While GSEs Play Footsy with MHI, Congressional Leadership Demands Answers on FHFA

WhileGSEsPlayFootsyWithMHICongressionalLeadershipDemandsAnswersonFHFA

There are people in Washington, D.C. that are demonstrably fighting for the interests of small businesses and consumers.

 

As Daily Business News on MHProNews readers may recall, the hearings last month with the House Financial Services Committee and the Federal Housing Finance Agency (FHFA) were dominated by sexual allegations surrounding soon-to-leave director Mel Watt. 

 

Mel Watt – FHFA and MH Connected Hearing Today to Feature Sexual Misconduct Allegations

 

Chairman Jeb Hensarling (R-TX) has raised concerns over improper lobbying efforts by the GSEs, which was also previously reported to the industry by MHProNews.

 

“Waste, Fraud, and Abuse” – FHFA, GSE Federal Oversight Announcement

 

The Government Sponsored Enterprises (GSEs) of Fannie Mae and Freddie Mac have both been giving money to the Manufactured Housing Institute, as has also been previously reported.  See but one example captured in the photo below from an MHI event.

 

2018-10-03_1018ManufacturedHousingInstituteHILogoCavcoFleetwoodPalmHarborFannieMaeFreddieMacLogoDailyBusinessNEwsMHProNEws
Marty Lavin advises, “Follow the Money” and “Pay More Attention to What People Do Than What They Say.” You decide if Lavin’s dictum applies to this case. The GSEs are praising manufactured home quality, but then created a special class of manufactured homes, with key MHI member input, that is aimed at funneling that lending, per informed sources. What about the rest of the manufactured housing industry?

 

ManufacturedHousingAssocRegulatoryReformMHARRMarkWeissDTSFHFA-GSEsGoingtoLargestBusinessesCorpAffiliatesDailyBusinessNewsMHProNews
Collage by MHProNews.

The Manufactured Housing Association for Regulatory Reform (MHARR) has been pushing Congress, as well as the FHFA, for a full and proper implementation of their Duty to Serve requirements, including the use of robust use chattel financing.

 

MHARR Exposes GSES’ Failure On Chattel Financing Before Congress | Manufactured Housing Association Regulatory Reform

FOR IMMEDIATE RELEASE (202) 783-4087 Contact: MHARR Washington, D.C., September 27, 2018 – The Manufactured Housing Association for Regulatory Reform (MHARR), in a submission (copy attached) to the House of Representatives’ Financial Services Committee in conjunction with a September 27, 2018 oversight hearing on regulation of the two “Government Sponsored Enterprises” (GSEs) – Fannie Mae and Freddie Mac – strongly criticized the Federal Housing Finance Agency (FHFA), for failing to implement federal law and, instead, sanctioning the GSEs’ continuing discrimination against lower and moderate-income American consumers seeking to purchase manufactured homes through personal property, or chattel loans.

 

Sources at MHI, and with the GSEs, tell MHProNews that no serious chattel lending is currently being done by either of the GSEs.  There are reasons to believe that closed door meetings between MHI, industry lenders, and the GSEs may have resulted in deals that kept them from entering the chattel market, in spite of the law.  See the related reports, below the by-line.

With that backdrop, here is the latest from Chairman Hensarling,

 FinancialServicesCommiteePressReleaseDailyBusinessNewsMHProNEws

 

Hensarling: Taxpayers Deserve Far Better

Financial Services Committee Jeb Hensarling (R-TX) released the following statement after the Federal Housing Finance Agency (FHFA) Office of Inspector General (OIG) issued a report on the potential management and performance challenges of 2019: 

“As was demonstrated at the Committee’s hearing on September 27 with FHFA Director Mel Watt and FHFA’s Inspector General, this country’s government-run housing finance system is broken. The FHFA has failed as both the conservator and the regulator of the Government Sponsored Enterprises.

The FHFA Inspector General’s report confirms this fact, and it is yet another indictment of our broken housing finance system. The report details ‘four serious management and performance challenges facing the Agency’ for 2019, running the gambit from repeated failure to exercise proper oversight as conservator to failure to adequately address ‘critical risk’ as the Enterprise’s supervisor.

Reform is needed now. Taxpayers deserve far better.”

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Hensarling is arguably correct.  But is there any reason to believe that MHI will do anything on this issue?  ICYMI, it need a refresher, see the related reports, linked below the byline. “We Provide, You Decide.” © ##   (News, analysis, and commentary.) (Related Reports are further below. Third-party images and content are provided under fair use guidelines.)


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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

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