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MH Coming up Short, Again…

Hundreds of MH pros gave a good effort for inclusion of Preserving Access to the omnibus appropriations bill. Certainly, every good effort need not be in vain, as contacts and relationship are forged that can be fruitful later in life.

We were among those who were keenly involved in promoting inclusion of S 682/HR 650. But MHI released word that it was not going to happen, see the attached “Housing Alert” from them.

Similarly, MHARR reports that the word heard from FHFA on GSE reform that includes MH chattel that likewise isn’t favorable. Again, many have made good efforts. Here is a link to a download of MHARR’s statement.  Here is the FHFA statement on the subject. The related FHFA ‘fact sheet,’ can be downloaded here.

There are many thoughts going through my mind on this topic. Today, we will focus on what others have said, on and off the record, on this topic.

MHI and MHARR’s positions are linked above. The next comment comes from a well placed source, off the record, and for publication.

Since no Dodd-Frank reforms got into the budget bill, I’m disappointed, but not upset at MHI. I know the bankers had Dodd-Frank reform legislation too. Their reforms weren’t accepted either. I suspect that there are very few bankers around the U.S. second guessing the ABA.

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Image credit: tomtwomeyseries.

It’s no secret that this is a very dysfunctional Congress.

That is the real story. Congress is a two year proposition.

We have to use the momentum gained this year and carry forward into 2016. Will the bill pass next year? I don’t know. But what I do know is that an internecine battle will do us no good.

As for duty to serve and chattel lending, prospects aren’t the brightest, but the door wasn’t completely closed. Our brightest financial minds and creative thinkers will have to come up with a strategy and solution that satisfies the regulator.”

Another high-level, MH insider said the following.

Tony,  My comments below are off the record.

Preserving Access:   While I am disappointed, I am not particularly surprised.  None of the Dodd-Frank reforms in Shelby’s bill got in and I am sure there were some pretty big players doing all they could do to get it in. All of the other issues going on in this country, which is so screwed up thanks to the current administration, make our issues seem small by comparison….not small to us, but small in context. Legislation is a 2 yr cycle, so we do not have to reintroduce a new bill.  Our legislation lives to fight in 2016.

DTS:  I am very disappointed that we did not get any specific mention on chattel loans.  I think it is time to pull out all of the stops and “flood, flood, flood” the FHFA with comments during the comment period. We need to get all our community groups to get their residents to comment.  Not in form letter fashion and not in petition format but something that is brief, to the point and in no uncertain terms blasts their biased approach providing a market in some form. This shows that the GSE’s prevailed and even the consumer advocates in DC got the stiff arm too.”
OTR- On the Record

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Don Glisson, Jr. leads Triad Financial Services, a 5 decade MH lender and prior MHI Chairman.

We have a for-the-record commentary tied to both of these important MH financing issues, from Triad Financial’s CEO, Don Glisson, Jr. You can find his candid thoughts, linked here.

Another Leader…Off The Record

It is very difficult to explain and make rational the legislative process to laypeople. It is also a lot to ask them to constantly contact these people in Washington, when they are trying to just stay alive on a retail lot. So, if I said apathy, it might have been in a moment of frustration.

It is hard even for a tempered veteran like me to keep in the trenches when time and again we are repelled by the barbarians, when it is clear to everyone what we are seeking is minuscule. It becomes disheartening, I suppose, is what I would say. I really don’t blame MHI. I remain amazed, in fact, about their continued resilience in the face of repeated defeats…I cannot (begin) to conceive of lobbying a bill through Congress. And truly, Rick and Lesli have been thrown into the middle of a huge catfight that began well before either of them (were) in a position to affect it.

So, I think I am giving everyone a pass. And I repeatedly have to kick myself in the ass to make sure that I am doing enough and doing it without offending my team players. I hope that make some sense.”

Let’s learn some lessons, regroup and do it better. Your thoughts? More this weekend. ##

tony- kovachBy L. A. “Tony” Kovach.

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