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Industry Lender Announces Name Change

February 13th, 2017 Comments off
IndustryLenderAnnouncesNameChangecreditCreditUnions-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Credit Unions.

In a story that we first covered last week, San Antonio Federal Credit Union (SACU)/CU Factory Built Lending (CUFBL)/Mountainside Financial tells MHProNews that they have changed their name to Credit Human Federal Credit Union.

The change of name better reflects the credit union’s commitment to improving the lives of those they serve, regardless of location.

 

We are not merging, being acquired, changing our membership guidelines or management. Our products and services will remain the same,” the credit union told MHProNews.

The people you’ve known and worked with will continue to be there whenever they are needed. We are simply deepening our fundamental focus as an organization that positively affects the financial health of our members and the communities in which they live.

While the legal name change has already taken place, the full transition to the new Credit Human Federal Credit Union branding will be gradual, and is scheduled to take place over several months. Until that is complete, the credit union will continue to do business as SACU/CUFBL/Mountainside Financial using those brands and logos.

As Daily Business News readers are aware, the newly named Credit Human Federal Credit Union provides financing options for credit union members choosing manufactured housing as an alternative to traditional site-built homes. ##

The official announcement is linked here.

Question and answer information is linked here.

The official email sent to partners is linked here.

 

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Cordray Defiant, Says Trump Won’t Change Agency

January 28th, 2017 Comments off
CordrayDefiantSaysTrumpWon’tChangeAgencycreditLATimes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Richard Cordray walks into a Treasury hearing. Credit: LA Times.

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has finally spoken in the wake of President Trump’s inauguration, per the LA Times.

And he’s not pulling any punches.

The new administration really shouldn’t change the job at all,” said Cordray at a forum held by the Wall Street Journal.

 

We’re expected to work with different administrations of different points of view. We have … an independent mandate to do what we do and we will continue working to protect consumers.

Cordray has said in the past that he has no intention of stepping down. His term ends in 2018.

As Daily Business News readers are aware, the Trump Administration has sent clear signals that Dodd-Frank is in the crosshairs for parts of the legislation to be rolled back, or repealed.

GOPSenatorstoPresidentelectTrumpFireCFPBHeadRichardCordraycreditTwitter-postedtothedailybusinessnewsmhpronewsmhlivingnews

A tweet from Senator Bob Sasse.

After the election, Republican Senators Bob Sasse (Neb.) and Mike Lee (Utah) penned a strongly worded letter to then Vice President-elect Mike Pence, urging then President-elect Donald Trump to remove Cordray.

It’s time to fire King Richard,” said Sasse.

Underneath the CFPB’s Orwellian acronym is an attack on the American idea that the people who write our laws are accountable to the American people. President-elect Trump has the authority to remove Mr. Cordray and that’s exactly what the American people deserve.”

The Daily Business News has also followed the CFPB saga closely, including their involvement in the Wells Fargo case and a D.C. circuit court ruling that deemed the organization unconstitutional due to it’s lack of independent oversight.

Senator Mike Lee touched on the importance of the unconstitutional ruling.

The Constitution was written to protect the American people from unelected and unaccountable bureaucrats, said Lee.

Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director.

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Credit: CSPAN2.

Within a week of the letter from Sasse and Lee, Democrats came to Cordray’s defense.

Do not tell Richard Cordray he’s fired,” said Senator Chuck Schumer (NY).

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Senator Sherrod Brown. Official photo.

Firing Cordray might be part of the billionaire agenda, but removing him and gutting the consumer bureau would shatter Trump’s promise,” said Senator Sherrod Brown (OH), who is the ranking Democrat on the Senate Banking Committee.

Senators Schumer and Brown have now been joined by Rep. Maxine Waters (D-Los Angeles) and 37 other members of the Congressional Black Caucus in the effort stop action on Cordray.

In a letter to President Trump on Tuesday, they wrote that they “would strongly oppose” any attempt to remove Cordray and “would view such an action as an illegitimate abuse of power.

Director Cordray has done nothing to give the necessary cause for his removal from office,” wrote the lawmakers.

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Representative Maxine Waters. Credit: Wikipedia

Communities of color and, indeed, all consumers in America will benefit from having director Cordray remain in his position and continue to independently implement the mandates imposed upon him by Congress as the director of the CFPB.

While the CFPB is credited with taking actions to protect consumers, most notably in the Wells Fargo case, those who have followed the history of the CFPB understand that the CFPB was not the lead agency in the case and during the time the events took place in 2011, the CFPB charter basically only allowed it to police the activity of big banks.

It did not catch the Wells Fargo activity at that time.

 

CFPBmanufacturedHousing-polititcalCartoon-c-2016LifestyleFactoryHomesLLC-LATonyKovach-575x355

Parody of CFPB logo – credit, Plus 1 Properties. Cartoon credit, MHProNews.

Cordray also commented about whether he would fight an attempt by Trump to fire him.

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MHProNews Sponsor, for more information, click the banner above.

I was nominated and then confirmed by the Senate to serve a term,” said Cordray.

