Manufactured Housing Association for Regulatory Reform (MHARR) Communication with FHFA Director Nominee Sandra Thompson
Attached, for your information and review, is an MHARR communication to Ms. Sandra Thompson, President Biden’s nominee to become the next director of the Federal Housing Finance Agency (FHFA). Ms. Thompson has been serving as FHFA Acting Director since June 2021, when she replaced Mark Calabria, who had been appointed to that position by President Trump. Ms. Thompson’s nomination to become the official head of FHFA was announce by the White House on December 14, 2021, and will become effective upon confirmation by the U.S. Senate.
As MHARR’s letter indicates, Ms. Thompson’s elevation to the Office of Director is significant because she will become the highest-ranking FHFA official with direct knowledge of: (1) the consumer financing needs of the HUD Code manufactured housing market; (2) the importance of the full and robust implementation of the Duty to Serve Underserved Markets (DTS) within the mainstream manufactured housing consumer financing market; and (3) the baseless, indefensible failure of both Fannie Mae and Freddie Mac to live up to their DTS obligations with respect to the vast majority of lower and moderate-income manufactured homebuyers.
Ms. Thompson was fully informed on all of these issues as a result of a series of direct interactions with MHARR manufacturers and staff in 2020 (when she was serving as FHFA Assistant Director) focusing on the importance of – and urgent need for – full secondary market and securitization support for the manufactured home consumer financing market pursuant to the DTS mandate. These conferences stressed the importance of fully implementing DTS in order to serve the mainstream manufactured housing market and the fully-qualified, yet lower-income consumers who rely the most on the industry’s mainstream affordable homes.
As a result, Director Thompson will bring with her an unparalleled knowledge of – and familiarity with – the specific financing needs of manufactured housing consumers and the various unique aspects of the manufactured housing consumer financing market.
MHARR will work to build upon this knowledge and background in its ongoing efforts to seek the full and necessary implementation of the DTS mandate with respect to all segments of the manufactured housing consumer financing market, as directed by Congress.
cc: Manufactured Housing Industry Finance Companies, Retailers and Communities
Attached, for your information and review, is an MHARR communication to Ms. Sandra Thompson, President Biden’s nominee to become the next director of the Federal Housing Finance Agency (FHFA). Ms. Thompson has been serving as FHFA Acting Director since June 2021, when she replaced Mark Calabria, who had been appointed to that position by President Trump. Ms. Thompson’s nomination to become the official head of FHFA was announce by the White House on December 14, 2021, and will become effective upon confirmation by the U.S. Senate.
As MHARR’s letter indicates, Ms. Thompson’s elevation to the Office of Director is significant because she will become the highest-ranking FHFA official with direct knowledge of: (1) the consumer financing needs of the HUD Code manufactured housing market; (2) the importance of the full and robust implementation of the Duty to Serve Underserved Markets (DTS) within the mainstream manufactured housing consumer financing market; and (3) the baseless, indefensible failure of both Fannie Mae and Freddie Mac to live up to their DTS obligations with respect to the vast majority of lower and moderate-income manufactured homebuyers.
Ms. Thompson was fully informed on all of these issues as a result of a series of direct interactions with MHARR manufacturers and staff in 2020 (when she was serving as FHFA Assistant Director) focusing on the importance of – and urgent need for – full secondary market and securitization support for the manufactured home consumer financing market pursuant to the DTS mandate. These conferences stressed the importance of fully implementing DTS in order to serve the mainstream manufactured housing market and the fully-qualified, yet lower-income consumers who rely the most on the industry’s mainstream affordable homes.
As a result, Director Thompson will bring with her an unparalleled knowledge of – and familiarity with – the specific financing needs of manufactured housing consumers and the various unique aspects of the manufactured housing consumer financing market.
MHARR will work to build upon this knowledge and background in its ongoing efforts to seek the full and necessary implementation of the DTS mandate with respect to all segments of the manufactured housing consumer financing market, as directed by Congress.
cc: Manufactured Housing Industry Finance Companies, Retailers and Communities
