“Credit is the lifeblood of housing.” So said Eric Belsky when he was still with the Harvard Joint Center for Housing Studies. Now Belsky works at the Fed. The potential commentary on this headlined topic that leads into the following press release from the Washington, D.C. based Manufactured Housing Association for Regulatory Reform (MHARR) practically writes itself for those with 10 to 30 years or more of experience in manufactured housing that flex those memory muscles. Where is the Arlington, VA based Manufactured Housing Institute (MHI) on this issue of the 10-10 rule on FHA Title I lending? that should yield more lending at more competitive rates for single family manufactured housing sales? The MHARR media release is below.
In fairness to MHI, they have spoken about this issue last November 2021. See a snapshot of their stance on this in the report linked below. It goes into the 10/10 rule and its tortured history of limiting the access of more competitive lending to potential manufactured home buyers, including detailed insights from MHI.
As a useful flashback and background to a January 2022 for numbers of newer manufactured home industry members, MHARR made the following statement at that time: “the Federal Housing Administration’s (FHA) Title I manufactured housing personal property loan program, providing federally-insured purchase-money loans on HUD Code manufactured homes, ultimately securitized and guaranteed through Ginnie Mae, was once a significant source of consumer financing within the manufactured housing market, providing ten-of-thousands of loans annually.
That level support for the manufactured housing finance market, however, came to an abrupt halt when Ginnie Mae, in the wake of the 2008-2009 home mortgage crisis and weak industry post-production sector representation in Washington, D.C., adopted its infamous “10-10” rule, which effectively excludes the vast majority of manufactured home financing providers from qualifying for participation in the FHA Title I program. Instead, participation in the Title I program during the needlessly-prolonged “10-10” era, has essentially been limited to two lenders affiliated with Clayton Homes and its corporate parent, Berkshire Hathaway, Inc., neither of which have prioritized FHA-based lending. This, in turn, has resulted in a sharp and continuing decline in FHA Title I originations, which have fallen to negligible levels since the imposition of the “10-10” dictate in 2010.
This “destruction by regulation” of the statutory FHA Title I manufactured housing program not only stands in violation of Congress’ recently-reiterated support for an active and meaningful FHA/Ginnie Mae Title I lending effort, but also undermines racial equity in home lending, contrary to the most fundamental policies of the Biden Administration, by effectively closing-off a non-discriminatory source of government-sponsored financing for minority homebuyers (and particularly lower and moderate-income families) who face disproportionately-high loan rejection rates within the private-sector home financing market as reported in 2021 by the Consumer Finance Protection Bureau (CFPB).” That is found in this report, linked here.
FEBRUARY 14, 2022
TO: MHARR MANUFACTURERS
MHARR STATE AFFILIATES
MHARR TECHNICAL REVIEW GROUP
FROM: MHARR
RE: MHARR MEETS WITH SENIOR GINNIE MAE EXECUTIVES TO SEEK ELIMINATION OF DESTRUCTIVE “10-10” RULE
MHARR representatives met with senior-level officials of the Government National Mortgage Association (Ginnie Mae), including Acting Executive Vice President Michael Drayne, on February 10, 2022. The meeting was arranged to address MHARR’s request to newly-confirmed Ginnie Mae President Alanna McCargo, to either repeal or reform the Ginnie Mae “10-10” rule for lender participation in the Federal Housing Administration’s (FHA) Title I manufactured housing program. For more than a decade, the “10-10” rule has severely restricted utilization of the Title I program for manufactured home personal property (i.e., chattel loans). As a result, the Title I program which, at one time, accounted for thousands of manufactured home purchase loan originations annually, today has virtually non-existent origination levels.
