Establishes a pilot program for manufactured home loan purchases by Fannie Mae and Freddie Mac.
The Manufactured Housing Lending Act mandates the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to establish a pilot program for personal property manufactured home loan purchases. The Federal Housing Finance Agency will direct these programs, which must incorporate consumer mortgage lending and servicing protections, require financed manufactured homes to be located in certain communities, and include lease terms that exceed the loan term.
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