Despite the Biden Administration’s FHFA initially rejecting the plans submitted by Fannie Mae and Freddie Mac, the Manufactured Housing Association for Regulatory Reform (MHARR) said in a 4.28.2022 new release that the two Government Sponsored Enterprises (GSEs or “Enterprises”) submitted plans that provided no or only possible miniscule lending support. The FHFA has approved those plans. As MHProNews readers can see below, MHARR media release rages and mocks the FHFA decision. But what about the Manufactured Housing Institute (MHI) ‘news and updates’ release to industry members on the same date? There is no mention whatsoever of the FHFA decision at all. Are true colors shining through from both trade groups? More on that following the MHARR press release, ahead of today’s manufactured housing and equities markets business daily recap report on MHProNews.

 

FOR IMMEDIATE RELEASE                                                                   Contact: MHARR

(202) 783-4087

 SECOND DTS PLANS REBUFF MH CHATEL SUPPORT ONCE AGAIN

 Washington, D.C., April 28, 2022 – The Manufactured Housing Association for Regulatory Reform (MHARR) reports that the Federal Housing Finance Agency (FHFA) has announced its “non-objection” to – i.e., approval of – Duty to Serve Underserved Markets (DTS) 2022-2024 implementation plans submitted by mortgage giants Fannie Mae and Freddie Mac. Without any meaningful explanation, the plans were accepted by FHFA even though the Fannie Mae plan contains no provision whatsoever for securitization or secondary market support for the personal property (chattel) loans that comprise nearly 80% of the mainstream, affordable manufactured housing consumer financing market. The Freddie Mac plan, meanwhile, offers the possibility of a meager 1500 to 2500 chattel loan purchases for “study” purposes in the plan’s final year – some 16 years following Congress’ enactment of DTS. As consumers and industry members know all too well, however, there is absolutely no guarantee that even this minimal level of purchase activity will actually occur, as similar “pilot”-type proposals contained in the Enterprises’ FHFA-approved 2017-2021 DTS plans were promptly jettisoned by Fannie Mae and Freddie Mac in subsequent amendments.

It is evident from the foregoing that FHFA’s January 5, 2022 rejection of Fannie and Freddie’s’ second DTS plans, as originally submitted (see, MHARR January 6, 2022 Memorandum, “FHFA Objects to 2022-2024 Duty to Serve Plans”), was either not based on the total failure of those plans to serve, in any manner, the vast bulk of the manufactured home consumer lending market represented by personal property loans, or was, instead, a meaningless gesture meant to blunt or mollify legitimate criticism of the Enterprises’ decade-plus failure to fully comply with the congressional DTS mandate and finally begin serving, in a market-significant manner, the single-largest segment of the single-largest source of affordable, non-subsidized housing and homeownership in the United States. In either case, however, Fannie Mae and Freddie Mac’s continuing failure – abetted by FHFA – to provide full and meaningful support for the existing, affordable manufactured housing market as mandated by DTS, stands in direct violation of applicable law and will inevitably undermine President Biden’s stated policy goals of eliminating the current severe shortage of affordable housing, advancing the availability of affordable manufactured housing, and ensuring housing equity, all as enunciated in recent “listening sessions” conducted by the White House Task Force on Manufactured Housing.

The ongoing de facto exclusion of manufactured home personal property loans from DTS by Fannie Mae and Freddie Mac, with the implicit support and approval of FHFA, is yet further evidence – and, in fact, confirmation that: (1) neither Enterprise has any interest in serving, in a meaningful or significant manner, the vast majority of the affordable, mainstream manufactured housing market; (2) that FHFA, far from exercising necessary leadership regarding DTS, is complicit in this failure; and (3) that the representation of industry’s post-production sector has been ineffective, for far too long, in pressing for full and robust compliance with DTS and full, market-significant support for manufactured home personal property lending.

There is simply no excuse for this continuing failure by the Enterprises and FHFA – as their regulator – to comply with applicable law. FHFA and its current Director, Sandra Thompson, were educated in detail by MHARR members starting in 2020 as to the urgent need for mainstream DTS chattel support and the huge segment of the market for the industry’s most affordable homes that chattel lending serves. FHFA’s failure to require full compliance with the DTS mandate for the manufactured housing chattel sector as the mandate approaches its twentieth year, among other things, underscores the need for robust action and follow-up by the White House Manufactured Housing Task Force – and direct leadership by President Biden – to rectify this failure and ensure that manufactured housing takes a central role in resolving the nation’s affordable housing and housing equity crises. Further, it highlights the need for further – and effective – oversight by Congress to get to the bottom of Fannie Mae and Freddie Mac’s institutional refusal to provide full DTS support for the manufactured housing market and FHFA’s continuing complicity in that rejection of Congress’ express directive.