During the meeting, MHARR’s representatives methodically addressed the failure of the “10-10” rule and its destructive impact on the manufactured housing consumer financing market, particularly in combination with the corresponding failure and refusal of Fannie Mae and Freddie Mac to implement the statutory Duty to Serve Underserved Markets (DTS) mandate with respect to the personal property loans which account for nearly 80% of mainstream HUD Code manufactured home consumer lending. The continuing failure to fully and properly implement both of these programs, has denied millions of lower and moderate-income American families full access to all the benefits of inherently affordable, non-subsidized manufactured housing by, among other things, limiting market participation and market entry by significant numbers of new, smaller lenders, and by helping to sustain the higher interest rates charged by the handful of lenders that currently dominate that market.
MHARR’s representatives stressed that given President Biden’s stated commitment to supporting the availability of affordable housing for all Americans, as well as housing equity – including equity in home purchase financing – the restrictive “10-10” rule, which benefits just two large finance companies while excluding many others from participation in the FHA Title I program, is a failed policy relic that must be rescinded. Instead, Ginnie Mae should adopt participation parameters that would allow and facilitate the entry and participation of new lenders in the manufactured housing personal property financing market. The broadening of that market, in turn, with healthier and more robust competition, would inevitably produce lower interest rates for such loans, which would enable consumers to qualify for financing who are currently foreclosed from the market. The status quo, conversely, effectively forces consumers into higher-rate loans, contrary to Administration policy and the congressional intent underlying these programs.
The Ginnie Mae officials appeared to be receptive to the concerns raised by MHARR and the need to reinvigorate and revitalize the FHA Title I program for the benefit of lower and moderate-income homebuyers.
MHARR will continue to press for the withdrawal or reform of the highly-detrimental “10-10” rule and will provide updates on this matter as warranted by further developments.
cc: Other Interested HUD Code Manufactured Housing Producers, Retailers, Communities and Finance Companies
Manufactured Housing Association for Regulatory Reform (MHARR)
1331 Pennsylvania Ave N.W., Suite 512
Washington D.C. 20004
Phone: 202/783-4087
Fax: 202/783-4075
Email: MHARR@MHARRPUBLICATIONS.COM
Website: manufacturedhousingassociation.org
##
Additional Information, More MHProNews Commentary and Related MHProNews Reports:
Limiting lending is one of the ways that limits manufactured home sales. Who says? Kevin Clayton.
By limiting single family chattel (home only, personal property) lending on manufactured homes, there are barriers to entry into manufactured housing, barriers of persistence (staying power), and barriers to exit. Who says? MHI member Andy Gedo.
Need more evidence that manufactured housing is being limited in significant measure from within? Even if you read it before, do so again. Every time one reads Samuel “Sam” Strommen at Knudson Law’s insightful case against MHI and its dominating brands, a greater understanding of the industry comes to light. Note it wasn’t MHARR that Strommen slammed, but rather MHI and its dominating brands. There are no known ties between Strommen and manufactured housing, beyond his report.
Next up is our daily business news recap of yesterday evening’s market report, related left-right headlines, and manufactured housing connected equities.
The Business Daily Manufactured Home Industry Connected Stock Market Updates. Plus, Market Moving Left (CNN) – Right (Newsmax) Headlines Snapshot. While the layout of this daily business report has been evolving over time, several elements of the basic concepts used previously are still the same. For instance. The headlines that follow below can be reviewed at a glance to save time while providing insights across the left-right media divide. Additionally, those headlines often provide clues as to possible ‘market-moving’ news items.
Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Headlines from left-of-center CNN Business – from the evening of 2.14.2022
- Price spike
- An oil pumpjack operated by the Yamashneft Oil and Gas Production Division of Tatneft, near the village of Yamashi in Almetyevsk District, Republic of Tatarstan, Russia, in May 2021.
