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The Emperor has no Clothes

August 21st, 2011 13 comments

There is a lot to say about what has gone wrong with our country and our Industry.  We will begin ‘at the top,’ with our Chief Executive, President Barack Obama.

What’s up with Obama’s recent bus tour?

I’m no fan of the prior president, but say what you will about President W, when he took a similar bus trip to President Obama’s, W used campaign dollars to pay for it.  Where is the “watchdog” media? Why no hue and cry when the administration buys millions of dollars of Canadian buses so President BO can tour in style on the taxpayer’s dime?

What’s up with all that?

Isn’t it ironic that BO tours campaign style after lecturing millionaires and billionaires about private jets and corporate perks?  Or is that rhetoric just a way of getting the votes of middle America and ‘the little people?’

Do you like ‘divide and conquer politics?  To me, it is plain wrong.  Talk about issues, talk records or about facts.  But don’t pit one group against another.

I need to be clear that W vacationed considerably more than BO.  But W went to his ranch or Camp David, etc.  But to add irony to injury, on the heels of all this bad economic news, BO is in Martha’s Vineyard – the haven of the elite – now?

Even left wing commentators see this vacation in the New England playground of the rich and famous as a problem.

  • Experts and government statistics suggest we have 17% unemployed and under-employed.
  • We have more people on food-stamps and welfare than at any time in U.S. history.
  • And BO will give us his ‘next’ jobs program in September, after his resort vacation?
  • Where are all those shovel ready and other jobs from the ‘first’ one?  Or were all the jobs ‘created’ at the job killing CFPB?

They say the emperor has no clothes.  Well, we have no emperor, but a president and his wardrobe looks just fine.

Ascendancy and Dependency

It is the party of dependency that is still in ascendency.

Or at least still in high office…

…dependency is a major voting block today.

Be it government labor unions, federal jobs or those on government assistance, it is an issue.  We have to put people to work, not get them used to no work. We do need federal and other government jobs.  But we can’t give everyone a job regulating someone who is working to produce a product or a service that keeps America’s wheels turning.

If we do not change our ways federally and locally, we will look like rioting old England some day, because we can’t afford to keep adding to our debt and taking on more programs that fail to foster independence.

While we have plenty of dependency programs, meanwhile, we have

  • flash mobs that form, rob, harass and harm others in our cities.
  • We have automatic weapons fire along our southern border.
  • We have three wars we are involved in instead of the previous two.

I didn’t favor W taking us into Iraq, nor do I favor BO taking us into Libya.  Even if we ‘win,’ what have we won in either case?  We spill American blood and treasure, for what?  We can’t be the world’s cop, and we can’t have wars for the sake of foreign oil, etc.

Let’s drill and do energy on U.S. soil and off U.S. shores, as safely and prudently as possible.  Think about the major jobs creation potential.

Private enterprise can pay for it all without federal dollars.  Let business people do business in America again.

Another Recession, whats up with that?

The media speaks of double dip recession.  What’s up with that phrase?

Did anyone notice that the ‘great recession’ never ended?  Did you notice that the housing markets still suffer, and Keynesian/Euro socialist economics just added trillions to our debt without giving us a stronger economy?

No jobs.  No stimulated business.  Tougher lending.  Very little respect overseas.  Where is the change we can believe in?  Or was that supposed to mean the pocket change we have left after taxes?

Third part candidate George Wallace once said there wasn’t a dime’s worth of difference between the two major parties. Thus Wallace favored what some have for years, a third party to bring America back. But Ronald Reagan had it closer, we don’t need a third party, but a rejuvenated second party.

That means we don’t need Rino Republicans, Republicans In Name Only.  To me, W was a Rino, socially conservative, but nearly as much a man about big government as BO is.  W helped give us that darn bail out of the bankers.  W took us into two wars with no end in sight.  W’s dad may not have “finished the job” in the first Gulf War, but he had the smarts to get in and get out.

We need business friendly independents, Democrats and Republicans.

Businesses create jobs.  Jobs are what American’s need, and then they can start buying houses again!

Speaking of jobs, how about creating 20 million new ones?

I’ve read the same reports you have; that there are two trillion dollars of investment money on the sidelines – actually overseas – that could be brought back to the U.S. In short order.

But that 2 trillion fled America due to regulations and tax policies.  Do we have the political will to bring those trillions back?

