Noting the proposed bipartisan legislation introduced by Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) that recognizes the importance of manufactured housing, Nathan Smith, Manufactured Housing Institute (MHI) chairman and partner at SSK Communities, says, “Gaining access to the secondary market for our home loans has long been a top priority for MHI and the manufactured housing market, and we are grateful the Senate has taken action to level the playing field for the manufactured housing industry and our homeowners. This bill is a step in the right direction for our industry and manufactured homeowners across the country, and we will continue to advocate for and work with Congress to pass into law a housing finance bill that recognizes the critical economic role of manufactured housing.” Fannie Mae and Freddie Mac are supposed to address the needs of low and moderate income families through secondary markets, but less than one percent of their activity includes manufactured housing finance.
As MHProNews.com reported March 17, 2014, Fannie and Freddie would be replaced by a new Federal Mortgage Insurance Company that would include “loans secured by manufactured homes,” and personal property loans secured by the home itself. Richard Jennison, President and CEO of MHI, says, “MHI applauds the bipartisan approach taken by Chairman Johnson and Ranking Member Crapo and their recognition of the importance of manufacturing housing in rural and underserved areas. We look forward to continuing our work with Congress to further strengthen securitization resources for manufactured housing.”
As realestaterama.com reports, MHI is the “preeminent national trade association for the manufactured and modular housing industries, representing all segments of the industries before Congress and the Federal government.” ##
