Expect at some point in the near term for the Manufactured Housing Institute (MHI) to issue a communique patting their own backs for having yet another ‘housing coalition partners’ letter that has been issued to the Biden Administration. There are already some headlines on the issue that the brought MHI, the National Association of Home Builders (NAHB), the National Association of Realtors (NAR), and the Mortgage Bankers Association (MBA) together. For those who have, or are in the process of earning, their mainstream media and/or MHI BS decoder rings from MHProNews, the following clues may not be necessary. For all other readers? Hang onto your hats. MHI, NAR, NAHB, and the MBA have issued a letter to Biden Administration officials – quoting the MReport version of a mainstream news report for this periodic Friday Follies installment – “Building Generational Wealth by Lowering the FHA’s MIP.” Wow! What a win for NAR, NAHB, and the MBA to have MHI on board with that hot topic!
The MIP is short for “mortgage insurance premium.” It is an extra fee charged on a loan when less than a certain amount of equity is involved in the financing of a property.
MHProNews reached out to an accomplished 3 decade plus veteran Florida based mortgage professional on 9.15.2022. She was entirely unaware of the housing coalition letter, even though the award-winning professional observed that the joint ‘housing coalition partners’ letter is dated 9.12.2022.
In other words, if a trade news attuned mortgage pro says this coalition letter and related were unknown to her, that is a clue that suggests this is not exactly a big thing for numbers in the mortgage business.
Let’s be clear why the MHProNews topical BS Decoder ring is needed on this issue.
When a Google Search was done on 9.16.2022 for the following search phrase – NAR, MBA, NAHB, MHI issue joint letter to implement Manufactured Housing Enhanced Preemption – without using quotes, here is the result that Google provided.
What? Isn’t that the issue that MHI’s Ph.D. (short for pile it higher and deeper) Lesli Gooch said that MHI wants HUD to do?
Isn’t getting passed zoning and placement barriers that the Manufactured Housing Improvement Act (MHIA) of 2000 – which provided for what is commonly known in MHVille as “enhanced preemption” for HUD Code manufactured homes one of the keys to increasing sales (and thus creating more generational wealth for first time or other modest means homebuyers) that MHI and the Manufactured Housing Association for Regulatory Reform (MHARR) routinely – at least on paper – seeming to both favor? Recall these quoted statements from PhD (Posturing Higher and Dramatically) Gooch.
Then why hasn’t MHI PhD (remember, Pile it Higher and Deeper) Gooch accomplished a ‘housing coalition partners’ letter to the Biden regime on that topic? Why instead has MHI signed onto this FHA MIP letter – shown in its entirety below – with NAR, NAHB, and the MBA?
Before answering that further below, ponder this notion as someone seeks to unpack the true meaning of this letter by using their treasured MHProNews ‘BS Decoder Ring.’ There are broadly speaking two possible outcomes to this ‘joint housing coalition’ letter to Team Biden. They are as follows.
- The Biden Administration could grant this request. If so, MHI would be able to proclaim once more skeptical industry professionals and to their own members their ‘clout’ in Washington, D.C.
- At worst, even if the letter fails to achieve its objective, MHI can still proclaim that they are working with their housing coalition partners to achieve meaningful change on a significant issue that could result in some additional housing sales.
What a sweet MHI PhD – Pile It Higher and Deeper – ploy, right? Win, and MHI appears to win. Lose, and you can at least proclaim how you and your so called allies are trying. That said, if you pull the veil back a little more, a different reality emerges.
It is possible that Scenario 1 becomes reality and may in the near term, as a midterm election is coming. Team Biden and his Democratic colleagues need some fresh talking points to get their own base to turn out to vote for their candidates instead of against them. After all, the last 19 or so months hasn’t exactly witnessed some dramatic improvement for the lives of tens of millions of retires, lower, and middle class voters. Quite the opposite, most say they are worse off than say 3 years ago during the Trump Administration.