Think about what Two Trillion Dollars we don’t have to borrow, or write down, would mean to our country right now.  If every $100,000 invested created only 1 American job, that would mean 20,000,000 jobs.

Think: 20 million people off aid, off food stamps, off unemployment or other government programs.  2o million more taxpayers.  Think 20 million people less dependent, means we would be that much closer to a balanced budget!

We better find and support candidates in whatever party who know how the free enterprise system works, because creating jobs by supporting business is what we should be about.

Free Enterprise, not Keynesian/Euro socialist economics, is what made America the land of the free and the home of the brave.

November 2012 is shaping up now.  Who we support now for our state houses, or for Congress, the Senate and the White House will be on the ballot 15 months from now.

Personally, I’ve contacted my senators and representative and made my feelings known on economic and social issues.  But I will also make them known on the path to election 2012.

Give the man his props

One thing that our recently bus touring and now vacationing BO has done is give us an executive order we can believe in.  With all due respect to Marty Lavin, Danny Ghorbani was the first to bring it to our Industry’s attention.  We speak of Executive Order (EO) #13563, similar to President Clinton’s issued in 1993.

MHMSM.com posted EO #13563 months ago, that requires an examination of regulatory impact and its benefits.

MHARR is right.  HUD’s budget has grown, while our industry shipments have shrunk.  What’s up with that fact?

What the president – at least on paper –  has done is give us EO#13563 which could hold HUD and other regulators accountable.  Now will our national associations use that to our Industry’s benefit?

The Fall Congressional hearing on Manufactured Housing

Ooops.

Who do we have in DC “helping us” in the planned fall Congressional hearings on our Industry?  Congressman Barney Frank.  What’s up with that?

Let’s see.  Barney helped give us the SAFE Act.  Barney also gave us part of the name of the bill that in his: Dodd-Frank.

So do you feel safer or dodd-franked?

With friends like Barney, does our industry need any federal enemies?

Who is watching how our industry PAC money is spent?  Is this the type of anti-business candidate we need to support?

Where is that change we can believe in?  Or did I drop that change the last time I filed my quarterlies?

One of the best meeting planners around, but…

I asked Tony Kovach why George Allen’s Roundtable was not on the MHMSM.com calendar.  “George isn’t an association, and he opted not to pay for an ad.”

Maybe there is considerable momentum from last year’s event that MHMSM.com did promote.  I noticed that Allen is reporting more state association executives coming to the Roundtable this year.  State execs are often ‘comped’ for coming to an event.  George is one of the best self-promoters the Industry has seen in the past 2 decades.  I’d want state execs helping me promote an event of mine too.  Nothing wrong with it, a common practice.

In the manufactured home communities world, Allen’s Roundtables are unmatched.  Allen gets some fine speakers and topics in.  They are informative and enjoyable.

However, I can’t always agree with George Allen’s commentary, live or in his columns here or in his own publications.  Let’s parse some of his recent ones for a few moments.

I understand and agree with George that MHI doesn’t seem to have a plan for our Industry’s recovery.  What’s up with that fact?  I can see why the natives are restless in the NCC, even with Lisa B getting appointed.

George is spot on that MHI is failing to do half of what an association is called to do – protect and promote.

  • Where is the Industry promotion?
  • How has MHI worked to reverse the Industry’s downward new home shipment trend?  Marty was spot on regarding that topic, in his recent column.

But George’s bashing of Danny and MHARR misses the mark.  Why?

Because MHARR is an association for independent Manufacturers. MHARR don’t get paid to represent communities or lenders or suppliers.  MHARR doesn’t represent retailers,  which if you ask retailers like Doug Gorman or Dick Moore, MHI doesn’t seem to do such a hot job for them either.

George, the point is that MHARR can’t be faulted for focusing on what its members pay MHARR to do, namely, work on regulatory issues.  So George, if you want to fault Danny, fault him for something that group is paid to do.  At least MHARR has stated publicly they support the ‘post production’ sector (MHARR code words for MHI) in their efforts to modify Dodd-Frank, SAFE, etc.  I’ve not seen any similar effort from MHI back towards MHARR.  If it exists, it is behind the scenes.

I also agree with Marty Lavin that we better watch more what people say than what people do.  We better watch results, because words alone can be cheap.

Or words can costly, depending on how you look at it.

