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July 2014

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JULY 2014 15 THE JOURNAL igible loan definition language, this provision is incorporated word-for-word in sec- tion 504(c)(3) of the Johnson- Crapo bill, to include manufactured housing as a critical market segment to be served by a new "Market Access Fund." That fund, and related mechanisms, would create fi- nancial incentives for market participants to serve designated market segments, including manufactured housing loans, by basing the fees that they pay – in part – on the service that they provide to borrowers within those segments. The same fees will also be used – in part – to provide revenue for pilot programs involving those same market sectors. With these benchmark manufactured hous- ing provisions now included in the bi-partisan Senate GSE reform bill through the intensive efforts of MHARR and its members -- and with their need, significance and necessity to con- sumers, the industry and the broader housing finance market now established -- the critical first step to end financing discrimination against manufactured housing consumers has been taken. Moreover, the die is, should be, and must be cast for the inclusion of the same lan- guage in any and all future (and final) GSE re- form bills to ensure the full equality of all man- ufactured home consumer loans (and homeowners) with all other types of residential housing. It will now be up to the manufactured housing industry and consumers of affordable housing to ensure that these gains, having been achieved, are preserved in all future housing fi- nance legislation. Finally, and regardless of what ultimately happens with GSE reform legislation during the current session of Congress, MHARR will con- tinue with its parallel effort to secure the full ad- ministrative implementation of the manufactured housing provision of the "duty to serve underserved markets" mandate – particu- larly including chattel and hybrid land-home loans -- by the Federal Housing Finance Agency (FHFA) under its new Director, for- mer congressman Melvin Watt. Looking toward the future, MHARR, hav- ing delved into post-production aspects of the industry due to basic necessity and having helped to establish this watershed for the indus- try, will intensify and expand its focus on the federal manufactured housing program and completion of the implementation of all re- maining aspects of the Manufactured Housing Improvement Act of 2000. This is – and must remain -- a top priority for the manufactured housing industry, so that costly and unneces- sary regulation does not result in pricing con- sumers of affordable housing out of the market. In MHARR's view, the inclusion of manu- factured housing consumer financing equality language in the bi-partisan Senate Johnson- Crapo GSE reform bill is a key turning point for the industry and consumers, and a policy achievement that must be preserved and uti- lized going forward. Danny D. Ghorbani is President & CEO of the Manufactured Housing Association for Regulatory Reform. MHARR is a Washington, DC-based na- tional trade association representing the views and interests of independent producers of federally-reg- ulated manufactured housing. Danny can be reached at 202-783-4087. \ 12 T J /05'%*$*/463&%t/0#"/,(6"3"/5&&t.":-04&7"-6& Investment products and services are offered through Wells Fargo Securities. Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, a member of FINRA, NYSE, NFA and SIPC, Wells Fargo Institutional Securities, LLC, a member of FINRA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC and Wells Fargo Bank, N.A. © 2014 Wells Fargo Bank, N.A. All rights reserved. WCS-1199310 Now available The 8th edition of the Manufactured Home Community Financing Handbook To receive your free copy, contact: Tony Petosa ƌƃƂżƝƀſƄƝžŽƁſƌ/+ /*.Ƴ2 ''.!-"*Ɔ*( Nick Bertino ƌƃƂżƝƀſƄƝžƂƅžƌ)$&Ɔ -/$)*Ƴ2 ''.!-"*Ɔ*( Creighton Weber ƌžƀƄƝƃžſƝſŽŽƅƌ- $"#/*)Ɔ%Ɔ2 -Ƴ2 ''.!-"*Ɔ*( Fannie Mae Ʒ ) - Freddie Mac Seller/Servicer CMBS Lending Correspondent Lending No. 10 on Get It Quick Page

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