Business and Personal Finance Dictionary

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• MANUFACTURED HOUSING
  
  Manufactured Housing transactions consist of pools of installment sale contracts and/or installment loan agreements (either or both are referred to in this glossary as "contracts"). The contracts bear interest and borrowers make monthly payments of principal and interest which are expected to fully amortise the contract over periods of up to 30 years. The contracts are secured by liens on the manufactured home and, in some instances, the underlying land as well. The balance of a manufactured housing securitization will amortise as the loans are repaid, whether by scheduled paymements or prepayments.
  
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