Industry Marketing and Image Campaign

Speaking of MHI and the Industry image campaign…

…I’ve seen the plan Tony, IMHA’s Mark Bowersox and others have put together.  In a word, brilliant.

In my mind, they need to consider a different name, but for now they are calling it the Manufactured Housing Alliance and Phoenix Plan.  Their plan navigates the key political issues that our industry has faced that has kept us from moving ahead.

We keep reading from MHI the statistics about our dropping new home shipments.   This gets back to the dual role that an association is supposed to have, protect and promote.

Where is MHI on this MH Alliance/Phoenix Plan effort to turn around our image, marketing and sales results?

Silent.

By contrast. I see John Bostick’s name on the page in favor of the MH Alliance/Phoenix Plan.  That makes me want to order some Sunshine Homes and get others to do the same!

Good for MHARR’s Chairman, who did not endorse it on MHARR’s behalf, but Mr. Bostick has obviously taken the time and had the guts to publicly say, hey, this can work.

Which leads to the questions:

> Where are the MHARR members or Danny on this plan?

> Where is MHI on this plan?

Marty Lavin on Danny Ghorbani

I’m the first to agree with Marty that Danny needs to polish up those lobbying skills.  In fact, let me take Marty’s points a step farther.  As I personally see it, and others may disagree, Danny has three options:

  1. change your ways, permanently and rapidly, to become more effective at what you do for MHARR,
  2. retire and consult for MHARR as needed;
  3. or just retire.

Danny, retire? What would happen to MHARR without Danny?  What’s up with that idea?  Can you even say MHARR without saying Danny G’s name?

Yes, you can.

Attorney and MHARR VP Mark Weiss is a good man.  Mark knows the law, can be reasoned with and Danny has prepared him to take the helm at MHARR, when the time comes that Danny decides to retire or when MHARR members make that decision.

For example, MHARR could bring in a new associate, give Danny a nice gold watch, and a one year transitional consulting agreement.  The independent factories that support MHARR can save money.  As or more important, they likely can get more done and advance their cause in DC with HUD, Congress and other regulators.

The timing is right for a change at MHARR.  Danny, don’t take it the wrong way, you are a smart guy and know the HUD Code as well as anyone in the manufacturing side of the Industry.  But in my personal opinion, it is time to change your ways for the better or you better retire.

The best suits and fine meetings

Danny has some of the best suits in DC that our Industry can brag about.  Danny and MHARR are spot on with some key issues.  But you can be right, and still do things in a way that turns people off.

But give the man his props, Danny is right about MHI meeting,

after meeting,

after meeting and

…where is the MHI plan?

But then, Danny – if you stay – you and MHARR should then walk the walk and have an action plan of your own. Not a some day, or five year plan, a let’s get it done now plan.

Perhaps John Bostick’s public move supporting the MH Alliance/Phoenix Plan will inspire others of stature to make their own public statements or just help launch the program.

But at some point, we need to get past meetings, and get to doing.  46,000 shipments.  We are now down about 88% from our post HUD-Code high in 1998.  How much lower can we go and still have an Industry?

  • We can’t fill empty home sites with only used product.
  • We need new homes bought from factories and sold to consumers.
  • We need retailers and community operators who attract customers with good credit, and then close them and turn them into happy homeowners who will tell their friends and once again let our Industry grow.

The Numbers on MAP

I like abbreviations. Let’s call this plan of Mark’s and Tony’s MAP for short, because this MH Alliance Phoenix can be our road MAP to the future. Maybe we can get Tony and Mark to come up with a better name.  But in the mean time, MAP it is for me.

I asked Tony to give me a projection on what he thinks MAP can do.  His answer?  First year from the launch date could double shipments without a need for hurricane season (no need for FEMA orders).

The next year could double it again.  That would be roughly 92,000 shipments in year 1. Then 184,000 shipments in year two.

Take a look at the MAP if you haven’t already.  If you have a better plan, why not share it?  But if not, get behind the plan that is out there being discussed.

I’m told that MAP can be up and running in short order.  We can do MAP, with no waiting for federal or state action!

Doing the Math, my Math not Ts

Tony has his math, I have mine.

Let’s say MAP was launched, and then MAP raised shipments back to 75,000 the first year.  Let’s further say, 1/2 of the increase went into communities.

