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BUSINESS

In San Francisco suburb, $1 million homes and a fiscal emergency

SAN FRANCISCO – The San Francisco suburb of Moraga seems as far as one could get from the financial pressures that have battered big cities like Detroit and Chicago. The price of a typical home has soared to more than $1.2 million, it’s not drowning in debt and there are even free summer concerts.

 
 

BUSINESS

The Mortgage Professor: Manufactured housing: A new role for Fannie and Freddie?

It has been more than 10 years since I last looked at the market for manufactured housing, my excuse being that nothing much had happened that justified another look. But now something has happened: Fannie Mae and Freddie Mac are planning to support the market for chattel loans on manufactured housing. The agencies are being pushed to do this by their regulator, the Federal Housing Finance Agency, or FHFA, in compliance with their “duty to serve” requirement under the Safety and Soundness Act.

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