Manufactured Housing Sector Seeks More Lending From GSEs
August 28, 2015
The Federal Housing Finance Authoritys’ “duty-to-serve” rule, mandated by the 2008 Housing and Economic Recovery Act, is getting a lot of attention lately from manufactured housing industry leaders who argue that the GSEs aren’t purchasing enough of their loans. “Duty-to-serve” was created to encourage Fannie Mae and Freddie Mac to support underserved markets, especially those that included manufactured housing, along with rural housing and affordable housing preservation. Although it was mandated years ago, a final rule has not been implemented and the FHFA plans to re-propose the rule later this year.MH accounted for just 0.2 percent of Fannie’s and Freddie’s total business this year with the GSEs securitizing $896 million of manufactured housing loans in the first half of 2015, according to data analyzed by Inside The GSEs.