Using your MHProNews BS Decoder Ring: if Scenario 1 above becomes reality, how much would getting the FHA MIP reduced actually help manufactured housing buyers? Isn’t that an important issue to wrap your arms around in seeing if this is a genuine benefit to MHVille or mere posturing for the sake of self-congratulations by MHI insiders by other MHI insiders?
According to the Consumer Financial Protection Bureau’s 2021 report on manufactured housing: “Around 42 percent of manufactured housing loans are chattel loans, which are loans secured by the home but not the land.” Setting aside the controversial nature of that claim and accepting it on face value, what that means is that none – zero, zippo – of any manufactured home buyer that uses a personal property, home only or ‘chattel loan’ would get any benefit from the FHA MIP being reduced.
By contrast, according to the NAHB’s Eye on Housing, in 2021: “FHA-backed sales made up 19.3% of new home sales in the first quarter of 2021, a 1.0 percentage point increase, quarter-over-quarter and 1.6 percentage points higher than Q1 2020.” Aha! Your BS Decoder Ring has stumbled onto the REAL apparent winners in this joint housing coalition letter, IF it is successful. It is primarily a win for the sellers of more costly site-built housing. NAHB’s report cited above also noted that 90 percent of new home sales in 2021 were either conventional or FHA financing.
But there is one more piece of BS that has to be accounted for in this topic, and it is useful to mention it before sharing the MReport’s version of this ‘hot’ (…or not…) topic among mortgage pros. As interest rates continue to rise in response to the multi-decade record U.S. inflation rate, what little ‘savings’ occurs by reducing the FHA MIP could be cancelled out in whole or in part. Meaning, this is lipstick on a pig at best. Which means, if Scenario 1 becomes the outcome, it is still a Pile it Higher and Deeper “misdirection and deception” head fake, using those terms used by the Capital Research Center (CRC).
It would be tempting to say this letter is therefore pure posturing and BS, but before rushing to that conclusion, let’s save that for the analysis that follows the MReport report on the housing coalition’s letter, which will be followed by the actual letter itself obtained by MHProNews, and both provided under Fair Use Guidelines for media.
Quoting from their downloaded ‘joint housing coalition’ letter. Note, their entire letter will be provided following the MReport article shown below.
“The Department of Housing and Urban Development (HUD) was created with the goal of providing access to housing and homeownership and we commend the Biden Administration for putting an emphasis on housing issues. To remain competitive in the current market, we also recommend the FHA update their origination and servicing processes to make buyers presenting these offers more competitive. We also look forward to continuing the conversation as the FHA looks to update its policies around the Title 1, 203(k), and condominium loan programs, but we strongly encourage the Administration to immediately lower the MIP so low to moderate-income and first-time homebuyers can participate in the American dream of homeownership. Sincerely, The National Association of REALTORS® Mortgage Bankers Association National Association of Home Builders of the United States Manufactured Housing Institute.”
With that backdrop, the MReport’s article. The links below to the letter have been directed to this link here to preserve the evidence, but their report is otherwise as shown.
Building Generational Wealth by Lowering the FHA’s MIP
A group of four housing industry trade groups—the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), the National Association of Home Builders (NAHB), and the Manufactured Housing Institute (MHI)—have collectively written a letter to Brian Deese, Assistant to President Joe Biden and Senior Advisor; the White House; and the National Economic Council (NEC) urging them to support the reduction of FHA’s mortgage insurance premium (MIP).
Established in 1993, the NEC was formed to advise the President on U.S. and global economic policy, and is part of the Executive Office of the President. By Executive Order, the NEC has four key functions: to coordinate policy-making for domestic and international economic issues; to give economic policy advice to the President; to ensure that policy decisions and programs are consistent with the President’s economic goals; and to monitor implementation of the President’s economic policy agenda.
In the letter, the groups explain that by lowering the MIP with a focus on FHA’s recurring “annual” premium will increase home buyers’ purchasing power by reducing monthly payments. This move will put more money into the pockets of home buyers each month, giving them the opportunity to become homeowners and to build generational wealth.
The groups recognize the fact that America’s home buying market is struggling with affordability, as continued inflationary concerns and erratic mortgage rates are causing major affordability concerns for the nation’s home buyers.
