The Manufactured Housing Association for Regulatory Reform (MHARR) reports that despite the 2008 Congressional “duty to serve” (DTS) directive to the government-sponsored enterprises (GSEs) to establish a secondary market for manufactured housing, including chattel loans, the proposed implementation rule published by the Federal Housing Finance Agency (FHFA) two years ago remains in limbo. Since it would exclude chattel financing anyhow, MHARR continues to press the regulators for the GSEs to include chattel financing, and thereby carry out the intent of Congress. At a meeting with MH chief executives and FHFA May 24, 2012, when FHFA cited outdated loan performance data, MHARR pointed out the MH loan delinquency as of 12-2011 was 3.76% as opposed to 6.01% for the national mortgage delinquency rate. As MHProNews has learned MHARR continues to insist MH is affordable housing and should be treated as such by the various federal governmental agencies and regulators. For the full report, click here.
(Photo credit: Champion Homes)