Informed sources tell MHMSM that the final SAFE (Secure and Fair Enforcement for Mortgage Licensing Act) Act rule has left the Office of Management and Budget (OMB). The final rule is now back at the Department of Housing and Urban Development (HUD) going through the final clearance process. It is …
The Greeley Gazette in Colorado states the Evans City Council has been asked by the Cave Creek land lease community (LLC) to relax their requirement that manufactured homes no older than four years old can site there. Tom Carpenter, representing the owner, Sun Communities, says changing the criteria from age …
LLC Wants Accommodation in Allowing Older Homes In Read More
CNNMoney reports in an exchange between Federal Reserve Chairman Ben Bernanke and JPMorgan Chase CEO Jamie Dimon, that Dimon said the government is stifling the recovery with its reforms, including the Dodd-Frank Act (Dodd-Frank). Bernanke spoke in Atlanta at the International Monetary Conference and acknowledged the recovery is slow. Dimon …
Wall Street Banker Blames New Regulations for Slow Recovery Read More
The Daily Comet reports from Thibodaux, Louisiana, just west of New Orleans, that the city council voted to permit factory-built housing in areas where it had been previously banned. There are four residential districts in the city. R-1 is the most restrictive and R-4 the least restrictive. The move allows …
Origination News reports that unless Congress changes its mind before Oct. 1, mortgages insured by the Federal Housing Administration (FHA) will be more affected by the pending change in loan limits than those securitized by Fannie Mae and Freddie Mac. The FHA says 669 of the 3,334 counties will likely …
Alabama’s 13 says Cordova is not the only city in Alabama hit by the April 27 tornado that does not allow manufactured housing outside an existing community of factory-built homes. Fultondale, just outside Birmingham, has a similar ordinance that Mayor Jim Lowrey says will be enforced, while adding the city …
FEMA Homes Restricted in Another Alabama Community Read More
The Reno Gazette-Journal in western Nevada reports the Lyon County Board of Commissioners has amended an ordinance that primarily affects manufactured housing. Any manufactured home over 15 years of age that has not been occupied for 12 consecutive months or more, according to electrical power records, may not be reoccupied …
County Extends Reinstatement Time for Unoccupied MH Read More
The New York Times reports that almost a year has passed since Congress tried to rein in the banking industry with the new rules mandated by the Dodd-Frank Act. Twenty-eight of the rules are behind in meeting their implementation deadlines, including the risk retention provision requiring lenders to assume some …
Mortgage News Daily says the federal government is extending the feedback deadline on the five percent risk retention provision of the Dodd-Frank Wall Street Reform and Consumer protection Act (Dodd-Frank) to allow for more public comment. The new deadline is Aug. 1, 2011. Meanwhile, Fannie Mae is requiring mortgage servicers …
Risk Retention Comment Deadline Moved; Fannie and Freddie Changes Read More
Staff members of the Manufactured Housing Association for Regulatory Reform (MHARR) met May 26 with Acting HUD (Housing and Urban Development) Assistant Secretary for Housing – Federal Housing Commissioner Bob Ryan, and career officials of the HUD manufactured housing program. Issues included consumer financing, changing HUD’s “trailer” orientation to “housing” …
National Mortgage News reports the Federal Housing Administration (FHA) is cracking down on lenders it thinks have taken shortcuts, denying claims and even threatening lawsuits. Although much of the action results from the bubble years activity, it is giving pause to those seeking to make new FHA-backed loans. Foreclosure-related claims …
Following up on a story we published May 5, the North County Times says the Oceanside, California City Council voted 3-2 to reaffirm two earlier votes ending rent control for the residents of the 18 Land Lease Communities in Oceanside. The ordinance would apply only to new occupants of the …
MHC Residents Circulating Petition to Overturn Council Vote Read More
Following up on an article we published May 24 regarding Cordova, Alabama, Mayor Jack Scott’s insistence on keeping Federal Emergency Management Agency (FEMA) homes out of Cordova, The Birmingham News reports that 200 people showed up for a city council meeting to protest the ban, many venting their frustrations. Mayor …
Tempers Flare at Cordova, Alabama, City Council Meeting Read More
The Manufactured Housing Institute (MHI) responded favorably to the Department of Housing and Urban Development’s (HUD) revision of “Subpart I-Consumer Complaint Handling and Remedial Action.” MHI welcomes and agrees with many of the alterations made by HUD regarding the inspection, record-keeping and assignment of responsibility for any problems that occur …
The Crimson White reports from Alabama that 11,131 people in Tuscaloosa County have registered for assistance from the Federal Emergency Management Agency (FEMA), part of the 71,487 in the state who have signed up. An estimated 3.5 million cubic yards of debris litter the state, 1.5 million of it in …
Tuscaloosa Defies Law Allowing Modular Units in AL Cities Read More
HousingWire reports the Department of Housing and Urban Development (HUD) will accept a $1.2 million fine from U.S. Bank (NYSE:USB) for failing to meet Federal Housing Administration (FHA) underwriting standards for 27 mortgages issued in 2003 and 2004. U.S. Bank did not admit any wrongdoing. FHA prohibits including any type …
U.S. Bank Fined for Mortgage Underwriting Violations Read More
WBRC MyFoxAL reports from northern Alabama that dozens of Federal Emergency Management Agency (FEMA) homes are available for victims of the tornadoes, but not in Cordova, Alabama, in Walker County because the city ordinance prohibits single section homes inside city limits. Mayor Jack Scott says double-sectionals are allowed in certain …
City Ordinance Prohibits FEMA Homes, Despite Emergency Need Read More
In a follow-up to our story published May 2, the Daily News reports the Salisbury, Massachusetts, Town Council voted to ask the state legislature to amend the Chapter 40B housing law so factory-built homes that have not moved in 20 years can be counted towards the town’s inventory of affordable …
Town Wants to Include LLC Homes in Affordable Housing Inventory Read More
HousingWire reports that Elizabeth Warren and the Consumer Financial Protection Bureau (CFPB) unveiled two prototype mortgage disclosure forms intended to add transparency and simplification to consumers’ mortgage shopping process. Part of CFPB’s Know Before You Owe program, the samples will be tested in six different markets around the country this …
Following up on an article we published March 2, the Los Angeles Examiner reports the U.S. Supreme Court has confirmed the December 2010 Ninth Court of Appeals ruling that rent control in California’s Land Lease Communities is constitutional. In Guggenheim versus City of Goleta, Guggenheim argued that rent control constitutes …
