Fannie Forming MH Network

Fannie Mae is forming a nationwide network of lenders that will fund low-downpayment manufactured housing loans.At MortgageWire's deadline, few details about the plan were available. The company plans to hold a news conference Tuesday to provide more information about the lending consortium. Firms that will participate in the network include GMAC-RFC (see item below), Origen Financial, Vanderbilt Mortgage, Washington Mutual, and others. The manufactured housing market has been hard hit in recent years -- first by high delinquencies, and then by the collapse of the largest player in the market, Conseco Mortgage. Manufactured housing loans fund single-wide, double-wide, and prefab homes. Fannie Mae can be found on the Web at http://www.fanniemae.com.