- How a Russian invasion in Ukraine could disrupt life in America
- Dow falls after US announces closure of Kyiv embassy
- To fight inflation, the Fed may resort to a tool it hasn’t used since 2000
- Wheat and corn prices could jump if Russia invades Ukraine
- 3 steps for dealing with market volatility
- Looking for bargains? Here are the stocks we love
- Texas sues Meta for collecting facial recognition data
- Teenager tracking Elon Musk’s jet explains why he’s doing it
- A billionaire CEO is on track to go further into space than any human in 50 years
- This was the EV Super Bowl. But Tesla was MIA
- What the Super Bowl ads tell us about the current state of America
- Coinbase’s strange QR-code Super Bowl ad briefly crashes app
- Did the pandemic upend your retirement plans? Share your story
- Content by The Ascent
- A slam dunk if you need a balance transfer (21 months)
- Advertising for various sale items in the window of a supermarket on the Upper West Side in New York on Sunday, February 6, 2022.
- ‘People are unhappy’: Fed official warns on high inflation
- Sarah Palin, 2008 Republican vice presidential candidate and former Alaska governor, arrives for her defamation lawsuit against the New York Times, at the United States Courthouse in the Manhattan borough of New York City, U.S., February 14.
- Judge in Sarah Palin’s defamation suit against New York Times says he will dismiss case
- A crate of avocados during a harvest at a farm near Perivan, Michoacan sate, Mexico, on Friday, Sept. 24, 2021.
- US suspends avocado imports from Mexico after threat to US inspector
- NFTS
- The Cent website is seen on a laptop. The NFT marketplace has suspended buying and selling, citing “rampant” fakes and plagiarism.
- NFT marketplace suspends most sales, citing fakes and plagiarism
- UK makes first seizure of NFTs in tax crackdown
- Welcome to the crypto Super Bowl
- Feds seize $3.6 billion in stolen cryptocurrency
- Twitter is rolling out verified NFT profile pictures
- TIKTOK
- TikTok says it will strengthen policies to prevent spread of hoaxes
- TikTok sued by content moderator
- Meet TikTok’s wealth coaches
- This decades-old lipstick went viral. It’s out of stock
- Parents of the social media generation are not OK
Headlines from right-of-center Newsmax – evening of 2.14.2022
- With Jury Still Out, Judge Says He’ll Toss Palin’s NY Times Libel Suit
- Ukraine in Crisis
- Russian State Media Begins to Set Up Invasion Pretext
- US Sees No Sign Russia De-escalating Troop Buildup: State Dept
- Ukrainian President Declares Feb. 16 ‘Day of Unity’ Amid Concerns of Russian Attack
- Everything in Place for Massive Russian Attack on Ukraine, France Says
- Blinken: US Moving Remaining Ukraine Embassy Staff From Kyiv
- US Eyes Offering Ukraine $1B in Loan Guarantees: Source
- Ukraine Wants Meeting With Russia to Discuss Border Troop Buildup
- US: Over 130,000 Russian Troops Now Staged Outside Ukraine
- More Ukraine in Crisis
- Newsmax TV
- Babin: Biden Cares More for Ukraine Border Than Ours
- Ex-Surgeon General: COVID Focus on ‘Smart Decisions’ | video
- Rudy Giuliani: Pelosi Playing Politics With Denials on Police Funding | video
- Rosendale: US Must Focus on ‘Invasion’ on Its Southern Border | video
- Blackburn: Administration’s ‘Safe Smoking Kits’ Enable Drug Use | video
- Fred Fleitz: US Won’t Stop Putin if He Invades Ukraine | video
- Mast: No Surprise Clinton Accused of Spying on Trump | video
- More Newsmax TV
- Newsfront
- Ex-DNI Ratcliffe Expects More Indictments From Durham Probe
- Former Director of National Intelligence John Ratcliffe said he believes that Justice Department special counsel John Durham’s investigation will result in more indictments…. [Full Story]
- Related Stories
- Mast to Newsmax: No Surprise Clinton Accused of Spying on Trump
- Durham Report: Clinton Campaign Paid to ‘Infiltrate’ Trump Tower, White House Servers
- Trump: ‘Zero’ Media Coverage of Hillary Clinton Spying Scandal
- Trump: Clinton Campaign’s Actions ‘Would Have Been Punishable by Death’ in Past
- Pandemic and Larger Vehicles Blamed for Rising Pedestrian Deaths [Full Story]
