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MH Recovery Uncertain.(manufactured housing)
Analysts at Fitch Ratings say that while they are seeing some positive signs, investors are still uncertain about whether or not the manufactured housing market has hit bottom.
"Fitch Ratings believes that the industry may be past its worst period, but it will take time for the market to fully recover, causing MH ABS to continue to perform poorly in 2004," analysts Jenine Fitter and Kathleen Tillwitz said in a recent report.
Among the positive developments noted by Fitch:
* Berkshire Hathaway's purchase of Clayton Homes, as well as its pending purchase of Oakwood Homes from bankruptcy.
* Fortress Investment Group, Cerberus Capital Management and JC Flowers also purchased Conseco Finance Corp. out of bankruptcy last June.
* Fannie Mae's recent announcement about a new manufactured housing loan program.
But the news is not all rosy, according to Fitch.
- Fannie Mae and Lender Partners Join to Deliver Manufactured Housing Loans With...
- Press release article from: PR Newswire February 10, 2004 700+ words
...guidelines for all lenders. "Fannie Mae has invested in manufactured housing mortgages for over 20 years...associated with financing manufactured housing loans. Fannie Mae invests in manufactured housing as part of its mission to...
- Fannie Mae Pilot Program Finances Manufactured Housing Loans.
- Magazine article from: National Mortgage News August 7, 2000 700+ words
...potential in the manufactured housing market, Fannie Mae has approved a...association for the manufactured housing industry, said...happy to see that Fannie Mae is getting more involved with manufactured housing. He noted that...
- Fannie Mae to see if manufactured housing pilot will fly.(Brief Article)
- Magazine article from: Origination News October 1, 2000 700+ words
...potential in the manufactured housing market, Fannie Mae has approved a...association for the manufactured housing industry, said...happy to see that Fannie Mae is getting more involved with manufactured housing. He noted that...
- Manufactured Housing Bonds Pose Problem for Fannie Mae.(Brief Article)
- Magazine article from: Mortgage Servicing News May 1, 2004 700+ words
...its investments in manufactured housing loans and other assets...newspaper went to press, Fannie Mae declined to comment...39. Fannie's manufactured housing portfolio totaled...filing. Initially, a Fannie Mae spokeswoman told...
- N.A.D.A. Manufactured Housing Appraisal Guide Now Approved by Fannie Mae; For...
- Press release article from: PR Newswire September 16, 2003 700+ words
...guide per Fannie Mae guidelines for manufactured housing. With this...only two Fannie Mae-approved...approaches for manufactured housing appraisals...Pulsipher, manufactured housing editor for...Guides. "Fannie Mae's approval...
- Manufactured Housing Seminar Addresses New Mortgage Requirements For Fannie Mae...
- Press release article from: PR Newswire August 25, 2003 700+ words
...for purchase by Fannie Mae. Freddie Mac...together with the Manufactured Housing Institute (MHI...depth look at manufactured housing and give appraisers...procedures. Fannie Mae's new guidelines...of lenders, Fannie Mae and Freddie Mac...of Appraising ...
- Fannie Mae Loosening Its Restrictions on MH.(manufactured housing)
- Magazine article from: Origination News Collins, Brian December 1, 2004 700+ words
...restrictions on Fannie Mae's manufactured housing loan program that...according to Fannie Mae Announcement 04...of 10%. The Manufactured Housing Institute welcomed...This brings Fannie Mae in line with Freddie...
- Fannie Mae Expands Eligibility for Manufactured Housing Mortgages; Lets More...
- Press release article from: PR Newswire November 9, 2004 700+ words
...are part of Fannie Mae's ongoing...practices in the manufactured housing market and...Rumfola, Fannie Mae's vice president for manufactured housing. The eligibility...commitment Fannie Mae made in June...transform the manufactured housing ...