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August 28, 2014

Now that management of Lending Club has announced its intention to file for an initial public offering of its shares, it seems worthwhile to look for evidence as the extent that their program is working.

Lending Club is itself not a lender. It is a match maker that brings borrowers to lenders. It has become the

September 20, 2010

The FFIEC has released the 2009 Home Mortgage Disclosure Act data this morning. HMDA data cover most mortgage loan applications. The data is released annually. While consumers can ask for the data from lenders directly as soon as April 1st, the Federal Reserve holds its release of the entire set of loans until the middle of September. The new data covers mortgage loan applications made in 2009.

The data was released at 11:10 AM EST. Users can download software that runs with the data, or they can pull out aggregated reports for different geographic areas.

The HMDA data has been released with loan pricing data since 2005. In that regime, HMDA reported the cost of loans in the relation to current 10-year Treasury notes. For instance, if the 10 year (TNX) yield was 2.86 percent at the time of the loan's origination, then the loan cost would be reported if the price was at or above 5.86 percent. There was a 300 basis point gap for first lien loans and a 500-basis

January 29, 2008

A few days ago I spent some time pouring over the Residential Finance Survey. Its a great document. I am going to return to it today.

Some things that strike me as interesting, within the pages of this report:

  • More mobile homes are sold used, in every region in the country, than are sold as "new." This explains the relatively low mean and median sales prices contained elsewhere within the RFS. It also refutes the argument that these properties cease to have value after they leave the lot. Yes, they may decline in value some, but people still are willing to pay for the chance to live in them. A used mobile home is still a home.
  • Homes in the South are the ones most likely to undergo capital improvements. This discrepancy between the South and other regions is so high that it makes me want to question how the numbers were calculated.  It just cannot be this distinct.  There must be some explanation.
  • The rate of capital improvements in the South may be interrelated to the high rate of resale activity in the South. More homes are sold in the South than in any other region. It might also be that homes in the South skew to the lower end of the value
January 25, 2008

Today I want to write about the median sale price of mobile homes, about the number of distress sales, and about the number of homes that are still sold that were built prior to the onset of the HUD code.

To do that, I am going to rely upon some Census data.  The Census Bureau's Residential Finance Survey is a great find.

January 25, 2008

A lot of people want to know how many people live in manufactured homes. I think it is because there is a sense that the figure is large, but also not known. In many communities, parks are located in out-of-the-way places. In North Carolina, about one-in-six families lives in manufactured housing. Yet here in Durham, it is unusual to see even one mobile home during the course of daily life. The parks are there, just on the outskirts of town. I have a friend who lives in some remote land north of Chapel Hill. There are two parks, straddling a highway overpass, near his home.

December 21, 2007

I spend a lot of time looking at statistics on loans. That includes loans on manufactured housing. Most people, if they ever think about it, can guess what the predominant nature of manufacturing housing lending is. That's right -- most of the loans are not so great. A lot of them have very high interest rates. When you consider that many also come with shorter terms than are commonly associated with site built homes, you realize that financing constrains the claims of affordability