In Washington, D.C. MHARR President and CEO Mark Weiss stated: “FHFA’s non-objection to the Second DTS Plans submitted by Fannie Mae and Freddie Mac – plans which     continue to exclude any meaningful support for the manufactured home personal property loans which represent the vast bulk of the mainstream, affordable manufactured housing market – is inexcusable. It represents an ongoing policy failure on the part of the Enterprises and FHFA which specifically impacts and harms lower and moderate-income Americans seeking access to affordable housing and full participation in the American Dream of homeownership. It also illustrates the ongoing failure of the industry’s post-production representation to effectuate the full implementation of this crucial statutory directive.” Weiss continued, “This parade of failures demands a comprehensive congressional oversight hearing regarding the implementation of DTS within the manufactured housing market – and particularly its chattel sector – to provide answers and relief for the millions of American families who have waited far too long for DTS to be fully implemented.”

The Manufactured Housing Association for Regulatory Reform is a Washington, D.C.-based national trade association representing the views and interests of independent producers of federally-regulated manufactured housing.

— 30 —

 

Additional Information, More MHProNews Analysis and Commentary in Brief

In the MHI 4.28.2022 emailed “News and Updates” from “Washington” has no mention at all of the FHFA’s publishing of ‘approved’ Duty to Serve (DTS) plans.  Ironically, MHI’s somewhat more detailed than recent ‘news’ items includes this statement: “At MHI’s request, a dozen federal officials from HUD, DOE, USDA, and the White House participated in this year’s Congress & Expo. HUD Deputy Secretary Adrianne Todman addressed members at the conference’s Opening Session recommitting the Administration’s support for manufactured housing.”  Pardon me? MHI have the chutzpah to say Biden’s “Administration’s support for manufactured housing” with an apparently straight face?

The FHFA sent a news release on this topic. It was “Sent: Wed, Apr 27, 2022 2:26 pm.” MHI claims clout. Did they have no inside information on this critical topic? Even if MHI had no inside information, their email was sent at about April 27, 2022 3:12 PM. Don’t MHI team members read federal emails on hot topics like manufactured housing financing? It’s the latest embarrassment, or at least it would be if they had any shame.

MHProNews plans a follow up report on this issue, as there are other moving parts to this development. But one bottom line takeaway is clear. Despite MHI’s claims of Biden “Administration’s support for manufactured housing,” that MHI leaders are either naïve in making that statement, or MHI is paltering on their own behalf, with the Biden team also benefiting from that MHI posturing.

Keep in mind that an MHI insider recently told MHProNews that they had serious access during the Trump years and failed to properly use it. That source lashed the organization from within, saying it has been taken over by “f-cking greedy, selfish leaders of companies” that make “MHI a tool for themselves.” Ouch.

Additionally, MHI has yet to ‘confess’ the errors of their ways with HUD. Indeed, MHI continues to use distraction and misdirection tactics, while touting “MHI in Action” — as the example above caught by CSPAN linked below documents.

Then, the DOE ‘back stab’ is completing the emerging picture of MHI treachery on behalf of industry consolidators.

These are not mere matters of differences in approach, as MHI used to claim. Rather, these are indictivative of what Marty Lavin and a few others would wrily point out by saying, pay attention to what (MHI) is actually doing rather than what they are saying. When the money trail is followed, MHI’s consolidators are the routine beneficiaries of their policies. That’s not just Lavin’s posture, but that is the take of Samuel “Sam” Strommen from Knudson Law, who accused MHI of such agregious behavior that he advocated “felony” antitrust action.

See the related reports above and below for more information on these topics. But the bottom line on finance seems to be clear. MHI is posturing support for more lending, but is either massively inept or corrupt in the fashion that Doug Ryan alleged some years ago.

MHARR has long advocated for a new trade association that might supplant MHI and which MHARR could work with to get more competitive lending, to overcome zoning and placement barriers, etc.  While that has not yet occured, there have been some efforts that incidate there is frustration with MHI. A sampling of those comments and efforts are shown below.

The authenticity of MHARR vs. the irksome hypocrisy and paltering of MHI reveals the true colors of each trade group; that’s the editorial expert opinion of this former MHI board member and an apparently growing number of those who see MHI as worthy of being supplanted by independents that do not want to be consolidated by the larger companies that dominate MHI.

