Home » Government Articles » Manufactured Housing Associations and Publications Urge Critical Changes to FHFA Rule
Manufactured Housing Associations and Publications Urge Critical Changes to FHFA Rule
Two associations and two publications teamed up this week to encourage changes to a proposed rule at the Federal Housing Finance Administration (FHFA) that would increase financing for the most affordable type of housing.
DUNCANSVILLE, PA, July 23, 2010 /Government PR News/ -- Two associations and two publications teamed up this week to encourage changes to a proposed rule at the Federal Housing Finance Administration (FHFA). Manufactured Housing Institute (MHI), Manufactured Housing Association for Regulatory Reform (MHARR), MHMSM.com and Captive Finance News all contacted members, readers and subscribers as well as manufactured home community owners and residents, asking them to advocate for a change in a rule that could greatly increase financing for the most affordable type of housing.
FHFA released a proposed rule known as Enterprise Duty to Serve Underserved Markets that excludes personal property lending in the Fannie Mae and Freddie Mac duty to serve the manufactured housing market.
Specifically, the proposed rule would consider only manufactured homes titled as real property for purposes of the duty to serve the manufactured housing market. FHFA is proposing that only loans titled as real property be considered towards the Fannie and Freddie's Duty To Serve. Industry analysts agree this would be devastating to the manufactured home industry and severely impede the availability of the most affordable housing.
"Providing financing for manufactured homes not attached to land is a major component of making the most affordable housing accessible," says MHMSM.com Publisher L. A. 'Tony' Kovach. "We need to do everything we can to change the proposed FHFA rule before it's implemented. We have been told by regulators that they will listen to the Industry's concerns, and we believe that sounding off now and in great numbers is important."
Kovach has been busy in recent days making personal calls and sending emails making sure U.S. Senators, House Members and the FHFA receive comments by the July 22 deadline. Other industry leaders report doing the same.
MHI released a statement to its members conveying their view that the FHFA as well as Fannie Mae and Freddie Mac have an obligation to serve manufactured housing and the 18 million Americans currently residing in manufactured homes. MHARR has previously issued a similar outreach to their supporters.
In addition, MHI contends, a "duty to serve" manufactured housing cannot be fulfilled by ignoring 21 percent of the total housing market and manufactured homebuyers who are in desperate need of this source of affordable housing.
About MHI
Manufactured Housing Institute (MHI) is the national trade organization representing all segments of the factory-built housing industry. MHI serves its membership by providing industry research, promotion, education and government relations programs, and by building and facilitating consensus within the industry.
About MHARR
The Manufactured Housing Association for Regulatory Reform (MHARR), is a Washington, DC-based advocacy body representing the interests of HUD Code home manufacturers.
About MHMSM.com
Manufactured Home Marketing Sales Management trade journal, a.k.a. MHMarketingSalesManagement.com or MHMSM.com, is the largest and most popular media outlet that focuses on factory built housing, including top feature writers and industry focused news.
About Captive Finance News
Chattel Finance News is monthly publication that goes out by email to over 8,000 industry leaders at no charge. Each month the full color newsletter covers current events, legal issues, compliance issues, profitability issues, and sustainability issues faced by those engaged in owner assisted finance. Additional articles cover the issues of outside chattel finance and the outside lenders, both national and regional, as well as follow the progress of FHA Title I.
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Press Release Contact Information:
Eric Miller
MHMSM.com
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P.O. Box 661
Duncansville, PA
USA 16635
Voice: 214-329-9733
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