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Posts Tagged ‘daniel wagner’

The Fed, Inflation, Wall Street Journal Video – Most Tracked Stocks Rise

September 1st, 2017 Comments off

9.1.2017DowJonesTickerManufacturedHousingIndustryDataResearchReportsDailyBusinessNewsMHPronewsjpg-The Manufactured Housing Composite Value (MHCV) is back in positive territory today.  That and other details are found further below.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline reports’ are found further below, just beyond the Manufactured Housing Composite Value for today.

The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.

Part of this unique feature provides headlines – from both sides of the left-right media divide – that saves readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

MH “Industry News, Tips and Views, Pros Can Use.” ©

1-mhpronews-logo-manufactured-housing-professional-newsSelected headlines and bullets from CNN Money:

 

  • What can Trump do about gas prices?
  • Harvey highlights issues of aging 911 tech
  • Public workers can now apply for loan forgiveness
  • How Trump compares with Obama so far on jobs
  • Dell CEO pledges $36M to Harvey relief efforts
  • PayPal introduces a new cash back credit card
  • Harvey: 70% of home damage costs aren’t covered
  • Silicon Valley to Trump: ‘Dreamers are vital’
  • Kenya election shocker sparks fears over economy
  • 4 questions to ask yourself before retiring
  • How free self-driving car rides could change everything

 

Selected headlines and bullets from Fox Business:

 

  • Congress may vote next week on Harvey aid package
  • Jobs report breakdown: Here’s who’s hiring
  • US hiring cools off with 156,000 new jobs in August
  • Wall St up as jobs data keeps rate expectations in check
  • S. gasoline prices notch first slide since Harvey, oil falls
  • slide since Harvey, oil falls
  • GM, Ford to ship vehicles into Houston after Harvey
  • Washington Post writer slams Jeff Bezos in op-ed for mistreating workers
  • The coastal elites are saying ‘Texas, it’s your fault’: Stuart Varney
  • S. Energy Secretary approves release of another 3.5M barrels from oil reserve
  • Trump’s tax plan could cut rates for wealthy, here’s how they could still pay more
  • Hurricane Irma the next threat?
  • Ezekiel Elliott appeal: NFL players union sues to block suspension
  • Trump’s expected repeal of Dreamer program draws fire from business
  • White House vows quick action as Harvey aid estimates soar

 

ICYMI – for those not familiar with the “Full Measure,” ‘left-right’ media chart, please click here

Today’s markets and stocks, at the closing bell…

 

S&P 500 2,476.55 +4.90 (+0.20%)

Dow 30 21,987.56 +39.46 (+0.18%)

Nasdaq 6,435.33 +6.67 (+0.10%)

Crude Oil 47.33 +0.10 (+0.21%)

Gold 1,330.70 +8.50 (+0.64%)

Silver 17.70 +0.22 (+1.26%)

EUR/USD 1.1861 -0.0055 (-0.46%)

10-Yr Bond 2.157 +0.036 (+1.70%)

Russell 2000 1,413.57 +8.29 (+0.59%)

9.1.2017DowJonesTickerManufacturedHousingIndustryDataResearchReportsDailyBusinessNewsMHPronewsjpg-1-2

Manufactured Housing Composite Value

 9.1.20179MarketIndicatorsYahooFinanceManufacturedHousingIndustryDataResearchReportsDailyBusinessNewsMHPronewsjpg.jg_-1-1-1

Today’s Big Movers

For all the scores and highlights on tracked stocks today, see the Bloomberg graphic, posted below.

Today’s MH Market Spotlight Report – 

The video below is from the Wall Street Journal and MarketWatch.


  

HousingServicesMarketWatchWallStreetJournalDailyBusinessNewsManufacturedHousingMarketReport

Still from the video above.

 

See Recent Exclusive 1 Year Snapshot of All Tracked Stocks

http://www.MHProNews.com/blogs/daily-business-news/manufactured-housing-industry-markets-wall-street-reacts-to-trumponomics-1-year-data-snapshot/

NOTE: the chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

Manufactured Home Industry Connected Stock Markets Data

 9.1.2017BloombergManufacturedHousingIndustryConnectedStocksMarketsReportsDataDailyBusinessNewsjpg-

Berkshire Hathaway is the parent company to Clayton Homes21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.

LCI Industries, Patrick, UFPI and LP all supply manufactured housing.

AMG, CG and TAVFX have investments in manufactured housing related businesses.

Your link to a recent round of industry praise for our coverage, is found here.

For the examples of our kudos linked above…plus well over 1,000 positive, public comments, we say – “Thank You for your vote of confidence.”

We Provide, You Decide.” © ## (News, Analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

 

 

A Top MH Connected Lender Hit by More Embarrassing News, Video, Market Updates

August 31st, 2017 Comments off

8.31.2017DowJonesTickerManufacturedHousingIndustryDataResearchReportsDailyBusinessNewsMHPronewsjpg-If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline reports’ are found further below, just beyond the Manufactured Housing Composite Value for today.