 

Next up is our daily business news recap of yesterday evening’s market report, related left-right headlines, and manufactured housing connected equities.

The Business Daily Manufactured Home Industry Connected Stock Market Updates.  Plus, Market Moving Left leaning CNN and Right-leaning (Newsmax) Headlines Snapshot. While the layout of this daily business report has been evolving over time, several elements of the basic concepts used previously are still the same. For instance. The headlines that follow below can be reviewed at a glance to save time while providing insights across the left-right media divide. Additionally, those headlines often provide clues as to possible ‘market-moving’ news items.

 

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

 

Headlines from left-of-center CNN Business – from the evening of 4.28.2022

• A stumble
• A pedestrian carries a shopping bag in San Francisco, California, U.S., on Monday, Feb. 28, 2022.
• The US economy contracted in the first quarter of this year. Don’t panic
• Economic activity shrank in the first quarter
• Europe has bought $46 billion worth of Russian energy since the Ukraine war began
• Meta earnings and the metric Wall Street is obsessing over
• Teladoc stock plunges as the stay-at-home economy fizzles
• Soaring costs and shortages push German industry to the brink
• 7 things you’re wasting money on
• Following Elon Musk’s takeover, Twitter’s leadership is likely in for a shakeup
• Musk wants to ‘authenticate all real humans’ on Twitter. Here’s what that could mean
• ‘Puts me on the street’: The impact of surging rent across the US
• Ford just reported a $3.1 billion loss. Blame Rivian
• Millennials are ahead of their parents in retirement savings
• A single-family home for sale in Potomac, Maryland, USA, 14 April 2022.
• Mortgage rates fall slightly, but still hover above 5%
• Pipework at the Wierzchowice Underground Gas Storage Facility, operated by Polskie Gornictwo Naftowe i Gazownictwo SA, also known as PGNiG, in Wierzchowice, Poland, on Wednesday, April 27, 2022. Russia halted gas flows to Poland and Bulgaria in a major escalation, and said it will keep supplies switched off until the two countries agree to Moscow's demands to pay for the fuel in rubles. Photographer: Bartek Sadowski/Bloomberg via Getty Images
• Russian gas customers in Europe may accept Putin’s payment terms
• People have a lunch a McDonald’s restaurant next to the Kremlin in Moscow on March 10, 2022. – McDonald’s, Coca-Cola and Starbucks on March 8, 2022 bowed to public pressure and suspended their operations in Russia, joining the international corporate chorus of outrage over Moscow's invasion of Ukraine. Several of these companies, symbols of American cultural influence in the world, have been the subject of boycott calls on social media as investors have also begun to ask questions about their presence.
• McDonald’s left with millions of dollars of Russian food it can’t use
• WASHINGTON
• Lael Brainard, governor of the U.S. Federal Reserve, speaks during the National Association of Business Economics (NABE) annual meeting in Arlington, Virginia, U.S., on Monday, Sept. 27, 2021.
• Senate confirms Lael Brainard as Federal Reserve vice chair
• Biden nominates a new top Fed banking regulator
• Here’s how the Senate could change your 401(k) plan
• US lawmakers are warming up to the cannabis industry
• Major tech antitrust bill gets backing of US Commerce Department
• HOME OWNERSHIP
• A home, available for sale, is shown on August 12, 2021 in Houston, Texas.
• Should you rent or buy? Ask yourself these four questions
• Mortgage rates hit a 12-year high
• Why it’s so hard to buy a home right now
• Home prices hit another record high in March
• Renters are growing pessimistic they will ever own a home as prices keep rising

