The Manufactured Housing Institute (MHI) informs MHProNews that the Senate Banking Committee passed regulatory relief legislation that had been drafted by Committee Chairman Richard Shelby (R-AL). The 12-10 vote along party lines represents the most significant change to Dodd-Frank since it was enacted. Section 108 of the bill includes provisions …
Senate Banking Committee Passes Manufactured Housing Finance Reform Read More
MHProNews has learned Franklin Management Group of Newport News, Virginia has arranged $18.8 million in refinancing for five of the more than 20 manufactured home communities (MHCs) it owns. The long-term fixed rate non-recourse recapitalization was arranged by CBRE (Coldwell Banker Richard Ellis)-Hampton Roads. The five properties, comprising 2,600 homesites, …
CBRE Arranges Refinancing for Manufactured Home Communities Read More
From La Center, Washington MHProNews has learned the Country Hills Estates manufactured home community (MHC) was originally zoned as a condo complex because it was outside the city and the county refused to give it the designation afforded an MHC. As a result, when homeowners tried to sell their homes …
Rezoning Helps Manufactured Home Residents Buy, Sell Property Read More
The Seattle Times/Center for Public Integrity has allegedly targeted Clayton Homes and Berkshire-Hathaway affiliated finance companies in an attempt to derail much needed reforms to Dodd-Frank which harm millions of manufactured home (MH) owners and thousands of MH businesses. Mike Baker and Daniel Wagner – writers of the Seattle …
Both of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, operate under a $30 billion cap for purchases of multifamily loans, according to costar. Since they each hit $10 billion in the first quarter, they would max out by the third quarter, leaving no available funds to finance deals …
FHFA Stretches Multifamily Affordable Housing Lending Categories Read More
Commercial real estate lender Hunt Mortgage Group has provided a $4.5 million Fannie Mae loan facility to refinance Terra Vista Manufactured Housing Community in Tucson, Arizona, as digitaljournal tells MHProNews. Founded in 1970, the age-restricted (55+) community is comprised of 129 homesites set on 14.5 acres with no permanent structures …
Manufactured Home Community Refinanced by Fannie Mae Read More
Following a story MHProNews last posted April 11, 2015, regarding a program to site modular homes in Bluffton, South Carolina, as a means of expanding affordable housing, the Town Council voted to add six more homes to the initiative, at under $160,000 each, bringing the total to 30 available homes, …
For the first quarter of 2015, UMH Properties, Inc. (NYSE:UMH) reports Core Funds from Operations (CFFO) rose from $2,425,000 or $0.11 per diluted share for the 1st quarter of 2014 to $3,159,000 or $0.13 per diluted share for the comparable quarter 2015. Normalized Funds from Operations (Normalized FFO) hit $3,226,000, …
Elmwood Mobile Manor has transformed into Elmwood Homeowners Cooperative, purchasing the manufactured home community (MHC) with $2.16 million financing provided by ROC USA® Capital, the Mercy Loan Fund and the Washington State Housing Finance Commission. JP Morgan Chase’s CDFI (Community Development Financial Institution) Collaborative program supplied a $4 million grant …
ROC USA Facilitates another Manufactured Home Community to Become a Co-op Read More
Sun Releases Q1 Financials, Patrick, Drew set to do same. One modular dealer opens in Midwest, another spreads West. MHC Makes Room for Retail Frontage. Fannie Mae Exempts MH Loans from Caps. ROI for MHCs Rises. Malibu Mobile Homes Taxed as Personal Property. Elizabeth Warren Blocks Reform. MHC Owner Yields …
MHProNews has learned from nationalmortgagenews that Rep. Patrick McHenry (R-NC) says the House passed a measure last week that would regulate how points and fees are calculated under the Consumer Financial Protection Bureau’s (CFPB) “qualified mortgage” rule, but Sen. Elizabeth Warren (D-MA) adamantly opposes a similar measure in the Senate. …
‘Warren Effect’ Stymieing Financial Regulatory Relief Read More
As the Housing Group at Ballard Spahr informs MHProNews, the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are nearing their respective 2015 volume caps. Regulated by the Federal Housing Finance Agency (FHFA), their volume to date may mean their allocation could be exhausted by late summer, 2015. While Fannie …
Fannie Mae’s Manufactured Housing Community Loans Exempt from Caps Read More
Sunday Morning Recap April 13-April 18, 2015 The big news of the week is that H. R. 650, The Preserving Access to Manufactured Housing Act, a major effort by the MH industry, finally passed the House. Deer Valley stock plummets one day, skyrockets two days later. In other news, a …
As housingwire informs MHProNews, a number of housing advocacy groups are asking the U. S. Department of the Treasury, the Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) to investigate large financial mortgage packagers that are encouraging mortgage servicers to foreclose on borrowers instead of offering …
Neighborhood Housing Groups Laud Ocwen for Helping Troubled Borrowers Read More
The National Association of Home Builders (NAHB) urged federal regulators and Congress to ease tight mortgage standards so that credit worthy borrowers could contribute to a stronger recovery of the housing market. NAHB Chairman Tom Woods testified before the Senate Banking Committee that was examining barriers to obtaining mortgage credit. …
NAHB Appeals to Congress to Ease Credit for Homebuyers and Contractors Read More
MHPronews has learned from housingwire a bipartisan majority of the House of Representatives voted to increase transparency of the Consumer Financial Protection Bureau (CFPB). The Bureau Advisory Commission Transparency Act, H. R. 1265, sponsored by Rep. Sean Duffy, (R-WI) received 401 votes with only two opposed, that would subject the …
House Votes Overwhelmingly to Increase CFPB Transparency Read More
Calling it the “Know Before You Owe” mortgage initiative, the Consumer Financial Protection Bureau (CFPB) has updated the Department of Housing and Urban Development’s (HUD) guide to shopping for a mortgage and buying a house, which was originally called “Shopping for Your Home Loan: Settlement Costs Booklet.” The new Toolkit, …
Toolkit from Consumer Financial Protection Bureau to Aid Homebuyers Read More
According to Quicken Loans March report, appraisers’ opinions of home values fell 0.40 percent below homeowners opinions last month, as homeowners continue to overvalue their homes. In addition, the national Home Value Index indicates home values dropped 0.56 percent in March, consistent with most metro areas that saw little change …
Home Values Rise Over 2014 but Change Little Month to Month Read More
Fannie Mae has just announced the launch of its HomePath Ready Buyer program under which first-time home buyers can receive up to three percent of the purchase price of the property in closing cost assistance towards the overall price. This amounts to a $4,500 savings on a $150,000 home, as …
First-Time Homebuyer Assistance Offered by Fannie Mae Read More
In this week’s news, although we did not cover it, we are reminded of the power of nature as a tornado devastated a small town in Illinois. Otherwise, H. R. 650 may hit the House Floor this week. Can Tiny Homes site in MHCs? Modular housing being weighed in Boston, …
Sunday Morning Recap–April 5, 2015 to April 11, 2015 Read More
