD Code manufactured homes. Consequently, instead of expanding access to the industry’s most affordable mainstream homes, as DTS was designed to do, both Fannie and Freddie continue to discriminate against mainstream manufactured housing and mainstream manufactured housing purchasers, effectively forcing them into higher-interest loans offered by the finance subsidiaries of the industry’s largest corporate conglomerates, while stifling the recovery and market growth of the manufactured housing industry during a prolonged affordable housing crisis.  Indeed, this type of sustained institutional resistance to the full and proper implementation of DTS and the resulting ongoing discrimination against lower and moderate-income consumers of manufactured housing is, in substantial part, an outgrowth of the continuing failure of the industry’s post-production sector – dominated by the industry’s largest corporate conglomerates – to demand full compliance with DTS for manufactured housing.

Based, therefore, on the lack of any significant progress toward the market-significant implementation of DTS with respect to the vast bulk of the manufactured housing consumer financing market and apparent diversion of DTS activity into new, higher-cost types of hybrid manufactured homes, MHARR has called for a congressional investigation of Fannie Mae, Freddie Mac and their federal regulator, the Federal Housing Finance Agency (FHFA), with respect to unconscionable and unnecessary delays in the implementation of DTS for mainstream, HUD Code manufactured housing.

The Manufactured Housing Association for Regulatory Reform is a Washington, D.C.-based
national trade association representing the views and interests of independent producers of federally-regulated manufactured housing.

 

Manufactured Housing Association for Regulatory Reform (MHARR)

1331 Pennsylvania Ave N.W., Suite 512

Washington D.C. 20004

Phone: 202/783-4087

Fax: 202/783-4075

Email: MHARR@MHARRPUBLICATIONS.COM

— 30 —

 

Think about what these MHI past and present members have said, and ask yourself, who side is MHI on?

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What Haney’s statement reflects is the lack of credibility and effectiveness of MHI in their claims.

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Marty Lavin advises, “Follow the Money” and “Pay More Attention to What People Do Than What They Say.” The GSEs are praising manufactured home quality, but then created a special class of manufactured homes, with key MHI member input, that is aimed at funneling that lending, per informed sources.

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Then, ask yourself, why hasn’t MHI done what MHARR is doing?

That’s tonight’s final installment of manufactured housing “Industry News, Tips, and Views Pros Can Use,” © here “We Provide, You Decide.” © ## (News, commentary, and analysis.) ##

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Views From Trenches of Manufactured Housing – Factories, Retailers, MHCs, Others Sound Off

 

Real World Economics’ Professor Ed Lotterman says “Playing Monopoly is More Than Just Rolling the Dice”

 

Manufactured Home Communities’ Dodd-Frank Moment Looms, Senator Elizabeth Warren Takes Aim at Several Manufactured Housing Institute Community Members

Dueling Statements, NAMHCO, MHI, MHARR, Weigh In On Controversial MH Bill, “George Allen Pawn Gambit”

 

Senate Democrats – Including 2020 Presidential Contenders – Ask CFPB Protect Consumers Against Predatory Lenders — Point Finger at Clayton Homes, Berkshire Hathaway Lending

Washington Leak – Justice Department Prepares Major Antitrust Investigation

 

“Have…Giants…Stifled Competition,” Antitrust Battle Lines in D.C., plus Manufactured Home Market Updates

Shocking, True State of the Manufactured Housing Industry, plus Solutions for Profitable, Sustainable Growth – May 2019

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Photo of Commodore Homes model, MHARR logo, are provided under fair use guidelines. See article and letter to Secretary Carson, linked here. https://manufacturedhousingassociationregulatoryreform.org/mharr-calls-on-hud-secretary-to-end-discriminatory-and-exclusionary-zoning-of-hud-regulated-manufactured-homes/

 

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https://manufacturedhousingassociationregulatoryreform.org/time-to-investigate-fannie-and-freddies-mishandling-of-dts/

 

 

 

 

 

 

GOP Senators to President-elect Trump: Fire CFPB Head Richard Cordray!

January 11th, 2017 Comments off
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Credit: CNN Money.

Republican Senators Bob Sasse (Neb.) and Mike Lee (Utah) penned a strongly worded letter to Vice President-elect Mike Pence on Monday, urging President-elect Donald Trump to remove Director Richard Cordray as head of the Consumer Finance Protection Bureau (CFPB).

It’s time to fire King Richard,” said Sasse, who also serves as a member of the Senate Banking Committee.

Underneath the CFPB’s Orwellian acronym is an attack on the American idea that the people who write our laws are accountable to the American people. President-elect Trump has the authority to remove Mr. Cordray and that’s exactly what the American people deserve.

According to CNN, the CFPB has declined to comment on the letter, but has said recently said that Cordray “has no plans to step down” and noted he was confirmed in 2013 by a bipartisan group of 66 senators.