The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.

Part of this unique feature provides headlines – from both sides of the left-right media divide – that saves readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

MH “Industry News, Tips and Views, Pros Can Use.” ©

Selected headlines and bullets from CNN Money:

  • Texas officials report price gouging post-Harvey
  • Popular homeowner tax cut could be on chopping block
  • How Harvey victims can protect their finances
  • Mnuchin: We’ll be looking at Harriet Tubman $20 bill Trending
  • Apple will unveil new iPhones on Sept. 12
  • 4M more fake Wells Fargo accounts uncovered Trending
  • What is Arkema?
  • Fox Sports to air 6-second ads during NFL games
  • Nonprofit quietly gives rural kids tech training
  • Gas prices have spiked 10 cents since Harvey hit
  • India’s economic growth slumps as big reforms bite

 

Selected headlines and bullets from Fox Business:

  • Harvey shuts down America’s largest gasoline pipeline, but don’t panic just yet
  • S. issues fuel waivers for 38 states as Harvey shuts refineries
  • S. releases 1M barrels of oil from strategic reserve
  • Largest US refinery may be shut up to two weeks: sources
  • Wall Street gains on data and Mnuchin tax reform remarks
  • Wells Fargo reveals up to 1.4 million more fake accounts
  • Mnuchin on Harriet Tubman’s $20 bill: What he did and didn’t say
  • Texas teen uses boat to rescue at least 50 Harvey victims
  • Anheuser-Busch making canned water for Harvey relief effort
  • Media’s Harvey mockery perpetuates America’s divide: Katrina Pierson
  • Government flood insurance on the brink after Harvey, fmr. FEMA director says
  • Russia must close consulate, annex buildings in U.S., State Dept. says
  • As US North Korea travel ban kicks in, tourists say their farewells
  • Amazon hit with lawsuit over eclipse glasses
  • Ezekiel Elliott appeal update: Cowboys star’s hearing enters 3rd day
  • Ezekiel Elliott appeal update: Cowboys star’s hearing enters 3rd day
  • $4.2 million penalty approved in deadly 2012 platform fire

 

ICYMI – for those not familiar with the “Full Measure,” ‘left-right’ media chart, please click here

Today’s markets and stocks, at the closing bell…

 

S&P 500 2,471.65 +14.06 (+0.57%)

Dow 30 21,948.10 +55.67 (+0.25%)

Nasdaq 6,428.66 +60.35 (+0.95%)

Crude Oil 47.07 +1.11 (+2.42%)

Gold 1,327.20 +13.10 (+1.00%)

Silver 17.65 +0.15 (+0.84%)

EUR/USD 1.1907 +0.0013 (+0.11%)

10-Yr Bond 2.121 -0.022 (-1.03%)

Russell 2000 1,405.28 +13.95 (+1.00%)

8.31.2017DowJonesTickerManufacturedHousingIndustryDataResearchReportsDailyBusinessNewsMHPronewsjpg-1-2

Manufactured Housing Composite Value

 83120179MarketIndicatorsYahooFinanceManufacturedHousingIndustryDataResearchReportsDailyBusinessNewsMHPronewsjpg.jg_-1-1-1

 

 

Today’s Big Movers

For all the scores and highlights on tracked stocks today, see the Bloomberg graphic, posted below.

Today’s MH Market Spotlight Report –

Did You Know? Wells Fargo is one of the top 5 lenders in the manufactured housing industry. Watch for a special report on manufactured home lending pecking order.

Numerous news sources are reporting that the number of embarrassing, fake accounts found at Wells Fargo has swelled to some 3.5 million accounts.

Berkshire Hathaway holds about 10 percent stake in the company, according to prior reports by the Motley Fool and other stock watch/advisory services.

YouCantTalkYourWayOutOfProblemYouBehaveYourWayInto

See a different, but apt, special report on MHLivingNews.com. Click the image above.

WarrenBuffettConglomerateBerkshireHathawayMotleyFoolGettyImagesDailyBusinessNewsMHProNews

WellsFargoHeadlinesDailyBusinessNewsMHProNews_001

Google News collage of the top – not all – headlines on this issue. The video report on this page is the ‘positive’ report on this topic.

Does this indicate a pattern?


The special report on Clayton/Vanderbilt/21st on the Daily Business News, is linked here.

 

See Recent Exclusive 1 Year Snapshot of All Tracked Stocks

http://www.MHProNews.com/blogs/daily-business-news/manufactured-housing-industry-markets-wall-street-reacts-to-trumponomics-1-year-data-snapshot/

NOTE: the chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

Manufactured Home Industry Connected Stock Markets Data

 8.312017BloombergManufacturedHousingIndustryConnectedStocksMarketsReportsDataDailyBusinessNewsjpg-

 

 

Berkshire Hathaway is the parent company to Clayton Homes21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.

LCI Industries, Patrick, UFPI and LP all supply manufactured housing.

