NationalMortgageNews tells MHProNews Lender Processing Services (LPS) estimates 2.6 million Fannie Mae and Freddie Mac loans may yet be eligible for financing through the Home Affordable Refinance Program (HARP). 50 percent of these have credit scores of 720 or above, including 670,000 with interest rates above six percent. Since the …
Ten Million Borrowers Remain Eligible to Lower Rates Read More
The National Association of Home Builders (NAHB) reports framing lumber prices in random lengths hit $396 per 1,000 board feet Jan. 11, 2013, more than double the $193 price Jan. 23, 2008. As MHProNews has learned, this is substantially higher than the $316 price per 1,000 board feet recorded Oct. …
Investors remained poised to digest corporate earnings reports, as the shares of Apple stock fell and and Dell’s stock spiked. The three major indexes moved little. CNNMoney reports the Dow Jones Industrial Average nudged up +0.14 percent, +18.89 points, to end the day at 13,507.32 The Nasdaq lost -0.26 percent, …
Three Major Indexes, Most Tracked Housing Stocks Move Little Read More
The northbaybusinessjournal tells MHProNews Sonoma State University is planning on opening its long-awaited three-story 130,000 square foot student center in August of this year. Above the series of restaurants, meeting rooms and common areas will be a modular meeting room that can open up to a 12,000 square foot “Grand …
The spokesman informs MHProNews the Valley Planning Commission in Spokane, Wash. agreed to ask the city council to create an amendment to allow used manufactured homes to be sited on lots outside communities, just as new MH are. The commission agreed that it could add to the affordable housing inventory. …
Noting that fires move more quickly in small spaces, Tennessee State Fire Marshal and Commerce and Insurance Commissioner Julie Mix McPeak is urging the 250,000 residents of manufactured housing in the state to install smoke alarms and plan an escape route in case of a fire. The news release through …
Following a story we reported Aug. 31, 2012 concerning an MHC in Canada where residents have had to boil water before using it, MHProNews has learned from CBCNews one of the residents has successfully sued owner Killam Properties. The 300 families at Mountain View Trailer Park in Echo Lake, Nova …
Although the indexes finished up for the second week in a row, the stock market was relatively quiet today as investors mulled over corporate earnings reports, as well as anticipation of corporate earnings reports. CNNMoney reports the Dow Jones Industrial Average nudged up +0.13 percent, +17.21 points, to end the …
Stocks Relatively Unchanged; Drew and Skyline Advance Read More
The House Financial Services Committee tells MHProNews that Committee Chairman Jeb Snarling, in his response to the Consumer Financial Protection Bureau (CFPB)’s Qualified Mortgage and Ability to Pay rules, says the CFPB has an impossible, dangerous mission and that attempted solutions may have unintended consequences. He asserts, “ Impossible because …
MHProNews has learned the U.S. Census Bureau and the Dept. of Housing and Urban Development (HUD) have for the first time made public their findings on the quality of housing in the U.S., available on the Census Bureau’s American FactFinder. The survey of the nation’s 115 million households includes apartments, …
An industry insider has provided MHProNews with an exclusive of their flash report on the QM rules issued by CFPB yesterday. There was an 804 page Ability to Repay (“QM”) Rule issued on 1.10.2013 by the Consumer Financial Protection Bureau (CFPB), along with the 431 page High-Cost Mortgage (HOEPA – …
MH Industry Insider Perspective: Flash Report on QMs…Not good! Read More
The sltrib tells MHProNews Steve Anderson and his wife, residents of Cottonwood Coves MHC in Murray, Utah just outside Salt Lake City allege the owner, Terry Robison, unilaterally changed the terms of the contract they signed in 2004 without their signature. Initially, sewer and water fees were included in the …
The 2013 Louisville Show reports that through Jan. 9, there have been 34,514 page views and a total of 172,296 hits at LouisvilleManufacturedHousingShow.com. Pre-registrations are up over 2012. At the current pace, the Louisville Show could top 1,200 retailers, communities and other attendees, with the combination of attendees and exhibitors …
Responding to the qualified mortgage rule issued by the Consumer Financial Protection Bureau (CFPB), the National Association of Home Builders’ (NAHB) president, Barry Rutenberg noted the balance struck between creditworthy borrowers seeking mortgages and lenders who are protected from potential lawsuits. MHProNews notes his words: “Our initial review of the …
Although investors continue their angst about corporate returns for Q4 2012, the three major indexes ended the day in positive territory, with the S&P hitting a new five-year high. CNNMoney reports the Dow Jones Industrial Average nudged up +0.57 percent, + 76.29 points, to end the day at 13,466.80. The …
Stocks Gain Second Consecutive Day; S&P Hits New High Read More
A letter dated Jan. 9, 2013, from Henry Czauski, HUD’s Acting Deputy Administrator in the Dept. of Manufactured Housing, to Robert Solomon, Project Mgr. of the Manufactured Housing Consensus Committee (MHCC), says the Government Accounting Office (GAO) finished a study of air quality and ventilation systems in manufactured housing. The …
The long-anticipated set of mortgage rules, including the qualified mortgage, promised by the Consumer Financial Protection Bureau (CFPB) have finally been released, according to CNNMoney. Designed to correct the lax underwriting practices that led to the housing bubble fiasco, the new rules require documented financial feasibility of repaying the loan …
As GlobeNewswire reports, in order to take advantage of the improving economy and growth of the new home construction market, BlueLinx Holdings Inc. (NYSE:BXC) of Atlanta has filed a planned rights offering with the Securities and Exchange Commission (SEC) to offer $40 million worth of common stock, $38.8 million of …
HousingWire reports Sen. Sherrod Brown’s (D-OH) letter to Consumer Financial Protection Bureau’s (CFPB) Director Richard Cordray asserts manufactured homes may become less attainable under the newly defined CFPB’s regulations that deal with high-cost mortgages. For mortgages on properties under $50,000, a high-cost mortgage is now defined as a first mortgage …
Senator Brown to CFPB: Relax High Cost Mortgage Rules Read More
According to originationnews, the Mortgage Bankers Association (MBA) says despite the interest rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balances having increased nine basis points to 3.61%, mortgage apps rose 11.7 percent for the week ending Jan. 4. This interest rate is the highest in two months. …
