Manufactured Housing Association for Regulatory Reform (MHARR) Targets Fannie and Freddie Chattel Manufactured Dwelling Lending Failure in DTS “Listening Session” Feedback.
Click on picture to develop. Manufactured Housing Details Supplied by the Manufactured Housing Association for Regulatory Reform (MHARR) infographic is designed to debunk a number of widespread manufactured housing myths at a look. The quotes on proper hand aspect of graphic Mark Weiss.
Annual Manufactured Housing Manufacturing from 1995-2022. Manufactured Housing Association for Regulatory Reform (MHARR) Infographic.Click on picture to develop.
MHARR-nearly 80% of all manufactured dwelling loans are chattel however regardless of Congressional mandate some 15 years after Duty to Serve (DTS) federal regulation not enforced.
— Mark Weiss, J.D., President and CEO of MHARR.
WASHINGTON, D.C., UNITED STATES, July 22, 2023/EINPresswire.com/ — In a media launch to manufactured housing professionals, public officers, and others involved about reasonably priced housing points, the Manufactured Housing Association for Regulatory Reform (MHARR) offered feedback that their president and chief govt officer (CEO) Mark Weiss, J.D., delivered to the current Federal Housing Finance Company (FHFA) “Listening Session” on implementation, or the dearth thereof, of the “Duty to Serve” mandate for manufactured housing, underserved, and rural markets.
Manufactured Housing Association for Regulatory Reform (MHARR) ‘Targets’ Fannie Mae and Freddie Mac ‘Failure’ in FHFA Duty to Serve Listening Session
JULY 20, 2023
MHARR, in feedback (copy connected) delivered to a Federal Housing Finance Company (FHFA) “Listening Session” on July 18, 2023, has referred to as for the quick “market-significant” help of manufactured dwelling private property or “chattel” loans below the statutory “Duty to Serve Underserved Markets” (DTS) mandate.
Whereas chattel loans symbolize (and have constantly represented) almost 80% of all new manufactured houses financed in the USA – and are particularly approved by regulation for inclusion inside manufactured housing sector DTS compliance applications – not a single manufactured dwelling private property mortgage has been supported by Fannie or Freddie below DTS since its enactment 15 years in the past.
As MHARR made clear in its feedback, this deadlock, which leaves the huge bulk of the manufactured dwelling financing market utterly unserved in violation of the DTS mandate, is unacceptable and can’t proceed. That’s particularly the case with the manufactured housing market having entered a extreme downturn, starting with the third quarter of 2022, which has seen the manufacturing of recent HUD Code houses plummet year-over-year by an element of greater than 30%.
According to its dialogue of this matter with FHFA Director Sandra Thompson at a gathering on June 20, 2023, MHARR said that the time for additional alleged “analysis” and examine by Fannie Mae and Freddie Mac is long gone, and that each as an alternative should start now to present market-significant help for manufactured dwelling chattel loans, in step with the express directive of Congress in DTS.
In any other case, MHARR emphasised, if Fannie, Freddie and/or FHFA are unclear on what Congress meant by together with chattel loans throughout the DTS mandate, they need to be ready to take this complete matter again to Congress for clarification that DTS means your entire HUD Code market, in addition to a particular, close-in deadline for such market-significant chattel help.
As MHARR made fairly clear, the time for delay and obfuscation is over. DTS means what it says, and now could be the time for Fannie, Freddie and FHFA itself to dwell up to the obligations imposed upon them by regulation.
cc: Different HUD Code Manufactured Housing Trade Members
Manufactured Housing Association for Regulatory Reform (MHARR)
1331 Pennsylvania Ave N.W., Suite 512
Washington D.C. 20004
Cellphone: 202/783-4087
Fax: 202/783-4075
E mail: MHARR@MHARRPUBLICATIONS.COM
Web site: www.manufacturedhousingassociation.org
The remarks as ready by legal professional and MHARR CEO Weiss included the next remarks.
Re: July 18, 2023 FHFA Listening Session – Duty to Serve Underserved Markets – Manufactured Housing Market…
…Manufactured houses are particularly acknowledged – and protected – below federal regulation as a supply of inherently-affordable homeownership, and are regulated below a system that’s expressly designed to preserve their affordability in a way that can also be in step with each high quality and shopper security.