  • That would mean 14,500 spaces filled.  At say $275 average a month per site, that would mean $47,850,000 more to MHCs a year.  Plus the profits off the home sales.
  • 29,000 additional new shipments would mean 29,000 new jobs.
  • It would mean security for those whose jobs or businesses are at risk due to declining shipments.How many MH plants would stay open?
  • At even a low $50,000 average per home, that 1.45 billion in new sales.  Think about the boost in revenue to retailers and developers.

Would you give $75 per location to boost sales $1.45 Billion and create about $48 million in new communities revenues?

If not, please go back to 5th grade math.  To me, this spells a good deal.

Let me stress, these are my numbers, not T’s or Mark’s.  But it tells me why they and others are working to see this plan happen.

Chattel Lenders

I’m not without experience in dealing with personal property lending.  While he wasn’t talking about just lending, I agree with Chad Carr’s recently published statement about MAP.  The MH Alliance/Phoenix Plan is the only plan I’ve seen that gets to the heart of fixing chattel lending for our Industry.  MAP provides solutions for image, lobbying and other practical issues too. It dares to be bold, without trying to step on any industry group’s toes.

If your chattel lender has not yet seen this, she or he better do so!  This can help us cut our repos losses dramatically.

It will help our customers – manufactured home owners – dramatically too.  That will in turn attract more customers, and more credit worthy ones.

Manufactured housing lenders need to see our losses cut.  Because that panel of lenders at the MHI Congress last April were correct.  A repo can cost 50% (or more) of the loan balance.   There are so many dark clouds that hang over personal property lending for manufactured housing right now, we have to have solutions if our Industry will ever advance.

In fact, our survival depends on it.

I asked Tony specifically about people who have and have not seen MAP.  T won’t comment about those who haven’t shared a public statement. I can respect that, but it does leave us guessing.

So someone needs to ask Marty Lavin or Dick Ernst where they are on this.  Have they seen it?  What is there take?  It is obvious that Ken Rishel has come out for it, big time, in his own newsletter and on MHMSM.com too.

Come to think of it, where is George Allen’s name on this subject?  Didn’t he say a few months ago, we needed an image campaign?  What’s up with that?

We could go through a list of industry leaders and say, what about you?  Where are you on this MAP subject?

If you are for it, why not say so publicly? If you oppose it, why and then propose your own alternative!  Mark, Tony and those working on this want to see consensus. I appreciate that, but I’d add that we can’t afford to debate stuff forever.  We need to move ahead, and pronto.

If we do not start advancing, more factories, more retailers and more communities will fail.  It is simply 5th grade math.

State and Communities Association leaders

Given that a pair of state association leaders have already publicly stated support for the MH Alliance and Phoenix plan, it is reasonable to think others have seen it too.  We need to watch and encourage this plan at the state level.

Because let’s be honest, the states are where it is at.  All politics are local, and your business happens at the state and local level.

Last year, we saw some state execs who took a leadership role to get things happening at the federal level.  We need to see that again, and we need to see that on MAP or their best alternative to it.

A pimple on an elephant’s bottom

We’ve heard this expression at meetings and coffee tables.  I admit it sadly fits the influence our Industry has politically in DC today.  We need to be working tea parties to get the party of jobs, business and growth moving ahead. We need to hold the feet of those who say they will change DC for the better to the fire, and get the gold of jobs and rising housing back to work building the U.S.A.

We have lost our nation’s AAA credit rating.  Debt piles up, what do we have to show for it?  Where are the jobs?  The lending?  The recovery?  What did we bail out anyway?  Who benefited from all that taxpayer funded largess?

We saw some amazing upsets at the midterms, and I think we can see more if we plan now for the best candidates and then mobilize for the general elections.

It is frankly another good reason to learn and get behind the MAP.  We will increase our influence at the state house and in Washington when our consumers are visibly supporting us in sizable numbers.

Let’s work and earn the support of our communities’ residents and home owners/customers!  Then we should make sure we continue to deserve it.  Without happy customers, we are as doomed as if HUD bureaucrats or others would just shut us down.

TANSTAFL

If I boiled this down, it would be this.  We can’t have something for nothing.  TANSTAFL = There is no such thing as a free lunch. Someone always pays.

We better work for truly positive change, or we will be left with pocket change.

We better look at and support a plan that can move us ahead.  I vote for the MH Alliance/Phoenix Plan.  Or we will suffer the fate of the buggy whip makers.

I shop at WalMart no more than I have to, because I believe in supporting the smaller and more independent business women and men out there.  They are more like me.  They want to serve me, and I in turn want to support them.

