HousingWire tells MHProNews.com Wednesday’s hearing before the House Financial Services Committee will feature John Bostick, Chairman of the Manufactured Housing Association for Regulatory Reform (MHARR), and president of Sunshine Homes. He will testify how HUD’s failure to implement certain provisions of the Manufactured Housing Improvement Act of 2000 has hindered credit to MH buyers and maintained the “trailer park” image of the industry as a whole. “Specifically, FHA Title I manufactured housing lenders must have minimum net worth of at least $10 million — as compared with $2.5 million for site-built lenders — plus 10% of the dollar amount of all outstanding manufactured housing mortgage-backed securities,” according to Bostick’s prepared testimony. He further states Fannie Mae and Freddie Mac continue to discriminate against MH buyers despite Congress’ admonition to create loans for the secondary market. In Nov. 2011, Kevin Clayton of Clayton Homes testified before the same committee and said less than one percent of GSE (government-sponsored enterprise) business is tied to manufactured home loans.
(Graphic credit: MHARR)