MHI to Testify on Impact of Dodd-Frank on Manufactured Housing MHI will testify July 11th at a hearing before the House Financial Services Subcommittee on Financial Institutions and Capital Markets on the impact of the Dodd-Frank Act’s home mortgage reforms. MHI, the only manufactured housing industry association to testify, will …
NationalMortgageNews reports senior citizens, the primary target of reverse mortgages, do not fully understand its risks and features and the tradeoffs involved, leading the Consumer Financial Protection Bureau (CFPB) to plan stronger disclosure requirements. In a conference call with reporters, CFPB Director Richard Cordray said, “They may focus primarily on …
CFPB to Require more Transparency in Reverse Mortgage Market Read More
MSNBC tells us Seth Jason at The Motley Fool says he judges company performance by comparing inventory increases to revenue increases: if inventory expands faster than sales, it could indicate a problem, one which he suggests may be happening at Cavco Industries. Trailing 12-month revenue rose 157.9% while inventory increased …
1. MHARR INTENSIFIES EFFORTS TO REVIVE CHATTEL FINANCING – STATUS REPORT Given the key role of personal property (chattel) financing in the manufactured housing market — with U.S. Census Bureau data showing that 74 percent of new manufactured homes placed for residential use in 2010 were titled as personal property (up from …
Chattel Financing, GAO Investigation and Accessibility Issues – Status Report Read More
Congressional Committees Propose Cuts to the Fiscal Year 2013 Budget for the HUD Manufactured Housing Program On June 20th, the U.S. House Appropriations Committee passed the Fiscal Year 2013 budget for the Department of Housing and Urban Development (HUD) and as expected, voted to cut the budget for the Manufactured …
Top National News Builder Confidence on the Mend The National Association of Home Builders/Wells Fargo index of builder sentiment climbed to 29 for June, its seventh gain in the last nine months and its highest level since May 2007. The reading suggests that builders are seeing early signs of a …
The U.S. Architectural and Transportation Barriers Compliance Board (Access Board) has published new proposed standards for Emergency Transportable Housing (ETH) units purchased by federal government agencies. The proposed rule (see, copy attached), published in the Federal Register on June 18, 2012, essentially incorporates the consensus recommendations of an Access Board …
Access Board Publishes Rules For Emergency Housing Read More
DanaPointTimes reports from California the Dana Point Planning Commission approved a coastal development permit to allow siting of a 2,352 square foot modular home in Monarch Bay Terrace. Some 30 residents opposed the home, protesting it would lower property values and that it does not fit in with the other …
CFPB Activities Update CFPB Signs MOU on Supervisory Coordination On June 4th, the Consumer Financial Protection Bureau (CFPB), jointly with the Federal Reserve Board (FRB), FDIC, National Credit Union Administration (NCU) and Office of the Comptroller of the Currency (OCC), announced a Memorandum of Understanding (MOU) on Supervisory Coordination. …
LivingstonDaily in Michigan reports Mike Hendee has been trying to develop his 144-acre site halfway between Lansing and Detroit into a 498 site manufactured housing community since 2002. Favorable rulings by the Livingston County Circuit Court and the Michigan Court of Appeals were overturned by the state supreme court which …
Following a story we wrote May, 8 2012 concerning a plan to replace 125 factory-built homes at the Wagon Wheel Village MHC in Box Elder, South Dakota with 166 modular units, we learn owner Bob Akers is returning to the Planning and Zoning Commission with revised plans, according to the …
MHI Adds to its Dodd-Frank Advocacy Activities Earlier this month, in an effort to increase its access to senior decision-makers within the Consumer Financial Protection Bureau (CFPB), MHI added to its existing in-house and external government relations capabilities by hiring SNR Denton. SNR Denton will assist MHI in its dual-track …
KnoxNews in Knoxville, Tennessee, tells MHProNews.com the Partnership Initiatives Fund, a branch of the Knoxville Chamber of Congress, is promoting a TV ad campaign supporting the addition of $35 million to the mayor’s education budget. The schools had asked for the funding to improve the schools, but Knox County Mayor …
National News Mortgage Rates Lowest in 60 Years Interest on 30- and 15-year fixed mortgages hit record lows for the second consecutive week, reports Freddie Mac. The average rate for 30-year loans fell to 3.83 percent, down from 3.84 percent a week ago, while the average rate for 15-year …
Good economic growth news from Germany was tempered by the failure of the Greek politicians to come with a coalition government, with investors fearing that if Greece does not make its debt payments next month, it could trigger multiple problems for the Eurozone. The Dow Jones Industrial Average fell one-half …
All Three Indexes Fall; Most Tracked Housing Stocks Follow Suit Read More
MAY 11, 2012 TO: MHARR MANUFACTURERS MHARR TECHNICAL REVIEW GROUP (TRG) FROM: MHARR RE: HUD EXTENDS ENFORCEMENT DATE FOR SOUTHERN YELLOW PINE …
HUD Extends Enforcement Date For Southern Yellow Pine Design Value Changes Read More
CFPB Gives Sneak Peek of Coming Loan Originator Compensation Rules On May 9th, the Consumer Financial Protection Bureau (CFPB) unveiled initial details of rules to be formally released later this summer regarding loan originator compensation. The CFPB outline of the proposed rule provides indications of the limits that will be …
Banking Industry Split Over Qualified Mortgage Rules In May 2011, the Federal Reserve Board issued proposed rules implementing provisions of the Dodd-Frank Act requiring lenders to verify a consumer’s ability to repay a mortgage. Under the law, a loan that meets the definition of a “qualified mortgage” (QM) is …
In a letter to MPNnow, a resident of Gypsum Mills Estates in Victor, New York just south of Rochester states the 520 senior homeowners in the MHC are being unduly taxed by the town assessor. Stephen G. Poyzer says property assessments have increased an average of 24 percent. Noting that …
In the wake of the deadly tornadoes that ripped through Alabama last year, WSFA-TV in Montgomery, AL, like many in the media and in the National Weather Service (NWS), does not distinguish between pre-HUD Code homes and those built after 1976. However, Tommy Colley, who trains MH installers for the …