- Russian TV Propaganda Sets Up Pretext for Invasion
- Russian state television on Monday aired new propaganda that was seen [Full Story]
- ‘Racism,’ ‘Vaccination,’ Immigration Agency Definition Changes a ‘Dangerous’ Trend
- The Anti-Defamation League scrambled to update its new “woke” [Full Story] | Platinum Article
- S&P, Dow Close Lower as Russia-Ukraine Tensions Heat up
- Both the S&P 500 and the Dow Jones indexes ended weaker on Monday, [Full Story]
- 7 Judges Who May Be Biden’s Supreme Court Pick
- Of all the decisions facing President Joe Biden during his second [Full Story] | Platinum Article
- Judge Says He’ll Toss Palin’s NY Times Libel Case Before Jury Verdict
- A U.S. judge on Monday found that Sarah Palin, the former Alaska [Full Story]
- Michele Tafoya Exits NBC Sports, Dives Into Republican Politics
- Michele Tafoya has just exited her role as NFL sideline reporter and [Full Story]
- Father of Parkland Victim Climbs DC Crane to Protest
- A man whose child was killed in the 2018 Parkland high school [Full Story]
- LA Fans Cause Downtown Mayhem After Rams’ Super Bowl Victory
- Unruly fans created mayhem in downtown Los Angeles on Sunday night [Full Story]
- Related
- Rams Win Super Bowl 23-20 Over Bengals
- Super Bowl Ads Look Toward the Future and the Past
- Trudeau to Invoke Emergency Powers to Quell Canada Protests
- Canadian Prime Minister Justin Trudeau on Monday was expected to [Full Story]
- Related
- Key US-Canada Bridge Reopens as Ottawa Protest Persists
- Durham Report: Clinton Campaign Paid to ‘Infiltrate’ Trump Tower, White House Servers
- A filing from Justice Department special counsel John Durham says [Full Story]
- Rubio: Moscow and Beijing Want ‘New World Order’
- Marco Rubio, R-Fla., on Monday tweeted a video in which he said [Full Story]
- Democrat Senators Urge Biden to Act Quickly on Supreme Court Nominee
- Democrats on the Senate Judiciary Committee would like President Joe [Full Story]
- Rosario Dawson, Sen. Booker Have Split, Remain Good Friends: Report
- Actress Rosario Dawson and Sen. Cory Booker, D-N.J have gone their [Full Story]
- US Eyes Offering Ukraine $1B in Loan Guarantees: Source
- President Joe Biden’s national security adviser Jake Sullivan told [Full Story]
- Manchin: Focus on Tax Rates in Economic Package
- Joe Manchin, D-W.Va., told The Wall Street Journal that [Full Story]
- Russian Mercenaries With Spy Links Increasing Presence in Ukraine – Western Sources
- Russian mercenaries with ties to Moscow’s spies have increased their [Full Story]
- NFL Denies Telling Eminem Not to Take a Knee
- The NFL has denied reports that it made attempts to stop Eminem from [Full Story]
- Thune, Scalise: Biden Administration Should Not Mask Toddlers
- John Thune, R-S.D., and Rep. Steve Scalise, R-La., blasted the [Full Story]
- Trevor Noah to Headline White House Correspondents’ Dinner
- Trevor Noah, the host of “The Daily Show” on Comedy Central, will be [Full Story]
- Olympic Skater’s Entourage Could Face Trouble Under US Law
- Legal troubles for the coach and others in Russian figure skater [Full Story]
- 1 Dead, 8 in Hospital After Spiked Champagne in Bavarian Bar
- One man died and eight others were hospitalized in serious condition [Full Story]
- Ivan Reitman, Producer, ‘Ghostbusters’ Director, Dies at 75
- Ivan Reitman, the influential filmmaker and producer behind beloved [Full Story]
- Coinbase’s Super Bowl LVI Ad Causes App to Crash
- Coinbase’s QR code Super Bowl ad was so popular it caused the app to [Full Story]
- Eminem Kneels During Super Bowl Halftime Show
- Rapper Eminem took a knee Sunday at Super Bowl LVI’s halftime show in [Full Story]
- Super Bowl Ads Go Heavy on Nostalgia and Star-power
- On the field, the Los Angeles Rams are facing off against the [Full Story]
- NYT Report: Giuliani to Potentially Testify Before Jan. 6 Committee
- Rudy Giuliani is in active talks to testify before the House Jan. 6 [Full Story]
- Trump Touts His Endorsements, Slams ‘Low-Rated Political Shows’
- Former President Donald Trump on Sunday took aim at ABC’s “This Week” [Full Story]
- Will Ex-KKKer and Supreme Court Justice Hugo Black’s Name Be Removed From Courthouse?
