Creates pilot program for Enterprises to buy manufactured-home loans

Directs the FHFA to require Fannie Mae and Freddie Mac to each establish a pilot program for purchasing personal-property manufactured home loans within 18 months.

Requires the Enterprises to begin purchasing or sharing risk on newly originated loans or existing loan portfolios no later than one year after each pilot is established.

Limits eligible financed manufactured homes to those sited in nonprofit, government, or resident-owned communities and requires site leases to outlast the loan term or provide a perpetual occupancy right.

Requires pilots to include consumer mortgage lending and servicing protections from 12 CFR parts 1024 and 1026 to the greatest extent practicable.

Permits the FHFA Director to set prudent risk protections and requires the Enterprises to accept a lower economic return than on comparable mortgage activities.