Sadly, this marks, no less than the fifth time that MHARR has addressed certainly one of these Duty to Serve (DTS) “listening classes.” It’s “unlucky” as a result of DTS ought to have already been totally carried out throughout the manufactured housing market by now.
As an alternative of highlighting the obtrusive deficiencies and full-blown defiance of Congress and the regulation by Fannie Mae and Freddie Mac throughout the HUD Code market, and the Enterprises’ failure to serve, in any respect, the huge bulk of its shoppers, we should always as an alternative be right here speaking concerning the success of DTS and speaking about how DTS-based lending helped to ease the nation’s reasonably priced housing disaster.
Fifteen years later, nevertheless, that isn’t the case and it seems that your entire matter is at an deadlock. Whether or not Fannie and Freddie (or FHFA for that matter) prefer it or not, the huge bulk of recent HUD Code manufactured houses – shut to 80% on an ongoing foundation per U.S. Census Bureau data– are financed by chattel, or private property loans.
Financing a manufactured dwelling as chattel is probably not the popular selection of Fannie or Freddie (and even FHFA). But it surely IS — and has been — the popular selection of hundreds of thousands of American shoppers. And the information is remarkably constant over time. Going again ten years or extra, the census information exhibits the proportion of chattel loans to all new manufactured dwelling buy loans fluctuating inside a really slim vary, slightly below 80%…
…whether or not Fannie and Freddie (or FHFA) prefer it or not – is that chattel lending predominates and has predominated for a few years.
That’s the actuality and Congress’ directive to Fannie, Freddie and FHFA, by DTS, was to serve that actuality – to serve the HUD Code market because it really exists, not as they or some others would love to see it in some perfect world that has by no means, in reality, been recognized to exist.
We are actually 15 years down the highway for the reason that enactment of DTS and nonetheless, almost 80% of the manufactured housing market stays utterly unserved. That’s the key reality. All the things else is window dressing and distraction…”
The presenters and organizations, per the FHFA, included the next.
Leslie Gooch-Manufactured Housing Institute
Dave Anderson-Nationwide Manufactured Dwelling House owners Association
Rachel Siegel-The Pew Charitable Trusts
Adam Rust-Nationwide Neighborhood Reinvestment Coalition
Mark Weiss-Manufactured Housing Association for Regulatory Reform
Mary O’Hara-ROC USA
Kaitlyn Garfield-Housing Land Belief of Sonoma County
Amy Bliss-Wisconsin Housing Alliance
Stacey Epperson-Subsequent Step
Deb Campbell-MH Motion
Kathleen Paradis-New Hampshire Neighborhood Mortgage Fund
Kyle Lucas-Resident Motion at Western Plaza MHP
Thomas Heinemann-MH Advisors
Willie Fleming-Chicago Anti Eviction Marketing campaign
Jill Borders-Borders Household
L.A. “Tony” Kovach-MHProNews.com
RE-Factual-Proof-for-chattel-is-nearly-80%-of-manufactured-home-lending-and-no-chatte-loans-by-Fannie-Mae-Freddie-Mac-under-DTS-references, see these sources=https://www.city.org/websites/default/recordsdata/2022-07/Thepercent20Rolepercent20ofpercent20Manufacturedpercent20Housingpercent20inpercent20Increasingpercent20thepercent20Supplypercent20ofpercent20Affordablepercent20Housing.pdf=https://www.fhfa.gov/Media/PublicAffairs/PublicAffairsDocuments/Chattel-Pilot-RFI.pdf=https://www.fhfa.gov/Media/Paperwork/MarkWeiss-remarks.pdf=https://www.pewtrusts.org/-/media/belongings/2022/03/alternatives-to-mortgage-financing-for-manufactured-housing.pdf
Extra About MHARR
About MHARR | Manufactured Housing Association Regulatory Reform
https://manufacturedhousingassociationregulatoryreform.org/class/manufactured-home-shipments/
https://manufacturedhousingassociationregulatoryreform.org/class/mharr-issues-and-perspectives/
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Mark Weiss, J.D., President & CEO
Manufactured Housing Association for Regulatory Reform
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Rajneesh Singh is a journalist at Asian News, specializing in entertainment, culture, international affairs, and financial technology. With a keen eye for the latest trends and developments, he delivers fresh, insightful perspectives to his audience. Rajneesh’s passion for storytelling and thorough reporting has established him as a trusted voice in the industry.