- On Friday, the 13 trustees of the University of Alabama voted [Full Story]
- Pollster McLaughlin: Trump Beats Kamala by 11 Percent in 2024
- Pollster John McLaughlin says former President Donald Trump would [Full Story]
- New Toenail Clippers Are a Must-have For Seniors in Florida
- Clipperpro
- More Newsfront
- Finance
- Super Bowl Ads Look Toward the Future and the Past
- Super Bowl advertisers this year want Americans to forget about pandemic woes and focus on the future: of electric vehicles, mind-reading Alexas, robots and cryptocurrency — and also to harken back to the nostalgic past of ’90s movies like “Austin Powers.”… [Full Story]
- Citigroup Raises New CEO Fraser’s Pay 32 Percent
- Prominent Investors Stocked up on Peloton as Stock Stumbled in Late 2021
- US Airlines See 2021 Traffic Jump, but Below Pre-pandemic Levels
- Bob Ciura: 3 Dividend Stocks for Passive Income Each Month
- More Finance
- Health
- Mental Health Moves Mainstream During Olympics
- At the Tokyo Olympics, mental health was the breakout star. Amplified by some of the world’s top athletes, it shook up those Games and made everyone take notice. Six months later, in Beijing, the conversation has evolved: The subject pops up regularly, but no one is shocked…… [Full Story]
- Keeping Romance and Intimacy Alive as You Age
- Highly Lethal Bird Flu Found in Kentucky Chicken Farm Widens Outbreak
- Why Chocolate is the Heart-Healthy Valentine’s Day Choice
- Bob Saget’s Extensive Head Injuries Explained
MHProNews has pioneered in our profession several reporting elements that keep our regular and attentive readers as arguably the best informed in the manufactured housing industry. Among the items shared after ‘every business day’ (when markets are open) is our left-right headline recap summary. At a glance in two to three minutes, key ‘market moving’ news items are covered from left-of-center CNN Business and right-of-center Newsmax. “We Provide, You Decide.” Additionally, MHProNews provides expert commentary and analysis on the issues that others can’t or won’t cover that help explain why manufactured housing has been underperforming during the Berkshire era while an affordable housing crisis and hundreds of thousands of homeless in America rages on. These are “Industry News, Tips, and Views Pros Can Use” © features and others made and kept us the runaway #1 in manufactured housing trade publisher for a dozen years and counting.
Manufactured Housing Industry Investments Connected Equities Closing Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
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- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
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https://www.manufacturedhomepronews.com/steve-lawler-deer-valley-corporation-dvc-otcmkts-dvly-announces-merger-plus-manufactured-home-investing-stock-updates/ 
https://www.manufacturedhomepronews.com/nobility-homes-financial-position-very-strong-sales-strong-but-challenges-including-lending-and-others-examined-plus-manufactured-housing-stocks-update/ - 2022 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
Enjoy these ‘blast from the past’ comments. MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our 11th year of publishing and have completed over a dozen years of serving the industry as the runaway most-read trade media.
- 2022 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
Sample Kudos over the years…
It is now 12+ years and counting…
Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
· For expert manufactured housing business development or other professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
Disclosure. MHProNews holds no positions in the stocks in this report.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.