“Sharply higher mortgage rates and rising home prices mean the time to act is now,” stated the letter. “Home prices have continued to show strong year-over-year increases, with the existing home sales price reaching $410,600, up 11% from one year ago. New home prices have also reached record levels in 2022, climbing to $439,400. Since the beginning of this year, mortgage rates have climbed sharply–this week’s rate for a 30-year fixed rate mortgage is 5.89%, 267 basis points higher than in January. The combination of higher prices and rates has put severe stress on prospective LMI and first-time homebuyers. According to the MBA’s Purchase Application Payments Index, the national median mortgage payment was $1,844 in July, up by more than $460 in just the first seven months of this year.”
Issuance of the letter could not come at a more opportune time, as earlier this week, the Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in August on an adjusted basis after being unchanged in July. Over the last 12 months, the All-Items Index increased 8.3% before seasonal adjustment, as increases in the Shelter, Food, and Medical Care Indices were the largest of many contributors to the broad-based monthly all items increase. These increases were mostly offset by a 10.6% decline in the Gasoline Index. But despite the slide in fuel costs, the Food Index continued to grip households nationwide, rising 0.8% over the month, as the Food at Home Index rose 0.7%. The nation’s Energy Index fell 5% over the month, as the Gasoline Index declined, but the Electricity and Natural Gas Indices increased.
“As economic conditions continue to worsen, reducing the MIP also allows borrowers the flexibility to spend on necessary items like food, gas, education, and other monthly bills,” continued the letter.
In mid-May, President Biden and the White House released its “Housing Supply Action Plan” to ease the burden of housing costs over time by boosting the supply of quality housing in every community. Under the Housing Supply Action Plan, the Biden Administration has committed to:
- Reward jurisdictions that have reformed zoning and land-use policies with higher scores in certain federal grant processes, for the first time at scale.
- Deploy new financing mechanisms to build and preserve more housing where financing gaps currently exist: manufactured housing (including with chattel loans that the majority of manufactured housing purchasers rely on), accessory dwelling units (ADUs), two- to four-unit properties, and smaller multifamily buildings.
- Expand and improve existing forms of federal financing, including for affordable multifamily development and preservation. This includes making Construction to Permanent Loans more widely available by exploring the feasibility of Fannie Mae purchase of these loans; promoting the use of state, local, and Tribal government COVID-19 recovery funds to expand affordable housing supply; and announcing reforms to the Low Income Housing Tax Credit (LIHTC), which provides credits to private investors developing affordable rental housing, and the HOME Investment Partnerships Program (HOME), which provides grants to states and localities that communities use to fund a wide range of housing activities.
- Ensure that more government-owned supply of homes and other housing goes to owners who will live in them–or non-profits who will rehab them–not large institutional investors.
- Work with the private sector to address supply chain challenges and improve building techniques to finish construction in 2022 on the most new homes in any year since 2006.
“The Department of Housing and Urban Development (HUD) was created with the goal of providing access to housing and homeownership and we commend the Biden Administration for putting an emphasis on housing issues,” closed the letter. “… we strongly encourage the Administration to immediately lower the MIP so low to moderate-income and first-time homebuyers can participate in the American dream of homeownership.” ##
Tagged with: AFFORDABILITY BIDEN ADMINISTRATION BRIAN DEESE BUREAU OF LABOR STATISTICS (BLS) COVID-19 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) FANNIE MAE HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME) HOUSING SUPPLY ACTION PLAN JOE BIDEN LOW-INCOME HOUSING TAX CREDIT (LIHTC) MANUFACTURED HOUSING INSTITUTE (MHI) MORTGAGE BANKERS ASSOCIATION (MBA) MORTGAGE INSURANCE PREMIUM (MIP) NATIONAL ASSOCIATION OF HOME BUILDERS (NAHB) NATIONAL ASSOCIATION OF REALTORS (NAR) NATIONAL ECONOMIC COUNCIL (NEC) WHITE HOUSE ##
With that mainstream trade media backdrop, here is the actual coalition letter dated 9.12.2022 as obtained by MHProNews.