We better support the HUD Code builders, and they in turn, better support us too.

Talking and Doing.

Before we look at any other emperor who also lacks clothes, let’s close for now. Talk is fine, but let’s follow talk with do.

I want to thank those of you who have written.  Please do not think me rude, but for now…

…I hope you understand that some things need to be said that have gone unsaid too long.

More next time.##

post submitted by
Michael Barnabas

(Editor’s note: The views presented on the Industry Voices Guest Blog represent those of the writer.  They do not necessarily represent the views of MHMSM.com (soon to be rebranded as MHProNews.com) or our sponsors.

We encourage a respectful exchange of opinions and views on topics of general interest to the Industry.  Industry Voices guests columns are not a forum for business promotion; that is what advertising is supposed to do.

The Industry Voices forum encourages a respectful dialogue between industry members.  You can post comments using our Disqus system or submit your own Industry Voices guest column in reply to a column like this topic or on any other topic of interest to the factory built housing Industry.  Please put Industry Voices Guest Column in the subject line when you submit an article for consideration. Posted comments via Disqus and Industry Voices columns must stay within the boundaries of civility, the law and common sense.)

 

 

 

 

 

Ken Rishel report on the Manufactured Housing Roundtable

June 3rd, 2010 No comments

Precision Capital Funding logoMr. Rishel attended the June 2 Manufactured Housing Roundtable in Elkhart, Indiana regarding FHA Title I and Title II lending. It was a national
meeting hosted by Congressman Joe Donnelly from Indiana, MHI, and MHARR.
Every affected government agency was represented by their top people.
Attendees also included the top people from national industry lenders, the
owners of various manufacturers, industry consultants, and major community
owners Mr. Rishel will cover this meeting in his upcoming June newsletter.
Below, you will find the letter he wrote to Congressman Donnelly as a
result of this meeting.
submittd by Juline Anderson at CaptiveFinance.net


The Hon Joe Donnelly
207 West Colfax Avenue
South Bend, IN 46601

Dear Mr. Donnelly:

I first want to thank you for the time and attention you have given to the issues of the manufactured housing industry and for the time you put into the meeting at Elkhart, Indiana on Wednesday, June, 2nd. As I’m sure you gathered from the attendance, while this issue is important to your constituents and the area you represent, it is also of national importance. You are to be commended for your leadership role in addressing both the issues of government assisted financing of manufactured homes and the unintended consequences coming from the mandates of the SAFE Act.

As a longtime member of the manufactured housing industry who will not directly benefit from any positive efforts coming out of FHA financing, I still feel the importance of industry access to this type of financing, As a result. I am writing to share my view on what came out of the meeting in Elkhart, and how your role will be critical in achieving results favorable to your district and the entire nation.

I came away from that meeting with the feeling that the critical agencies represented were there because they had little choice and they were hostile to engaging their agencies in chattel (personal property) finance. I believe their reasons are as follows:

  • The histories of chattel finance of manufactured homes are replete with failures and losses.
  • While they are loath to admit it, they lack the experience and knowledge to correct the problem.
  • Like any government agency at the state or federal level change is difficult, especially if it requires taking direction or assistance from the private sector.

I surmise it is easier for them to resist their duty to serve by subversion partly because they have convinced themselves that it isn’t possible to successfully make chattel loans on manufactured homes and not lose money. If this assessment is correct, their attitudes will condemn Title I to failure before it has an opportunity to succeed.

It was mentioned numerous times that the specialty lenders have attempted to share their data on loan portfolio performances with these agencies without much success. If they actually analyzed the data, the truth would soon become apparent to them and I believe they have minimized this data as a way of continuing in their beliefs rather than face the truth of their inadequacies.

Here are some truths about manufactured housing chattel finance:

  • At least three times in the history of the industry, greed coupled with incompetence has led to spectacular meltdowns and failures of manufactured home chattel loan portfolios.
  • Banks and Credit Unions are very wary of chattel loans for manufactured homes partly because they lack experience and expertise and partly because their regulators discourage such lending because so many institutions have lost money making these loans.

