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GSE reform

In Seeking to Aid Manufactured Housing Industry, HR 650 Misses the Point

Adam Rust's picture

Posted April 28, 2015

The problem with HR 650 is that it won't actually fix the problems with chattel lending. If you want to cure the ills of manufactured housing, then the solution is not to raise interest rates in the name of access to credit. The solution is to involve the GSEs. Fannie and Freddie create access for real property mortgages and they would do the same for manufactured housing if they were required to buy chattel loans as part of their duty-to-serve mandate.

Will Private Investors Buy Manufactured Housing ABS?

Adam Rust's picture

Posted December 12, 2011

Given the intention of policy makers at the Federal Housing Finance Administration, the manufactured housing industry may have to pin its hopes for recovery on the fickle interest of private investors on the secondary market.

They may have to wait.

Since 2001, the secondary market for asset-backed manufactured housing securities has been thin. The

Apply HFA Model to GSE Reform

Adam Rust's picture

Posted July 1, 2011

Testimony from the Senate Banking, Housing, and Urban Affairs' hearing on how GSE reform will influence the capacity and ongoing viability of small banks:

http://www.youtube.com/watch?feature=player_embedded&v=IQkmZNEsgRU
Skillern is suggesting that the current GSE model, where a government-sponsored entity buys loans and packages them into pass-through securities, should be changed. He is suggesting a model based upon state housing finance agencies. Many of the HFA's operate without subsidy. In general, a housing finance agency system would be smaller. It would still push more ownership of mortgage-backed securities in to the domain of privately-held companies, but it would still allow for some government intervention to creating opportunity in underserved communities.

Senate Banking Committee Considers Small Bank Mortgage Lending

Adam Rust's picture

Posted June 28, 2011

The Senate Committee for Banking, Housing and Urban Affairs is taking testimony this morning on how pulling back the role of the GSEs would impact small banks. Senator Tim Johnson (D-SD) is hearing from small bankers, credit unions and two policy advocates:

"What you really find out is not the down payment, it is really other things: what is your debt-to-income,

Imagine a World Without the GSEs

Adam Rust's picture

Posted June 23, 2011

The political current in Washington seems predisposed to wind down Fannie Mae and Freddie Mac. The drive is so strong that even a center-left group like the Center for American Progress has abandoned its support for some public-purpose entity. The climate is so hostile that supporting the GSEs, even in a very different and scaled-down orientation, is somewhat of a radical point of view.

The logic provided by the supporters of such a measure is that private investors will step in to buy mortgages on the secondary market. That

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