September 12, 2022
The Honorable Brian Deese
National Economic Council
1600 Pennsylvania Avenue NW
Washington, D.C. 20500
Dear Director Deese:
On behalf of the undersigned organizations, we write to encourage the National Economic Council to support the reduction of the annual mortgage insurance premium (MIP) for borrowers with Federal Housing Administration (FHA) insured loans. Together, our organizations serve families across the United States seeking the dream of homeownership through the construction, sale and financing of all types of single-family housing. Our members and organizations deliver on the FHA’s mission to expand homeownership and create opportunities for low to-moderate income (LMI) and first-time homebuyers. To that end, we urge the Biden Administration to take action to aid these buyers by supporting an actuarially prudent reduction of the FHA’s annual MIP.
Sharply higher mortgage rates and rising home prices mean the time to act is now. Home prices have continued to show strong year-over-year increases, with the existing home sales price reaching $410,600, up 11% from one year ago. New home prices have also reached record levels in 2022, climbing to $439,400. Since the beginning of this year, mortgage rates have climbed sharply – this week’s rate for a 30-year fixed rate mortgage is 5.89%, 267 basis points higher than in January. The combination of higher prices and rates has put severe stress on prospective LMI and first-time homebuyers. According to the MBA’s Purchase Application Payments Index, the national median mortgage payment was $1,844 in July, up by more than $460 in just the first seven months of this year.
We recognize that any reduction of the MIP must be evaluated against the actuarial condition of the FHA’s Mutual Mortgage Insurance Fund (MMIF). Today, the MMIF capital reserve ratio stands at more than 8%, four times the statutory minimum reserve ratio. Just as important, FHA loan performance has recovered from COVID-related forbearance – FHA’s serious delinquency rate in the second quarter of 2022 at 4.64 has returned to pre-pandemic lows and stands at the lowest level since the first quarter of 2020.
Against the backdrop of robust FHA capital reserves and rapidly deteriorating affordability, it is critical for the Administration to ensure low to moderate- income and first-time homebuyers are not left behind. Lowering the MIP – with a focus on FHA’s recurring “annual” premium — increases homebuyers’ purchasing power by reducing monthly payments and directly putting money into their pockets every month, giving them the opportunity to become homeowners and build generational wealth. As economic conditions continue to worsen, reducing the MIP also allows borrowers the flexibility to spend on necessary items like food, gas, education, and other monthly bills.
The Department of Housing and Urban Development (HUD) was created with the goal of providing access to housing and homeownership and we commend the Biden Administration for putting an emphasis on housing issues. To remain competitive in the current market, we also recommend the FHA update their origination and servicing processes to make buyers presenting these offers more competitive. We also look forward to continuing the conversation as the FHA looks to update its policies around the Title 1, 203(k), and condominium loan programs, but we strongly encourage the Administration to immediately lower the MIP so low to moderate-income and first-time homebuyers can participate in the American dream of homeownership.
The National Association of REALTORS®
Mortgage Bankers Association
National Association of Home Builders of the United States
Manufactured Housing Institute
Additional Information with More MHProNews Analysis, BS Detecting and Related Commentary in Brief
Among the simplest principles necessary to detect corporate, association, politicos, or bureaucratic BS is this four step process.
- Look at what they are saying now on a topic.
- Look at some history on that same topic.
- Then look at obviously relevant related data.
- Follow the money trail to see who benefits.
Let’s apply some of those principles in the following. Recall that the Biden administration, as touted by MHI, was providing a multi-page plan for providing more affordable housing. Among the obvious questions authentic investigators should ask is this. What exactly has happened on that plan that has benefit manufactured housing? Other forms of affordable housing?
Next, recall that MHI’s PhD. ([BS] – Piled Higher and Deeper) Gooch issued a fine sounding missive on building “racial equity” – a means to generational wealth – for minorities.
But when an actual opportunity to serve actual minorities was handed to Ms. Gooch, what precisely did she do? Answer: provide more word salad that did precisely nothing for those who were asking her for MHI’s help.