Headlines from right-of-center Newsmax 4.28.2022

• Texas Gov. Abbott Is Seeking Donations to Fund Busing of Migrants to DC
• Migrants hold Red Cross blankets after arriving at Union Station near the U.S. Capitol from Texas via bus on Wednesday Texas Gov. Greg Abbott has said the state will provide migrants arriving at the U.S.-Mexico border bus charters to Washington. (AP)
• Russian Invasion of Ukraine
• Russians Use Trained Dolphins to Guard Black Sea Base
• Oil Prices Rally on Report Germany Not Opposed to Russian Oil Embargo
• Biden Wants $33B More to Help Ukraine Battle Russia
• US: ‘Credible’ Evidence Shows Russia Executed Ukrainians Trying to Surrender
• Poll: Most in US Fear Ukraine War Misinformation
• UK Intelligence: Russia Can Still Hit Ukrainian Targets From Sea
• Ukraine Arrests Priest for Collaborating With Russia
• Moldova President: Unification With Romania Depends On the People
• Canada Lawmakers Label Russia’s Acts in Ukraine ‘Genocide’
• Russian Forces Tighten Control in Occupied Kherson
• Russian State TV Host Threatens to Obliterate UK With Missile
• UK: Allies Must ‘Double Down,’ Send Ukraine Tanks, Jets
• More Russian Invasion of Ukraine
• Newsmax TV
• Paul: Border Broken Because of Biden’s ‘Attitude’
• Paul: Border Broken Because of Biden’s ‘Attitude’ | video
• Tenney to Newsmax: Planned Parenthood Illegally Got $67M in PPP Loans | video
• Palazzo: Mayorkas ‘Talking Out of Both Sides of His Mouth’ | video
• Rick Scott: Florida Must Protect Taxpayers, Not Disney | video
• Farage: Piers Morgan ‘Despicable’ in Trump Interview | video
• Johnson: ‘Bumbling’ in Balfour Beatty Case | video
• Clyde: Impeachment for DHS Chief Mayorkas? | video

• More Newsmax TV
• Newsfront
• CNN+ Shuts Down 2 Days Earlier Than Expected
• The CNN+ experience will be fading to black sometime Thursday…. [Full Story]
• US Economy Shrinks as GDP Declines by 1.4%
• The U.S. economy shrank last quarter for the first time since the [Full Story]
• Russian Navy Deploys Trained Dolphins to Guard Naval Base in Black Sea
• The Russian navy has deployed trained dolphins to guard its naval [Full Story]
• Whistleblower Warned FDA in October of Michigan Plant That Made Tainted Baby Formula
• A whistleblower at the Abbott Nutrition formula plant in Sturgis, [Full Story]
• Iran Wants to Kill Pompeo, Has ‘Capability’ for ‘Operation’
• Iranian officials seeking revenge for the 2020 assassination of [Full Story] | Platinum Article
• Democrats Pitch Boosting FTC to Curb Gas Price Gouging
• Citing growing worries about high gasoline prices, Democratic leaders [Full Story]
• Reddit Sleuths Reportedly Help Police Arrest Teen Suspect in Lily Peters’ Murder
• The 14-year-old boy charged with sexually assaulting and killing [Full Story]
• Rubio to VW: Detail Partnerships With 2 Chinese Firms
• Marco Rubio, R-Fla., wants Volkswagen to detail its ties with [Full Story]
• GAO: Public Health Workers Claim Political Interference
• A new report from the Government Accountability Office notes that [Full Story]
• Russian State TV Journalist on Nuclear War: ‘We’re All Going to Die Someday’
• Russian state TV presenters considered the likelihood of nuclear war [Full Story]
• Murkowski Admits She May Lose to GOP Challenger
• Lisa Murkowski, R-Alaska, acknowledges she might lose her [Full Story]
• Texas Gov. Abbott Seeks Donations to Fund Busing Migrants to DC
• Greg Abbott, R-Texas, has asked Texans to help fund his [Full Story]
• Biden Taking ‘Hard Look’ at Student Loan Forgiveness
• President Joe Biden said Thursday that he’s “taking a hard look” at [Full Story]
• Manchin Was ‘Kidding’ About Switching Parties
• Joe Manchin, D-W.Va., said he was kidding about switching [Full Story]
• FDA Issues Proposal to Ban Menthol Cigarettes
• The U.S. Food and Drug Administration on Thursday issued a [Full Story]
• Can Sarah Palin Meet ‘the Le Pen Challenge?’
• The press has recently begun to focus on Sarah Palin’s attempted [Full Story]
• GOP’s Ronna McDaniel: “The ‘Biden Plan’ Is Not Working!”
• Ronna McDaniel, chairwoman of the Republican National Committee, [Full Story]
• Military Considers Recruiting Proposal to Enlist College Athletes
• A defense contractor has proposed an initiative by which the military [Full Story]
• Jobless Claims at 52-Year Low
• The number of Americans applying for unemployment benefits fell again [Full Story]
• ‘Defund the Police,’ Crime Focus of Mayoral Races Nationwide
• Nearly two years since “defund the police” movements took root [Full Story] | Platinum Article
• Olivia Wilde Served Onstage With Custody Papers From ‘Ted Lasso’ Star Jason Sudeikis
• Olivia Wilde has been served. The actress was stunned when she was [Full Story]
• Yellen Says More Shocks Likely to ‘Challenge the Economy’
• Treasury Secretary Janet Yellen said Thursday the global pandemic and [Full Story]
• Trump Endorses Sheriff Joe Lombardo in Nevada Governor’s Race
• Sheriff Joe Lombardo of Clark County, Nevada, has obtained the [Full Story]
• Rasmussen Poll: Biden to Blame for Higher Gas Prices
• A majority of likely voters blamed President Joe Biden for escalating [Full Story]
• US: ‘Credible’ Evidence Shows Russia Executed Ukrainians Trying to Surrender
• Credible evidence shows that Russia executed Ukrainians trying to [Full Story]
• COVID Mandates for WH Correspondents’ Dinner Don’t Apply to All
• Strict COVID-19 precautions will be in place for Saturday’s White [Full Story]
• Biden to Skip Part of Correspondents’ Dinner to Limit COVID Risk
• The White House announced on Wednesday that President Joe Biden would [Full Story]
• Federal Judge Halts Preparations for End of US Asylum Limit
• A federal judge ordered a two-week halt Wednesday on the phasing out [Full Story]
• Psaki Evades Reporter’s Question About Hunter Biden
• White House press secretary Jen Psaki said little on Wednesday when a [Full Story]
• Report: Former US Ambassador to Pakistan Accused of Illegal Foreign Lobbying
• A former U.S. ambassador to Pakistan and the United Arab Emirates has [Full Story]
• Member of the Proud Boys Pleads Guilty to Felony Over Jan. 6 Case
• A member of the Proud Boys plead guilty to felony charges connected [Full Story]
• New Military Grade Telescope Lets You See for Miles
• Starscope
• More Newsfront
• Finance
• College (& Student Debt) Not the Be All, End All
• With the national debate on the government absorbing the U.S. $1.73 trillion in student loan debt heating up again, here’s a question worth asking: Is college all it is cracked up to be?… [Full Story]
• Oil Prices Rally on Report Germany Not Opposed to Russian Oil Embargo
• 30-Year Mortgages Edge Down to 5.1 Percent
• US Economy Shrinks, Threats Loom, but Growth Likely to Last
• CNN+ Shuts Down 2 Days Earlier Than Expected
• More Finance
• Health
• Moderna Asks FDA for Authorization of COVID Shot for Kids Under 6
• Moderna on Thursday asked U.S. regulators to authorize low doses of its COVID-19 vaccine for children younger than 6, a long-awaited move toward potentially opening shots for millions of tots by summer. Frustrated families are waiting impatiently for a chance to protect the…… [Full Story]
• Dog Breed Does Not Predict Personality, Says New Research
• Study: Vaccine Taken During Pregnancy May Protect Baby Against RSV
• NJ High School Cancer Cluster Continues to Perplex Experts
• Slash Your Cancer Risk by More Than 60 Percent With These 3 Simple Steps

