Posted by Brenda (OH) on October 06, 2010 at 20:24:01:
Hi Al,
I think the act was defines as lending on a dwelling…
that was how the mobile homes got caught in the net
RVs and boats may be excluded… not much else is so far
Brenda
More Regulations Coming - Posted by Ken R
Posted by Ken R on October 04, 2010 at 11:20:04:
For those of you who are convinced you can make loans and evade the SAFE
Act in some manner, I have suggested that the SAFE Act is only part of it. In
many states, you need additional licenses, and you still need to follow all of
the laws and rules that govern lending both federally and at the state level.
I suggest you take a look at the Dodd-Frank Act that is now being
considered. The point to all of this is, everyone who is a part of the
manufactured housing industry is affected by this trend, large and small, and
anyone who preaches ignoring existing laws is not a friend of the industry. We
need everyone concerned, and active in trying to stop this nonsense, or we
will not have an industry.
I know it is easier to rant and rave. I know egos get in the way of accepting
solid information. I know it can be confusing because some people who want
to be leaders will tell you what you want to hear. I know it is easier to blame
than accept responsibility. I know it is easier to suspect someone of ulterior
motives than it is to accept realities that are going to cost you money.
I also know that all of that will hinder genuine efforts to mobilize you and
everyone else in this industry to fight this continuing effort of the misguided
elected official who keep passing these laws. Which side are you going to be
on?
There is a recently formed MHI task force that is currently working on this bill
and other issues that is made up of every major outside lender, and myself
representing owner assisted finance issues, and a major player representing
communities. Once we identify every problem in the bill and plan a strategy,
we are going to need every person connected with the manufactured housing
industry to participate in a show of strength to Congress through letters,
phone calls, etc.
Will you still be hiding, or will you be active in trying to get something done?
Re: More Regulations Coming - Posted by Ken R
Posted by Ken R on October 08, 2010 at 12:03:07:
MHI recently put together a task force consisting of five experts in
finance and one state executive to deal with the Dodd Frank law and
the impact it is going to have on manufactured home lending. One of
the problems that is lurking in the background is the state of owner
assisted financing in our industry.
The question arises, ?How do we plead our case for more sensible
regulation when very few operators are even making minimal efforts to
follow the laws that have been on the books for years?? As a member
of that task force, I don?t have a good answer, and I doubt if anyone
else does either. All we can do is to tread carefully and hope no one
gets caught while we are trying to do what we can with these new laws.
Our industry has never been very big on collective responsibility
and in some ways our attitudes have mirrored the same attitudes on
Wall Street and Washington, DC that helped to cause the difficulties our
economy is in at the moment. If we were, the finance debacle that
started in the last decade, would have never happened.
Because of what has happened, those elected officials whose goals
for the USA include socialism have the bloody flag they need to
advance their cause, and the new laws affecting lending show they are
getting their way. This needs to stop if private enterprise is to survive,
but we, as an industry must clean up our own act and stop giving them
excuses.
If you are engaged in owner assisted lending, please consider what
you are doing not only to yourself, but also to the future of our industry
and the country itself. Please make every effort to clean up your
operation and make it legal and compliant. Your actions are affecting
all of us.
Re: More Regulations Coming - Posted by Bernd Hanak
Posted by Bernd Hanak on October 04, 2010 at 21:50:16:
It is about two years ago that we had some interesting discussions at a seminar in Ashville, N.C., followed by exchanges on the forums, about expectations and possible preparations for and adaptations to those challenges. We anticipated a severe economic decline, high unemployment, streams of new regulations, curtailed freedoms, substantial tax increases, a currency devaluation, and so on, all detrimental to the individual and to middle-class entrepreneurs, which we are. Indeed, we speculated about the planned elimination of this class in favor of a collectivist society. It was actually an exercise in common sense, amplified by our relating (sharing) our experiences and recalling the history of similar circumstances in other societies. As far as I have observed, we were all affected by the unpleasant realities; however, the participants have prepared and adapted their businesses and their private lives such that they are all destined to survive and prosper.
I don?t think that anyone ever suggested an organized group effort to lobby (to buy) or to solicit the goodwill of the same perverse charlatans who actually caused these catastrophic developments. It would have been considered counterproductive-- irrational. Has any one of our elected representatives ever proposed a major bill to eliminate all laws that are not included in the documents that were the foundation of the concept of ?America? ?
What we did focus on were the options for the individual within his circumstances and locale. The underlying theme was the individual?s responsibility to himself and to his family, not to a group. Fear seems to cause people to react irrationally, but rationally planned individual action produces solutions to apparent problems and discovers opportunities.
Re: More Regulations Coming - Posted by al
Posted by al on October 04, 2010 at 19:30:30:
I owner finance land and home is the SAFT ACT just for mobile homes only or does it include land and home sales?