American Banker informs MHProNews eight additional state attorneys general have requested to join a lawsuit originally filed by a Texas community bank and two conservative organizations challenging the constitutionality of the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB). The suit focuses on the Orderly Liquidation Authority in Title …
MHProNews has learned from the Texas Manufactured Housing Association (TMHA) of the four measures in the hopper of the Texas Legislature that could affect the factory-built housing industry. HB 578 would establish state regulatory authority over modular housing, a bill TMHA supports because of the losses modular producers have suffered …
The Ledger tells MHProNews residents of MHCs around Fla. are organizing to pressure the Florida Legislature into enacting legislation that would link rent hikes to the Consumer Price Index (CPI) in their communities when a home changes hands. Ed Green says the current system is a deterrent to people interested …
Fla. MHC Residents Organizing to Change Rent Hikes Read More
The chicagotribune informs MHProNews Ill. Governor Pat Quinn has signed Senate Bill 16 to speed up the foreclosure process on abandoned single-family homes and multifamily buildings of less than seven units. The current average of 600 days will be shortened to 90-180 days for foreclosure. In addition, lenders will be …
Joe Kelly of the Iowa Manufactured Housing Association (IMHA) tells MHProNews state Senate Study Bill 1076 that tightens regulations on the MH business is opposed by the IMHA board of directors and the industry as a whole. Proposed by state Attorney General Tom Miller, the proposed legislation deals with the …
Following a story we last published May 8, 2012 in which state-run Citizens Property Insurance in Florida stated it would no longer insure carports and porches, legislation has been filed in both chambers that would require them to do just that. In a bill backed by the Federation of Manufactured …
Legislation would Demand Insurer Offers Full Coverage Read More
Several Washington insiders have been invited to speak at the Manufactured Housing Institute’s (MHI) Legislative Conference and Winter Meeting Feb, 24-26 in Arlington, VA. The lineup includes Byron York, chief political reporter for the Washington Examiner and syndicated columnist; chief economist and vice-president of Freddie Mac Frank Nothaft, a noted …
According to what nationalmortgagenews tells MHProNews, Comptroller of the Currency Thomas Curry says the Consumer Financial Protection Bureau (CFPB) is the “specialist examiner” while the other three regulatory agencies are “general practitioners.” Speaking to consumer compliance examiners, he stresses the importance of regulators working together on Dodd-Frank because “Some of …
According to nationalmortgagenews, newly elected Representative John Delaney (D-MD) will take his seat on the House Financial Services Committee with an eye on reforming the nation’s housing finance system and reducing government intervention. With a background including establishment of a healthcare finance company and organizer of BancAlliance, a community loan …
Freshman Congressman (and Banker) Sets Sights on Housing Read More
MHProNews has learned the Texas Manufactured Housing Association (TMHA) is sponsoring a Capitol Visit Day Tue., March 5 for industry members to demonstrate their strength to legislators during the state’s legislative session. Participants will receive a packet of information with talking points for specific legislators, and will visit their offices …
The MHI says the U. S. Court of Appeals for the District of Columbia district ruled the Obama administration did not have the authority to fill three recess appointments to the National Labor Relations Board (NLRB) Jan. 4, 2012. That was the same day President Obama made a recess appointment …
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 …
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 …
In a letter obtained by MHProNews addressed to members of the National Communities Council (NCC), Chairman David B. Lentz states members can overcome the challenges and embrace the opportunities presented to the manufactured housing industry, especially in light of the recovering economy. Noting the NCC is the only division of …
NCC’s Lentz: Attend Legislative Conference to Show Support Read More
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
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 …
The Manufactured Housing Institute (MHI) informs MHProNews that on Dec. 17th MHI staff and members of the manufactured housing industry met with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and staff members to push for housing finance rules that take into account the special challenges of the MH market. …
CNN Reports one day after officially ending his 32 years in the House of Representatives, Barney Frank may be returning to Capitol Hill to temporarily fill the Senate seat of John Kerry who will likely be appointed as President Obama’s Secretary of State. A long-time supporter of manufactured housing, Frank …