All the independent federal regulatory agencies have terms that overlap one administration or another. That’s meant to preserve their independence.

That’s important because without the independence you end up mired in partisan politics, the big-money special interests … will try to dictate results.

For a deep dive into the CFPB, Dodd-Frank and their adverse effects on the manufactured housing industry, click here. ##

 

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

RC Williams, for Daily Business News, MHProNews.

Proposed Trump Tax Reform, Does it Change Affordable Housing Finance?

January 17th, 2017 Comments off
ProposedTrumpTaxReformDoesitChangeAffordableHousingFinancecreditNPR-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: NPR.

President-elect Donald Trump has put forward a number of aggressive initiatives to spur or grow the U.S. economy.

On the subject of taxes, questions about the ramifications from changes abound.

And, the opportunities for the manufactured housing industry come clearly into focus.

According to National Mortgage News, proposed corporate tax reform is said to be causing delays in bank-backed financing for low-income housing projects amid a severe U.S. shortage of affordable units.

Investments by banks in housing developments have hit snags in the two months since Republicans swept the elections, according to bankers, auditors and affordable-housing advocates.

ProposedTrumpTaxReformDoesitChangeAffordableHousingFinancecreditLinkedIn-postedtothedailybusinessnewsmhpronewsmhlivingnews

Rob Likes. Credit: LinkedIn.

The sense that tax reform is within reach for the first time in decades immediately slowed things down,” said Rob Likes, national manager for community development at KeyBank.

We’re hearing about that from our clients and from the market.

 

One of the challenges that has been discussed is that the affordable housing market relies on subsides via the low-income housing tax credit program. Builders and developers use the credits to fund large portions of the cost of new housing projects.

Banks, in turn, make equity investments in the projects by buying the tax credits and in return claim a range of tax benefits over a period of 10 years. Some of those banks have told developers that they will reduce the amount of their investments in an effort to ensure the deals are profitable in the event that corporate tax rates drop.

Those moves create last minute gaps in financial plans that were potentially years in the making.

Different banks are approaching this differently,” said Buzz Roberts, CEO of the National Association of Affordable Housing Lenders.

Some banks have taken a ‘bit of a pause’ on making new investments, describing it as a ‘prudent’ move as banks wait for clarity on corporate rates.

Housing advocates and bankers said that they are generally confident that the low-income housing credit will remain intact, noting bipartisan support for the program.

Another possibility:  lawmakers may also expand the low-income housing tax credit program as part of a tax overhaul.

ProposedTrumpTaxReformDoesitChangeAffordableHousingFinancecreditNovogradac&Co-postedtothedailybusinessnewsmhpronewsmhlivingnews

Michael Novogradac. Credit: Novogradac & Co.

The probability of [Congress scaling back the low-income housing credit] goes up if people take it for granted,” said Michael Novogradac, managing partner at the accounting firm Novogradac & Co. “A strong advocacy effort is underway.

While things look promising, some banks are still scaling back their presence in the short term.

This is an unusual situation,” Roberts said. “We haven’t really seen a moment where tax reform seemed this likely in quite a number of years.

 

The Opportunity for Manufactured Housing

Offering consistent quality and effective pricing, the manufactured housing industry is well positioned to thrive under whatever tax reform plan ends up being implemented.

DonaldTrumpBenCarsonControversialPickHUDSecretaryManufacturedHousingMHLivingNews

With Dr. Ben Carson on the way to confirmation as Department of Housing and Urban Development (HUD) secretary, doing everything possible to assure Americans have the ability to secure quality, affordable housing will be at the top of the list for HUD.

For a deep dive into Carson’s nomination, including views from the MH industry, click here. ##

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Drew Industries Announces Big Change for Dec 30th, 2016

December 20th, 2016 Comments off

Credit: Drew Industries.

Drew Industries Incorporated (NYSE: DW) has announced that its Board of Directors has approved changing the Company’s corporate name to “LCI Industries.

Through its wholly owned subsidiary Lippert Components, Inc. (LCI) and its subsidiaries, Drew Industries supplies a broad array of components for the leading OEMs of recreational vehicles (RVs) and adjacent industries, as well as the aftermarkets of these industries.

Lippert Components’ business has grown considerably over the past decade, and the new corporate name was selected to better align the investment community with the strength of the LCI brand in the industries it serves.

The name change will be effective on December 30, and the Company has reserved the ticker symbol “LCII“, said the press release via Seeking Alpha.

The Company’s common stock will begin trading on the New York Stock Exchange (NYSE) under its new name and trading symbol effective January 3, 2017.

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Drew Industries at the NYSE. Credit: Drew Industries.

Drew Industries tells the Daily Business News that outstanding stock certificates will not be affected by the name change and will not need to be exchanged.  All stock trading, filings and market-related information will be reported under the new corporate name and trading symbol.

drewindustriescompletesfourthacquisitionof2016credit-drewatwoodeppmcom-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: Drew, Atwood, eppm.

Drew Industries supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe, and recently completed its acquisition Atwood Mobile Products. That story is linked here.

Drew Industries is also one of the various industry-connected stocks monitored each business day in the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

 

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.