MHProNews has pioneered in our profession several reporting elements that keep our regular and attentive readers as arguably the best informed in the manufactured housing industry. Among the items shared after ‘every business day’ (when markets are open) is our left-right headline recap summary. At a glance in two to three minutes, key ‘market moving’ news items are covered from left-of-center CNN Business and right-of-center Newsmax. “We Provide, You Decide.” ^© Additionally, MHProNews provides expert commentary and analysis on the issues that others can’t or won’t cover that help explain why manufactured housing has been underperforming during the Berkshire era while an affordable housing crisis and hundreds of thousands of homeless in America rages on. These are “Industry News, Tips, and Views Pros Can Use” ^© features and others made and kept us the runaway #1 in manufactured housing trade publisher for a dozen years and counting. 

 

Manufactured Housing Industry Investments Connected Equities Closing 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.

Manufactured Home Communities (a.k.a. ‘Mobile Home Parks’ – SIC) – Exploring UMH Properties; Fellow Manufactured Housing Institute Member Yes! Communities Suits and Settlements; plus MH Markets Updates

Clayton-21st Storm Watch – Sinatra’s Summer Wind Blows Early? – Manufactured Housing Moat Breach – Manufactured Home Values Increasing Faster than Site-Built – Case for Something New in 2022

• • 2022 …Berkshire Hathaway is the parent company to Clayton Homes, 21^st 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. MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our 11th year of publishing and have completed over a dozen years of serving the industry as the runaway most-read trade media.

Sample Kudos over the years…

It is now 12+ years and counting…

Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.

· For expert manufactured housing business development or other professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.

Disclosure. MHProNews holds no positions in the stocks in this report.

That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition 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.