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“Waste, Fraud, and Abuse” – FHFA, GSE Federal Oversight Announcement

WasteFraudAbuseFHFAFannieMaeFreddieMacLogosMHProNewsLogoOversightHearing

The House Financial Services Committee announced that there will be an upcoming hearing that will continue their probe into allegations of “waste, fraud, and abuse.”

 

The Daily Business News on MHProNews has tracked developments over the ongoing drumbeat out of Washington, D.C. over concerns regarding the Federal Housing Finance Administration (FHFA) and their legal charges.

Mel Watt Charged With Sexual Harassment – Manufactured Housing Industry Repercussions?

By law, the FHFA oversees the Government Sponsored Enterprises (GSEs) of Fannie Mae and Freddie Mac. See the linked articles herein for more details.

Update on Fannie Mae Lobbying, and Manufactured Housing Controversy

The allegations include sexual misconduct by Mel Watt, plus concerns over apparent lobbying activity by Fannie Mae, among others.

 

Why It Matters to MHVille Owners, Investors and Professionals

All this could impact the lending which by law the GSEs are supposed to be doing for manufactured housing.

The Duty to Serve (DTS) provisions of the Housing and Economic Recovery Act of 2008 (HERA) mandated support for manufactured housing.  Yet it has taken a decade to reach the current toe-in-the-water stage.

MHARRMarkWeissIfCongressHadMeanttheDutytoServeToBeOptionItWouldNotHaveCalledItADutyDefintionofDutyIsMandatoryResponsibilityDailyBusinessNewsMHProNews

The Manufactured Housing Association for Regulatory Reform (MHARR) has been pushing for years on this issue.

ManufacturedHousingAssocRegulatoryReformMHARRMarkWeissDTSFHFA-GSEsGoingtoLargestBusinessesCorpAffiliatesDailyBusinessNewsMHProNews

Collage by MHProNews.

By contrast, the Manufactured Housing Institute (MHI) – which is seen by many as a lobbying tool for Berkshire Hathaway’s lending, production, supplier, and retail interests in the industry – could become part of the backdrop to concerns over improper lobbying by Fannie Mae.

Duty To Serve, “Complete Waste of Time” per Tim Williams, CEO/21st Mortgage; POTUS Trump, Warren Buffett Insight$

Via a media release to the Daily Business News on MHProNews, the Financial Services Committee announcement said as follows.

 

HouseFinancialServicesCommitteePressReleaseDailyBusinessNewsMHproNews598

Official statement from the U.S. House of Representatives, Financial Services Committee.

Committee Announces September FHFA Oversight Hearing

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Oversight and Investigations Subcommittee Chairman Ann Wagner (R-MO) announced today that the Committee plans to hold a hearing no later than Thursday, September 27, 2018 as a part of its ongoing investigations into various allegations of waste, fraud and abuse at the Federal Housing Finance Administration (FHFA) and the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac.

Fannie Mae Chief Executive Officer Timothy Mayopoulus and FHFA Director Mel Watt will be invited to testify.

The hearing will take place in Room 2128 of the Rayburn House Office Building. ## (News, analysis and commentary.)

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Related Reports:

Manufactured Housing Association for Regulatory Reform (MHARR) Pressing Fannie Mae, Freddie Mac to Fully Engage on Duty To Serve (DTS)

MHI Lender Shakes Up DTS and MLO Rule Discussions

Smoking Gun 3 – Warren Buffett, Kevin Clayton, Clayton Homes, 21st Mortgage Corp Tim Williams – Manufactured Home Lending, Sales Grab?

“Thou Shall Not Steal,” $2 Trillion Annually Lost to Lack of Affordable Homes, Making the Manufactured Home Case


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