That confirmation followed President Obama’s controversial recess appointment of Cordray in 2012.

The Daily Business News has followed the CFPB saga closely, including their involvement in the Wells Fargo case and a D.C. circuit court ruling that deemed the organization unconstitutional due to it’s lack of independent oversight.

The Constitution was written to protect the American people from unelected and unaccountable bureaucrats, said Senator Lee. “Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director.

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A tweet from Senator Bob Sasse. Credit: Twitter.

There are also those who have worked with the organization that see it as successful.

The CFPB ‘remarkably successful’ under Cordray,” said Patricia McCoy, a Boston College Law School professor who oversaw CFPB mortgage policy in 2011. McCoy pointed to the Wells Fargo case as evidence.

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President Obama signs Dodd-Frank into law. Credit: The White House.

Daily Business News readers who have followed the history of the CFPB understand that the CFPB was not the lead agency in the case and during the time the events took place in 2011, the CFPB charter basically only allowed it to police the activity of big banks.

It did not catch the Wells Fargo activity at that time.

The Senators conclude the letter with an impassioned plea.

President Trump has the power to protect the American idea from this destructive view by removing Director Cordray. Director Cordray’s removal will be the first marker in the long process of rolling-back an agency that combines the powers of the executive, legislative, and judicial branches into the hands of a few unaccountable Washington elites.

The full letter is linked here. ##

(Editor’s Note: MHLivingNews has closely followed Director Cordray’s testimony, see the video linked here – his interesting statements on manufactured home loans..)

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

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

Housing Issues on Tap for D.C. Discussion

September 10th, 2013 Comments off

The National Association of Home Builders (NAHB) is sponsoring a forum on housing, Building a Better Future: America’s Housing at a Crossroads, Tue., Sept. 17, 2013 at the Newseum in Washington, D. C. Hosted by CQ Roll Call, a provider of Congressional news and legislative tracking, the free event will bring together members of Congress, their staff, industry and association leaders and other stakeholders in the housing market. Topics on the agenda include the outlook for housing demand, GSE Reform, and how tax reform might affect homeownership and the economy. U.S. Senators Jon Tester (D-Mont.), Bob Corker (R-Tenn.) and Johnny Isakson (R-Ga.) are on the schedule as keynote speakers. MHProNews has been informed panel sessions will feature governmental, academic, and business experts.

(Photo credit: comstockpremium)

Bipartisan Legislation will Ease Credit Access

May 23rd, 2013 Comments off

The National Association of Home Builders (NAHB) reports the inventory of newly-built homes because of the recession has led to both houses of Congress with legislation seeking to resolve some ongoing credit access problems for builders. S. 1002 Senators was introduced by Robert Menendez (D-NJ) and Johnny Isakson (R-Ga). Similar to the bill in the Senate, H. R.1225 was introduced in the House by Reps. Gary Miller (R-Calif.) and Carolyn McCarthy (D-NY). NAHB Chairman Rick Judson says new homes lead to new jobs and additional revenue for all levels of government. As MHProNews knows, Rep. Gary Miller also co-sponsored HR 1779, The Preserving Access to Manufactured Housing Act, as we reported here May 3, 2013.

(Photo credit: comstockpremium)

Homeownership Lending to be Maintained in Rural Areas

April 19th, 2013 Comments off

As the population growth in rural communities is challenging the parameters set by the U. S Dept. of Agriculture’s rural housing programs, Senators Tim Johnson (D-SD) and Pat Roberts (R-KS) have proposed a bill to raise the population cap from 25,000 to 35,000 so homeownership continues to be available for low-income households. Sen. Johnson said, “Providing these loans, grants, and loan guarantee programs helps younger generations stay in the communities they’re from, and ensures rural housing markets have access to private credit.” As HousingWire informs MHProNews, a Senate bill similar to this one last year was not approved by the House, but Congress recently approved a bill to extend current rural housing until Sept 30, 2013. The proposed bill will extend funding an additional seven years.

(Image credit: viewpoint)

 

 

Cordray Ticks off Achievements to Ticked-off Senators

February 21st, 2012 Comments off

NationalMortgageNews tells MHProNews.com Richard Cordray, the recess-appointed head of the Consumer Financial Protection Bureau (CFPB), made his first appearance on Capitol Hill at a meeting with members of the Senate Banking Committee, some of whom want budget oversight and structural changes to the agency. Cordray says the CFPB is similar to other governmental and banking agencies, and then came out swinging with his list of accomplishments. The CFPB has received over 2,300 complaints regarding foreclosures and loan modifications since the first of the year. Accused companies responded to 88 percent of the complaints and in many cases provided relief. Cordray says in an effort to streamline financial regulations, the agency seeks opinions from both the consumer and the industry perspective. He says the CFPB is actively investigating several problematic mortgage servicing companies, and is filing lawsuits against companies that employ questionable lending and foreclosure practices.