Berkshire Hathaway, parent company of manufactured homes giant Clayton Homes, is purchasing a $560 million stake in Axalta Coating Systems, a subsidiary of private equity giant The Carlyle Group, which also has an interest in manufactured homes. According to Forbes, Axalta, which provides coatings for automobiles, SUVs and commercial vehicles, …
Two Financial Titans Have Fingers in the Pie of Manufactured Housing Read More
While investopedia sets the record straight in noting “mobile homes” were built before HUD Code standards were established n 1976, it nevertheless uses the term in the article’s title: “Are Mortgages Available for Mobile Homes?“ It does use the correct phrase in the article. It says 32 percent of manufactured …
Twisting Terminology about Manufactured Home Financing Read More
The Tunica Manufactured Housing Show in Mississippi shared the spotlight this week with the House Financial Services Committee passing the Preserving Access to Manufactured Housing Act out of committee and headed to the House floor for a vote. Additionally, IKEA prepares to ship 10,000 durable modular shelters to Iraqi homeless …
Sunday Morning News Re-Cap March 22 to March 28, 2015 Read More
According to what housingwire tells MHProNews, Motley Fool got opinions from three of their analysts abut the effect of rising interest rates, which the Federal Reserve will very likely raise in either the second or third quarter. Matt Frankel says marginally higher interest rates will not impact the real estate …
Will Higher Interest Rates Affect the Housing Market? Read More
The Financial Services Committee informs MHProNews that the Oversight and Investigations Subcommittee held a hearing to scrutinize the role of the Federal Deposit Insurance Corporation (FDIC) in shuttering legitimate businesses by closing their bank accounts. The only witness at the hearing was FDIC Director Martin Gruenberg. Termed Operation Choke Point, …
The House Financial Services Committee passed H.R. 650, the Preserving Access to Manufactured Housing Act of 2015 that will help millions of Americans have better access to financing options for manufactured housing. The vote was 43 in favor and 15 opposed. In addition to the Manufactured Housing Institute (MHI), H.R. …
H.R. 650 Passes out of House Financial Services Committee Read More
MHProNews has learned from cnnmoney that Elkhart, Indiana-based Skyline Corp. (NYSEMKT:SKY) has obtained a three-year secured revolving line of credit with First Business Capital Corp. The agreement will allow Skyline to borrow up to $10 million. Secured by the company’s assets, the funds will be used for working capital, and …
In his opening statement to the full House Financial Services Committee considering 11 bipartisan bills “designed to promote a healthier economy, preserve consumer choice and help our fellow Americans achieve the American dream of financial independence,” Committee Chairman Jeb Hensarling (R-TX) acknowledged they all passed the House and/or the Committee, …
Rep. Hensarling Notes Bipartisan Support for American Dream, Fighting Terrorism Read More
In a measure to preserve housing affordability while shielding taxpayers from another bailout, nationalmortgageprofessional tells MHProNews three Democratic representatives on the House Financial Services Committee have reintroduced housing finance reform legislation. Reps. John Carney (D-DE), John K. Delaney (D-MD) and Jim Himes (D-CT) first introduced the Partnership to Strengthen Homeownership …
Housing Finance Reform Bill Balances Public vs Private Read More
The Consumer Financial Protection Bureau (CFPB) has finalized its online system for allowing consumers to file complaints on its complaint portal, as americanbanker tells MHProNews. Initially, only the name of the institution and the product was to be named, but now consumers will be able to enter a narrative of …
CFPB Defines Consumer Complaint Clearinghouse; Industry Complains Read More
Edward DeMarco, former Federal Housing Finance Agency (FHFA) chief, says Congress’ failure to pass government-sponsored enterprise (GSE) reform and the current mortgage finance system promotes housing debt instead of home ownership. As nationalmortgagenews tells MHProNews, DeMarco says the Obama administration is trying to boost credit availability, a move that echoes …
Former FHFA Head DeMarco Slams Congress and Obama Administration Read More
MHProNews has learned from multihousingnews that Largo Group of Cos. has arranged a $33 million financing package for six manufactured home communities (MHC). Four of the communities account for $16.65 million of the total, and are comprised of 565 homesites. They are: An eighty-acre development in Raleigh, North Carolina comprised …
Largo Secures Financing for Manufactured Home Communities Read More
Manufactured Home Sliding off Foundation; State Inspector Notes Dangers MHARR Objects to DOE Energy Standards for Manufactured Housing Dow Slides Again, MHCV Slips, Skyline Advances RVIA Honors RVIC/IMHA Director Mark Bowersox UMH Properties Reports Sustained Growth for Q4 2014 Modular Hotel for Brooklyn being Built in Poland Indicators of New …
In the company’s year end and Q4 conference call, UMH’s president and CEO Samuel Landy says the company acquired 14 manufactured home communities (MHC) comprised of 1,600 developed homesites for $42.6 million, representing an increase in home sites of 12 percent. In addition, UMH acquired an MHC in Erie, Pennsylvania …
UMH Properties Reports Sustained Growth for Q4 2014 Read More
According to rejournals, Capital One Multifamily Finance arranged for a $9.5 million fixed-rate loan to refinance Burkhart Ridge Mobile Estates, a 306-homesite manufactured home community in Howell, Michigan, near Detroit. The ten-year loan has one year of interest-only payments and a 30-year amortization. Damon Reed, director of MHC finance for …
Capital One Scores another Manufactured Home Community Refinance Read More
MHProNews has learned from abladvisor that Capital One Multifamily Finance has arranged a $7.3 million Fannie Mae fixed-rate loan package to refinance Rodeo Mobile Estates, an age-restricted 55+ community of 204 homesites in Soquel, California. “Having operated this seniors community since 1998, the owners wanted to provide funding to maintain …
Capital One Arranges $7.3M Fannie Mae Loan for Manufactured Home Community Read More
A bi-partisan group of U. S. senators have reintroduced the Preserving Access to Manufactured Housing Act so fewer manufactured home loans are classified as high cost. Senators Joe Manchin (D-W.VA), Joe Donnelly (D-IN), Pat Toomey (R-PA) and Tom Cotton (R-AR) filed the bill that will alter the thresholds under the …
Preserving Access to Manufactured Housing Act Reintroduced in Senate Read More
Noting that New Jerseyans must earn $24.92 an hour to afford a two-bedroom fair market rent apartment without paying over 30 percent of their income, mycentraljersey tells MHProNews manufactured homes have emerged as a viable alternative. Robert Dolan, owner of Edison Mobile Estates in Edison, NJ says the “mobile” in …
New Jersey Community has Energy Star Manufactured Homes Read More
Financial Institutions and Consumer Credit Subcommittee Chairman Rep. Randy Neugebauer (R-TX), evaluating the five-year history of the Consumer Financial Protection Bureau (CFPB), informs MHProNews the agency does not perform in a sustainable manner, lacks transparency and accountability, and is “susceptible to political influence.” He sees value in the agency but …
Rep. Neugebauer Questions Overreach of CFPB without Oversight Read More
Instrumental in the formation of the Consumer Financial Protection Bureau (CFPB) and a strong proponent of financial reform, U. S. Senator Elizabeth Warren (D-Massachusetts), noting the rise in non-bank mortgage servicers, is asking the Government Accountability Office (GAO) to investigate the risks to consumers. A report by the Federal Housing …
Senator Elizabeth Warren Raises Concerns over non-bank Mortgage Servicers Read More
