Washington, D.C. – The Manufactured Housing Association for Regulatory Reform (MHARR) reports to MHProNews that after review of the Federal Housing Finance Agency (FHFA) release of its final rule to implement the “Duty to Serve Underserved Markets” (DTS) provision of the Housing and Economic Recovery Act of 2008 (HERA), the organization sees limitations.
MHARR says that if the portions of this final rule addressing manufactured housing personal property (i.e. chattel) loans – which have been the continual focus of MHARR since the inception of the DTS rulemaking in 2010 — are any indication, the industry’s post-production sector may wish to carefully analyze all aspects of the final rule, which will continue to devastate the 80% of lower and moderate-income consumers who rely on chattel financing to purchase affordable manufactured homes.
The 241-page final rule – which MHARR suggests was released to another national association by FHFA pending formal publication in the Federal Register – would on its face nominally permit one or both of the Government Sponsored Enterprises (GSEs) to obtain DTS credit for manufactured housing chattel loans.
But MHARR says it does so under a veritable mountain of conditions, qualifications and limitations that are so restrictive, it is doubtful that the lower and moderate-income American consumers who rely on these loans will ever see any meaningful relief. A MH lender privately told MHProNews that they didn’t expect the rule as it stands to do much for manufactured housing sellers and buyers.
For the full statement from MHARR, click here.
The Daily Business News covered the FHFA in a report linked here. Masthead commentary on this issue, is linked here. ##
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.