Third, as noted further above, even if this request is honored by Team Biden and his Democratic Administration, the likely outcome is it will at best slow the amount of the increased mortgage payment that results from ever-rising mortgage rates that are fueled by Biden-era inflation. Note once more one of those pesky set of facts on inflation and housing, shown below.
Note too how that sharp spike in housing inflation almost perfectly coincides with the transition from the Trump Administration to the [PINO] Biden Administration. Coincidence? Or revealing for those seeking truth in a land where too many people palter, posture or are just plain old-fashioned liars?
But let’s dig deeper on this Friday Follies into those pesky facts. MHI touting their own letters and comment asking HUD to implement the NEARLY 22-year-old discussion of enforcing the LAW ON THE “Enhanced Preemption” provision of the Manufactured Housing Improvement Act. The first quotation that follows is from Democratic lawmakers that asked then Bush-Republican HUD Secretary Mel Martinez to make the verbiage in the MHIA a practical reality in keeping with Congressional intent. See the entire letter at the link shown.
But apparently Martinez failed to comply. Fast forward to Democratically appointed and confirmed Marcia Fudge when asked by a Republican lawmaker to enforce Enhanced Preemption. See that exchange and related report below. These are the obvious realities behind the MHI BS Detector Decoding Ring reality of ‘the news.’
Facts, evidence and those uncommon sense produces stubborn revelations in the face of Piled Higher and Deeper posturing, paltering, and failed performance.
So, as MHProNews reported about a year ago, both Democrats and Republicans have been promising more affordable housing for 50 years. HUD’s own researchers, Pamela Blumenthal and Regina Gray have made that evidence-based claim on 9.7.2021. Why hasn’t MHI repeatedly highlighted this report? Why didn’t the HUD researchers mention manufactured housing, which HUD is the primary federal regulator?
The PhD can be found in ample stinking quality in many places in the fight for affordable housing when pesky facts and evidence are pressed by the benefit of the MHProNews BS Decoder Ring.
What changed during the Biden Administration since then?
Still more talk. Still more promises. Still no measurable results, because the housing crisis continues. The MHIA’s enhanced preemption provision still is blocked by ‘deep state’ bureaucrats and posturing MHI-linked professionals who say one thing but fail to do the obvious thing necessary. Who says? With what evidence, facts, and common-sense reasoning? See below.
MHI, their attorneys, and their key corporate backers won’t dispute these facts.
Other than preside of the increased consolidation of the manufactured housing industry into the hands of several MHI member firms, what else has MHI actually accomplished that is measurable and documented to benefit “all segments” of the manufactured housing industry?
MHProNews could go on and on in this occasional installment of Friday Follies, but why bother? This is how important MReport readers find this report to be 2 days after it was published.
Until PhD Gooch led PhD MHI answers the pending and evidence-based examples shown, what more is needed but to continue to expose their BS every time they raise their hypocritical heads to speak or write? Enough for this Friday Follies segment today. ##
Daily Business News Markets Segment
NOTICE: Based on feedback, a modification of our Daily Business News on MHProNews recap of yesterday evening’s market report is provided. It will still include our left (CNN Business) and right (Newsmax) ‘market moving’ headlines. The macro market moves graphics will provide context and comparisons for those invested in or tracking manufactured housing connected equities.
Reminder: several of the graphics on MHProNews can be opened into a larger size. Click the image and follow the prompts in your browser or device to OPEN In a New Window. Then, in several browsers/devices you can click the image and increase the size. Use the escape or back key to return.
Headlines from left-of-center CNN Business – from the evening of 9.15.2022
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Our Newsmax headline capture failed last night. MHProNews regrets the error. ##
- NOTE 1: The 3rd chart above includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE 3: 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.
- Note 4: some recent or related reports to the equities named above follow.
Manufactured Home Communities (a.k.a. ‘Mobile Home Parks’ – SIC) – Exploring UMH Properties; Fellow Manufactured Housing Institute Member Yes! Communities Suits and Settlements; plus MH Markets Updates
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.