Following up on a story MHProNews published Nov. 19, 2012 concerning the city of Fort Collins, Colo. and its responsibility to help MH residents displaced by development, the city has drafted a report to preserve affordable housing, and addresses the role of the city and property owners in assisting low …
Adding onto an MHProNews story from Jan. 21 about the Consumer Financial Protection Bureau’s (CFPB) new mortgage servicing rules, the Texas Manufactured Housing Association (TMHA) offers a detailed summary from the American Banker’s Association (ABA). CFPB director Richard Cordray says, “We will exercise our supervision and enforcement authority to make …
According to nationalmortgagenews, a final rule from the Consumer Financial Protection Bureau (CFPB) asserts mortgage applicants must be provided with all appraisal and and other home-value estimates by the lender before closing. Says CFPB director Richard Cordray, “This rule will guarantee consumers can receive important information on how a lender …
As the nationalmortgagenews tells MHProNews, while the much-awaited Consumer Financial Protection Bureau’s (CFPB) Qualified Mortgage rule issued Jan. 10 covers rules to determine borrowers’ ability to repay loans and lenders’ protection from liability, it fails to address a required minimum downpayment. Regulators had originally proposed a 20% minimum, but need …
NapaValleyRegister informs MHProNews John Tuteur, assessor in Calistoga, Calif. clarifies the difference in how owners of manufactured homes pay taxes. Homes that were installed before June 30, 1980 are dunned $16 per year for an in-lieu property tax, much like an automobile registration. Approximately 405 of the 523 factory-built homes …
The Nevada Division of Housing, which oversees affordable housing and provides low interest mortgages and down payment assistance to eligible candidates, has a new administrator. Jim deProsse, formerly the head of the Nevada Manufactured Housing Division, will assume his new position Jan. 22. As lasvegassun tells MHProNews, the division also …
Speaking at the University of Michigan’s Ford School of Public Policy, HousingWire reports Federal Reserve Chairman Ben Bernanke defended the Federal Open Market Committee’s open-ended quantitative easing, saying holding interest rates down keeps budget debts lower. Raising rates would complicate Congress’ upcoming budget negotiations. As MHProNews has learned, the committee …
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. …
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 …
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 …
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 …
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 …
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
The belvideredailyrepublican says Poplar Grove, Ill. officials have nixed plans to annex an additional 600 acres and with it the possibility of an MHC being developed on part of the property. Two developers had proposed a mix of residential and commercial if the annexation occurred, but the village board in …
NationalMortgageNews says the Consumer Financial Protection Bureau is set to release Dodd-Frank’s Qualified Mortgage (QM) regulation Jan. 10 in Baltimore. Under the new regulation, lenders must verify assets of the consumers, and in exchange, lenders will have a legal safe harbor. A rule the CFPB has considered is in cases …
OriginationNews reports the person who helped plan staffing, enforcement and direction of the Consumer Financial Protection Bureau (CFPB) is now the regional director of the West Region office of the agency in San Francisco, covering 18 western states including Alaska, Hawaii and Guam. Edwin L. Chow is responsible for consumer …
SecuringIndustry informs MHProNews websites in California are selling fake documents that can be used to stall foreclosure proceedings on properties. The phony court documents claim the debt has been repaid or the trustee has been changed. Online ads claim the documents can tie up banks in administrative proceedings for years. …
Following a complaint by neighboring property owners that a manufactured home has been sited on a lot next to another home designated for one single-family home, the SapulpaHeraldOnline reports the Creek County Board of Commissioners in Oklahoma has authorized a letter be sent to the owner of the MH notifying …
HousingWire informs MHProNews the Home Affordable Modification Program (HAMP) assisted 13,400 homeowners in obtaining trial modifications for the terms of their home loans in Nov., a drop from 15,200 the previous month. Meanwhile, 16,000 received permanent modifications in Nov., an increase from 13,800 the previous month. (Image credit: realtor)
