ARLINGTON, Va., May 09, 2017 (GLOBE NEWSWIRE) -- The Manufactured Housing Institute (MHI) issued the following statement in response to the Federal Housing Finance Agency (FHFA)’s release of Fannie Mae and Freddie Mac’s draft Duty to Serve plans. The statement is from Lesli Gooch, senior vice president for government affairs and chief lobbyist for MHI.
“We are pleased to see details of how Fannie Mae and Freddie Mac propose to move toward the creation of a secondary market for manufactured home chattel loans. However, since FHFA has acknowledged that chattel loans make up 80 percent of all new manufactured home placements, MHI believes that the Enterprises should not be able to receive a satisfactory rating without a significantly more meaningful commitment to purchase chattel loans.”
“We appreciate that Fannie Mae identified specific loan volumes as a goal, but the amounts are wholly insufficient for either Enterprise to launch a meaningful commitment to serving the market.”
“MHI is disappointed that neither Plan makes a commitment during the three-year plan period to purchase chattel loans on a flow basis -- instead limiting their goals to the bulk purchase of loans.”
“Fannie Mae and Freddie Mac’s plans must lead to chattel manufactured home loan purchases. Their plans need specific volume targets that lead to meaningful purchases on a flow basis during the three-year plan period. The plans should include measurable benchmarks and Duty to Serve credit must only come from achieving these benchmarks. Duty to Serve credits should be outcome-based and focused on actual and meaningful impacts.”
MHI is the only national trade organization representing all segments of the factory-built housing industry. MHI members include home builders, lenders, home retailers, community owners and managers, suppliers and more than 50-affiliated state organizations. Visit us on Twitter @MHIUpdate and on Facebook.