In spite of a strong market, American families are facing unaffordable housing, said Fannie Mae CEO Timothy Mayopoulos on FOX Business Tuesday.
“The greatest challenge in housing now is not home price appreciation but really affordability for families,” Mayopoulos in his “Mornings with Maria” interview.
The government-sponsored enterprise, which is one of the primary providers housing finance for homebuyers, cites lack of wage growth as the culprit.
“Rents and home prices are increasing at a faster rate than wages are,” he added.
What manufactured home industry professionals will note is this. Despite Fannie Mae’s bold promises made at this or that event or press release to support manufactured housing, Fannie’s CEO didn’t mention manufactured homes in this mix of needs for affordable housing at all.
In comments reacting to this video interview, “The solution to housing affordability has been in front of Fannie Mae’s figurative nose for years, in the form of federally regulated manufactured homes. But both GSEs have resisted providing manufactured housing with any [meaningful] type of support. Congress got so fed up that it passed a law imposing a “duty to serve” manufactured housing on both GSEs. Ten years later, though, Fannie and Freddie have done virtually nothing, and are doing their best to keep it that way,” MHARR president and CEO, Mark Weiss, JD, told MHProNews.
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