Yet,

  • I, and the companies I own or represent, have never lost money making chattel loans on manufactured homes. None of our investors have ever lost a penny either. We have helped banks, credit unions, and insurance companies build some of their most profitable portfolios, as well as pension funds and thousands of private investors.
  • Triad Financial Services, represented by Don Glisson Jr. at the meeting in Elkhart is a 50-year-old company that until about 12 years ago made only chattel loans on manufactured homes has had a stellar history of loan portfolio performance. (They now also do mortgage loans for manufactured homes and own a subsidiary company approved to do Title I and II.)
  • Warren Buffet bought Clayton Homes in order to acquire their finance arms that were engaged in manufactured home finance.
  • Jim Clayton utilized a considerable part of the funds he received from Warren Buffet to start a bank that is very active in manufactured home finance on a national basis.
  • There is over five billion dollars in chattel loans currently that are being made through captive finance organizations funded by the owners of manufactured housing communities and retailers. The people that sell these homes are, in effect, putting their money where their mouth is. Two organizations, Precision Capital Funding and Origen/ManageAmerica are helping them do it (our method is very hands on while theirs is through purveying documents and software) and while I cannot speak for the second organization, I believe they, like Precision have extensive records on performance that would put the older federal histories to shame.

What is the cause of this disparate performance history? To understand means one has to accept the premise that loaning money for chattel loans on manufactured homes is a very specialized area of lending that requires special knowledge and expertise to do it successfully. This knowledge starts with setting up a system that has sufficient safeguards to eliminate dishonesty that is more than just a paper solution.

An industry specific credit matrix is also critical. There are reasons beyond just the four Cs of credit that affect loan performance that are unique to chattel lending on manufactured homes that must be taken into account when considering a loan, and I believe these are totally unknown or undervalued by most organizations when they begin to make these loans.

Because of the nature of the typical borrower, servicing properly must be different than servicing for a typical site built home. Proper servicing can lower nonperformance rates dramatically.

The replevins process also needs to be industry specific because the approach to the process can critically affect both the costs of replevins and the performance of the collateral. The current process in FHA rule is typical but is myopic and costly.

Collateral performance is critical to the whole of the transaction. The lower the cost of cleaning and refurbishing the better for the portfolio. The higher the dollars recovered the better the portfolio performs. It is a given there will be repossessions, but it is not a given that repossessions mean overall losses.

There was some offering of industry financial participation in loss prevention from several of the attendees that basically went unheeded by the government agencies. I would consider this a critical component to the success of any loan program for several reasons.

I believe these agencies will need legislative pressure or mandates in order to take this issue seriously. If they started thinking how they could make chattel finance for manufactured homes work instead of thinking, “it can’t work”, that would be a start, and this is something you can accomplish if you feel it is appropriate.

I would further suggest they recognize the people and organizations within our industry that could provide them with invaluable expertise and information in all of the key areas discussed in this letter. My suggestion would be to work through MHIwith the goal of getting Don Glisson Jr. of Triad Financial Services to head whatever effort should be made.

Through my work as the former Chairman of the Illinois Manufactured Home Quality Assurance Board and other governmental associations, I recognize the difficulty of any government agency implementing rules, policies, and procedures that originate from outside the agency itself. Perhaps an advisory board could be created consisting of industry lenders and consultants that were properly vetted and authorized to recommend policy and procedures that would assure the success of a chattel lending program, as well as supply historical performance data that could and should be utilized in formulating appropriate loan policies and mathematically modeled credit matrixes that actually work. In addition, that data would allow a proper reserve fund to be created to absorb any shortfalls as a result of non-performing loans to help assure no loss of taxpayer monies.

Should you want or need further information from me, I stand ready to assist you in any reasonable way I can. Again, I want to thank you for your attention to the manufactured housing industry and the people affected by your assistance. Please be assured that I will in the June issue of The Chattel Finance Newsletter, inform my 9,000 plus readers of your positive assistance to our industry both on the finance issue and in regard to the SAFE Act, giving you the credit you deserve for your efforts.

Respectfully submitted,
Kenneth Rishel

Kenneth Rishel
Precision Capital Funding
Publisher of The Chattel Finance Newsletter
(217) 971-3968
kennethrishel@captivefinance.net


For more information on this important issue:

FHFA Proposes Rule on Fannie Mae and Freddie Mac Requirements for Underserved Markets

Summit Meeting Addresses Industry Finance Issues

Stage Set for Action on Title I Moratorium

Long-Awaited “Duty to Serve” Proposal Unveiled

Ken Rishel report on the Manufactured Housing Roundtable