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Fannie/freddie More Manufactured Home Loans

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Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Them trailer boys have a powerful lobby. Warren Buffet is tired of having to use his own money to keep Clayton Homes afloat.
 
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Deleted member 134708

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Title in article needs to say FNMA going to loan on mobile homes.
 
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CANative

Elite Member
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Jun 18, 2003
Professional Status
Retired Appraiser
State
California
The GSE's are being pushed into lending on manufactured homes that are chattel by their regulator as part of their so-called "duty to serve". It won't end well.

Why?

That story is kind of a hatchet piece and mixes apples and oranges and not very well. It's misleading and biased.
 

timd354

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Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Why?

That story is kind of a hatchet piece and mixes apples and oranges and not very well. It's misleading and biased.
It won't end well since loans secured by manufactured homes default at a higher rate and loans secured by manufactured homes that are chattel default at an even higher rate. (I know, because my company has extensively studied default rates on manufactured homes). The real problem is that the regulators no doubt will not allow the GSE's to charge a high enough risk based premium (through additional points, interest rsates, g-fees, etc.) to offset the additional risk because of the duty to serve aspects of this.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
It won't end well since loans secured by manufactured homes default at a higher rate and loans secured by manufactured homes that are chattel default at an even higher rate.

Because people who live in manufactured homes, especially homes located in rental parks, shouldn't be able to get loans?
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Because people who live in manufactured homes, especially homes located in rental parks, shouldn't be able to get loans?
When did I ever say that? They should be able to get loans, but they should be charged a risk premium that is appropriate to offset the increased risk on those loans, otherwise these borrowers will essentially end up getting subsidized by other borrowers. Additionally, their lenders can find mortgage insurance from some other company aside from mine as we are not insuring these loans.
 
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