While many signs in the first half of 2013 indicate the housing recovery is real and palpable—housing starts are up 24 percent over the first half of 2012, existing home sales increased 32 percent year-over-year in June (excluding foreclosures and short sales), and the delinquency/foreclosure rate fell 14 percent—rising mortgage …
As part of housing finance reform, the House Financial Service Committee passed a measure that will eventually eliminate Fannie Mae and Freddie Mac and pass the job of bundling most mortgages into marketable securities to private investors. Under the Protecting American Taxpayers and Homeowners (PATH) Act, the government would supervise …
Updating a story MHProNews posted earlier today about allegations by the Consumer Financial Protection Bureau (CFPB) that Castle & Cooke Mortgage of Salt Lake City made illegal incentive payments to loan officers, the president of C & C denied the charges and is seeking to resolve the issue. “We don’t …
Campaign contributions for seven of eight newly installed GOP House committee chairmen have risen 59 percent in this year over the first six months of 2011. The 11 continuing committee chairmen only show a three percent average increase in first-half contributions this year over the same time frame two years …
A mortgage lender is being sued by the Consumer Financial Protection Bureau (CFPB) for allegedly paying bonuses to loan originators that charged consumers higher interest rates in violation of the loan officer compensation rule. The 85th largest lender in the country, Castle and Cooke Mortgage LLC of Salt Lake City …
While the Manufactured Housing Association for Regulatory Reform (MHARR) reports the government-sponsored enterprise (GSE) finance reform bill in the House, called the Protecting American Taxpayers and Homeowners Act (PATH), is being prepared to move forward, there is no indication manufactured housing consumer financing is included. Although some industry reports say …
Manufactured Housing Finance Needs to be in Reform Bill Read More
With $1 million in financing from ROC (resident-owned communities) USA Capital, Prairie Lake Estates land lease community became Prairie Lake Estates Homeowners Cooperative, as the residents of this 70 homesite community became a Wisconsin limited-equity housing co-op corporation. The Northcountry Cooperative Foundation (NCF) provided leadership and technical support to the …
Wisconsin Land Lease Community Converts to Co-operative Read More
Killam Properties Inc. (TSX: KMP) will release its financial results for the second quarter ending June 30, 2013 on Wednesday, August 7, 2013, after the close of the market. A conference call to discuss the financials will be held on Thursday, August 8, 2013, at 12:00 PM EST. In Toronto …
Private equity firm Green Courte Partners, LLC, of Lake Forest, Ill. has chosen Ryan Bowie as Managing Director in charge of investor relations, portfolio management and fundraising. Having spent 13 years in public and private real estate companies, including stints with Hyatt Hotels Corp. and Strategic Hotels and Resorts, Bowie …
House Republicans, led by Rep. Jeb Hensarling of Tex., Chairman of the House Financial Services Committee, are getting set to introduce mortgage finance reform legislation that will totally eliminate government sponsored enterprises (GSEs) and replace them with a private system. Knowing all the features are not likely to pass, the …
Borrowers with mortgages backed by Fannie Mae and Freddie Mac that are at least 90 days late will begin receiving offers from lenders to reduce their rates. Called the Streamlined Modification Initiative, borrowers will be able to reduce their payments by either having the loan extended from, say, 30 to …
Seriously Delinquent Mortgage Borrowers may Reduce Payments Read More
Consumer Financial Protection Bureau Director Richard Cordray, in a speech followed by a Q and A before the Exchequer Club, said more commotion than necessary is being made about the qualified mortgage (QM) rule. He says lenders will continue lending as they have in the past, even outside the rule, …
Former beauty queen and one time manufactured home dealer JoLeigh Ares, doing business as Park Girl Sales LLC in the Rio Grande Valley area of Tex., has racked up an alleged 89 claims against her now bankrupt business totaling $2.9 million. The brownsvilleherald reports $1.5 million of the total is …
Manufactured Home Retailer, Facing Multiple Fraud Charges, Opens New Business Read More
Shares of Cavco Industries, Inc. (NASDAQ:CVCO) stock have been commented on by three different analysts, going in different directions each time, in the last seven weeks. On May 1 The Street downgraded Cavco from a buy rating to a hold rating; May 28 The Street upgraded shares from hold to …
Mortgage applications rose five percent for the week ending June 7, a turnaround from the 11.5 percent drop the previous week, according to what the Mortgage Bankers Association (MBA) tells HousingWire. Although 11 percent lower than the two weeks prior, and 36 percent below the high point at the beginning …
In an interview with reit.com, UMH Properties (NYSE:UMH) president and CEO Sam Landy says occupancy rates have risen at the company’s 68 manufactured home communities comprised of 12,800 homesites because of the strength of the rental market. UMH rented 200 units last year and intends to fill another 200 this …
In an exclusive to MHProNews, Steve Varnum of the Community Loan Fund says Silver Fox Estates in Pembroke, New Hampshire became the state’s 105th resident-owned manufactured home community as of May 30, 2013. With funding and assistance from the New Hampshire Community Loan Fund, the Silver Fox Homeowners Cooperative, Inc., …
According to insidermonkey, Sun Communities, Inc. (NYSE:SUI), a real estate investment trust (REIT) that owns and operates 184 manufactured housing and recreational vehicle communities, returns a higher dividend yield (5.0% versus 2.6% for Equity Lifestyle Properties, Inc.) and is more capital efficient (ELS has a higher capex-to-sales ratio of 4.1 …
According to dailyfinance, MH component supplier Drew Industries is quick at turning cash outflows into cash inflows, based on a formula that may be just as important as income in determining the financial health of a company. The cash conversion cycle (CCC) calculates days inventory outstanding to days sales outstanding, …
According to mortgagenewsdaily, the Consumer Financial Protection Bureau (CFPB) has issued updates regarding what examiners will be checking lenders for when the new regulations go into effect Jan. 2014. Noting these are the first of what is anticipated will be numerous updates, the examination procedures concern the Truth in Lending …
