Senators Joe Donnelly (D-IN) and Tom Coburn (R-OK) introduced S. 1828, The Preserving Access to Manufactured Housing Act in the Senate as a companion to House Bill 1779 of the same name that protects the ability of manufactured home owners to buy, sell and refinance homes. The new guidelines issued …
If Congress cannot decide on the feasibility of passing overall housing reform legislation, banking committee leaders from both houses may just pass Federal Housing Authority (FHA) reform as a stand-alone bill, legislation which almost passed in 2012 with bipartisan support. Overall reform might also include the future of Fannie Mae …
HomeFinder.com suggests reasons for buying a home before the end of the year include new lending rules which will move debt-to-income ratio requirements higher, possibly making it more difficult to buy property. Additionally, mortgage rates are already up one to two percent, but grabbing a fixed rate mortgage (FRM) at …
The Alabama Manufactured Housing Association (AMHA) informs MHProNews city dignitaries were on hand for a ribbon-cutting ceremony at the expanded facilities of CIS Financial Services in Hamilton, Alabama to honor company found Paula Reeves. She began the company in 1991 with two employees and has now grown to 78 employees …
Federal regulators are telling their examiners to overlook non-qualified mortgage loans as long as they are underwritten well, according to what nationalmortgagenews.com tells MHProNews. The joint statement from the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC) and the National …
The Mortgage Bankers Association (MBA) says mortgage applications for new home purchases dropped 18 percent in November over October, but the size of the average loan continued moving up. As HousingWire tells MHProNews, home loan size has risen over $12,000 to $295,523 since last summer. New home sales fell from …
Following up on a story we posted Dec. 11, 2013 regarding the confirmation of Rep. Mel Watt to lead the Federal Housing Finance Agency (FHFA), MHProNews has learned from the Manufactured Housing Institute (MHI) Rep. Watt has favored measures that require GSEs (government supported enterprises) to support affordable housing. This …
New FHFA Head has Supported Duty-To-Serve in the Past Read More
The Federal Housing Administration (FHA) has revised the loan limit ceiling for single-family mortgages in 2014, reducing it to $625,000 from $729,750. The change will result in approximately 650 counties having lower limits, according to what dsnews.com reports from the Department of Housing and Urban Development (HUD). For low-cost housing …
The Virginia Manufactured and Modular Housing Association (VMMHA) informs MHProNews the implementation of Dodd-Frank regulations by the Consumer Financial Protection Bureau (CFPB) that negatively impact the manufactured housing industry will not be delayed as requested by members of the U. S. Senate. CFPB Director Richard Cordray sent a letter to …
Consumer Financial Protection Bureau Rejects Delaying Dodd-Frank Read More
Sen. Mike Crapo (R-ID) says for the past three years, Sen. Harry Reid (D-NV) has refused to allow any amendments to the Dodd-Frank Act to be enacted, but now Sen. Tim Johnson (D-SD), chairman of the Senate Banking Committee, has shown interest in reforms during this session of Congress which …
Bi-Partisan Support Exists to Amend Dodd-Frank; For it to Happen Soon are Remote Read More
The Consumer Financial Protection Bureau (CFPB) is getting feedback from lenders regarding the Qualified Mortgage (QM) rule, and while it may alter some of the guidelines down the road, it will wait until lenders adjust to the new set of guidelines. Speaking to a Women in Housing and Finance gathering, …
Qualified Mortgage Guidelines will not Change Initially Read More
MHProNews has learned from cpexecutive.com Bethesda, Maryland-based Beech Street Capital has refinanced eight manufactured housing communities for $158 million through Fannie Mae. Chad Thomas Hagwood of Beech St. says, “The refinance has enabled Beech Street to provide affordable housing in relatively high-cost markets.” The seven-year, fixed-rate loans have a 10-year …
Beech St. Capital Refinances Manufactured Home Communities Read More
The Consumer Financial Protection Bureau’s (CFPB) new consumer disclosure forms, called “Know Before You Owe,” that will take effect Aug. 1, 2015, is designed to give the borrower more control over the mortgage loan process as well as add transparency to the transaction. Paul Trepeta of the National Association of …
The New Hampshire Business Review tells MHProNews the New Hampshire Community Loan Fund (NHCLF) has helped over 100 manufactured home communities (MHC) convert to resident-owned cooperatives in the 30 years since the Sisters of Mercy invested their pension fund in the non-profit. The residents of the Meredith Trailer Park formed …
Funder Celebrates 30 Years Supporting Community Cooperatives Read More
The Jump Start federal housing program is credited for backing the construction of seven modular homes in the PrairieView subdivision of Forest City, Iowa in the north central part of the state. A qualified candidate can receive a grant up to $37,500 towards the purchase of a home valued at …
The Preserving Access to Manufactured Housing Act of 2013—HR 1779—remedies the unintended consequences of the Dodd-Frank Act that disproportionately affect affordable manufactured home lending. To date, 20 Democrats and 85 Republicans have signed on as co-sponsors of the legislation, indicating momentum is growing, but more support is needed to insure …
According to the analytic firm Zillow, 10.8 million homeowners still owe more than their house is worth, a drop of over 4.9 million from the high point of Q1 2012, which represents a 21 percent decline when the negative equity peak was 31.4 percent of all homeowners. In Q2 2013 …
Slowing Home Appreciation Means Positive Equity Distant for Underwater Borrowers Read More
Publicly-owned investment company Capital Southwest Corp. (Nasdaq:CSWC) has announced that Kelly Tacke has joined the firm as Senior Vice President, Chief Financial Officer (CFO), and Treasurer, having moved over from Palm Harbor Homes, Inc. where she served as Executive Vice-President and CFO. Palm Harbor is a subsidiary of Cavco Industries, …
Following up on a story we posted Nov. 14, 2013 regarding the use of Eco Red Shield Lumber’s treated wood products for modular homes as part of the Hurricane Sandy rebuild, Google Finance reports on Nov. 15, 2013 Eco Building Products (ECOB) dropped 1.47 percent to $0.0067. Additionally, smallcapnetwork says …
Due to rising balances on mortgages, student loans and auto loans, total indebtedness increased by $127 billion, 1.1 percent, over the previous quarter, according to the New York Federal Reserve. A slowdown in foreclosures—the lowest level since the end of 2005—helped offset a drop in mortgage originations, as did a …
Consumer Debt Rises; Foreclosures, Delinquencies Fall Read More
