Edward Pinto’s AEI Housing Center Research Says Millions of FHA Loans “Seriously Delinquent,” plus Manufactured Housing Investing, Stock Updates

DowJonesAvg3.24.2021AtCloseYahooMHProNewsLOGOAmerican Enterprise Institute (AEI) Housing Center provided MHProNews with the news item below earlier today.

AEI’s Director Edward Pinto, J.D., report stated the following.


Nowcast: 10 metros most threatened by high numbers of FHA delinquencies (February 2021 Update)

While Atlanta and Houston are the metros most at risk from FHA delinquency rates, elevated FHA delinquency rates threaten homeowners and neighborhoods in numerous other metro areas across the country. The share of February FHA delinquent and seriously delinquent loans are both higher than in the prior month.

Of FHA’s roughly 8 million loans outstanding in February, 17.5% were delinquent and 12.0% were seriously delinquent as reported in FHA Neighborhood Watch (includes loans in forbearance). The below table summarizes these trends over time:


To see this in a larger size, click here

The balance of the report will be tonight’s featured focus.

Before pivoting toward tonight’s featured focus segment – and for the benefit our growing numbers of new readers – a few quick evening/nightly market report insights.

  • Every business evening/night, MHProNews provides a bullet list of left-right news headlines from CNN Business and Newsmax. In a matter of moments, savvy professionals can see at a glance news headlines and views across the political spectrum.
  • This is a time saving and insightful way to quickly grab insights from across the left-right divide.  It is a useful at-a-glance opportunity for those who are hooked on this market-nightly feature.
  • Our featured focus follows the quotable quotes, periodic political cartoons, those left-right headlines, and two of our three market summary graphics as reported at the closing bell.
  • After the featured focus, are some recent/related report links and the third manufactured housing focused stock equities graphic. There are some additional items that include the free signup for the manufactured housing industry’s x2 weekly emailed news to the most-read trade publication in our profession:

On a mostly down day for manufactured home connected equities, let’s press ahead toward the featured focus on the millions of delinquent and seriously delinquent FHA loans and what that might signal.


Quotes That Shed Light – Industry, American, Social, National Issues

A blast from the past that
shows have far MHI has slipped?

To see this historic MHI document in a larger size, click here.




This is an odd statement at best or arguably demonstrably false at worst. How so? Because DTS was made law as part of the Housing and Economic Recovery Act (HERA) of 2008). Over a dozen years later, there is still negligible support for chattel lending, which is about 75 percent of most manufactured housing loans. Why do key MHI members, seemingly in unison, say similar things that are dubious or false?

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Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…

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Where Business, Politics and Investing Can Meet



“Ten metros in seven states present especially large risks due to the combination a large FHA portfolio containing a high percentage of delinquent or seriously delinquent loans. The ten most threatened metros in February 2021 were (the list of ten metros is unchanged from last month):


To see this in a larger size, click here.


As the forbearance periods end, one of two things will happen. Those borrowers who are able to resume normal payments may elect to have arrearages deferred until the loan is paid off, which would result in these loans becoming current. Borrowers who are unable to resume normal payments or who elect not to, remain delinquent. As a result, total delinquency levels are likely to fall, but serious delinquencies are likely to remain high. Unless able to sell their home, those borrowers who remain seriously delinquent are likely headed to foreclosure or other disposition. A buyer’s market could develop in ZIP Codes with heavy exposure to FHA and other high risk loans.

Homeowners in these ZIP Codes will predominantly be low income (ZIP Codes with about 50-90% of area median income) and contain high percentages of households of color and high levels of mortgage risk. See, for example, the maps for the Washington, DC metro area, which show the substantial overlap for concentrations of FHA and minority borrower share, high levels of DTIs and mortgage risk. The area to the southeast on the map largely consists of Prince George’s County, MD. This was the hardest hit DC area county during the Great Housing Bust.


To see this graphic in a larger size, click here.

To view FHA foreclosure rates for the largest 169 MSAs or to explore the concentration of FHA loans in your metro, please click here.

Edward J. Pinto
Director, AEI Housing Center

American Enterprise Institute
1789 Massachusetts Ave, NW
Washington, DC 20036


If this trend is not successfully addressed in a fashion that helps those home owners save their homes, then this could end up another instance much like the 2008-2009 housing crisis with potentially hundreds of thousands or more housing units ending up in the hands of private equity.  See the related report, below.

Related, Recent, and ‘Read-Hot’ Reports


Manufactured Housing Industry Investments Connected Closing Equities Tickers

Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.

                  • 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.



Spring 2021

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.

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Notice, this photo was taken before several on Fox News took a turn away from more right-leaning reporting to more left-leaning or anti-Trump views.

By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and 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.


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