AMG, CG and TAVFX have investments in manufactured housing related businesses.

Your link to a recent round of industry praise for our coverage, is found here.

For the examples of our kudos linked above…plus well over 1,000 positive, public comments, we say – “Thank You for your vote of confidence.”

We Provide, You Decide.” © ## (News, Analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

 

Warren Buffett on President Trump, His Own Politics PLUS, POTUS Trump on Tax Reform, Harvey–2 Videos

August 30th, 2017 Comments off

8.30.2017DowJonesTickerManufacturedHousingIndustryDataResearchReportsDailyBusinessNewsMHPronewsjpg-If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline reports’ are found further below, just beyond the Manufactured Housing Composite Value for today.

The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.

Part of this unique feature provides headlines – from both sides of the left-right media divide – that saves readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

MH “Industry News, Tips and Views, Pros Can Use.” ©

Selected headlines and bullets from CNN Money:

  • One of the most expensive natural disasters ever
  • Uber’s new CEO: ‘This company has to change’
  • Harvey: Nation’s largest oil refinery forced to shut down
  • JJ Watt’s new goal for Harvey relief is $10 million
  • Harvey victims turn to crowdfunding for recovery help
  • Gas prices: The Harvey news is getting worse
  • Will corporate tax cuts help the middle class?
  • Attacked reporter: Gianforte still won’t interview
  • Tomi Lahren joins Fox News as contributor
  • China can squeeze its neighbors when it wants
  • How to avoid ‘storm chaser’ fraud after Harvey

 

Selected headlines and bullets from Fox Business:

 

  • Warren Buffett: ‘I’d do it for President Trump’
  • Don’t chase storm stocks after Harvey, Wells Fargo says
  • S. flood insurance program received 35,000 claims as of noon Wednesday
  • Upbeat U.S. growth revision drives Wall Street higher
  • Gasoline jumps, crude down; Harvey shuts 24% of U.S. refining
  • Trump doubles down on 15% corporate tax rate, pressures Congress to act on reform
  • Flood insurance policies plunge in Houston
  • Trump to meet with ‘Big Four’ ahead of hectic month on Capitol Hill
  • How to find the best ‘Made in America’ cars
  • How Millennials’ finance habits differ from previous generations
  • Joel Osteen on Harvey backlash: ‘Probably’ would have done things different
  • North Korea missile threat: US diplomatic efforts failed, Fmr. Navy SEAL says
  • How big is the average person’s Social Security check?
  • Trump to begin tax reform blitz in Missouri
  • NFL cancels Texans-Cowboys preseason game after Harvey

 

ICYMI – for those not familiar with the “Full Measure,” ‘left-right’ media chart, please click here

Today’s markets and stocks, at the closing bell…

 

S&P 500 2,457.59 +11.29 (+0.46%)

Dow 30 21,892.43 +27.06 (+0.12%)

Nasdaq 6,368.31 +66.42 (+1.05%)

Crude Oil 45.95 -0.49 (-1.06%)

Gold 1,313.40 -5.50 (-0.42%)

Silver 17.38 -0.05 (-0.26%)

EUR/USD 1.1883 -0.0085 (-0.71%)

10-Yr Bond 2.143 +0.007 (+0.33%)

Russell 2000 1,391.32 +7.64 (+0.55%)

8.30.2017DowJonesTickerManufacturedHousingIndustryDataResearchReportsDailyBusinessNewsMHPronewsjpg-1-2

 

Manufactured Housing Composite Value

83020179MarketIndicatorsYahooFinanceManufacturedHousingIndustryDataResearchReportsDailyBusinessNewsMHPronewsjpg.jg_-1-1-1

Today’s Big Movers

For all the scores and highlights on tracked stocks today, see the Bloomberg graphic, posted below.

Today’s MH Market Spotlight Report – 

As promised in yesterday’s market recap, a special report on Clayton/Vanderbilt/21st on the Daily Business News, is linked here.

CampaignForAccountabiltyClaytonHomesLogoBerkshireHathawayVanderbiltMortgageRacismSteeringPredatoryLendingDailyBusinessNewsMHProNews720x403

Logos are the property of their respective organization, and are posted under fair use guidelines.  To see the special report, click the image above.

 

WarrenBuffettCNBCDailyBusinessNewsMHProNews

Image credits are as shown above.

As industry professionals widely know, Warren Buffett’s Berkshire Hathaway is the parent company to several manufactured housing industry connected stocks.

In the CNBC video below, Warren Buffett, who turned 87 on Wednesday, says he has lived under 15 of the 45 U.S. presidents.  Buffett says he’s bought stocks under 14 of the 15 presidents.  He explains that he is not in the business of attacking the current or any U.S. president.

I worked for Hillary. I raised money for Hillary. I voted for Hillary. I was disappointed when she lost.”  Yet, ironically, as MHProNews has reported, Buffett’s and Berkshire Hathaway’s wealth has risen significantly since President Donald J. Trump was elected.


Meanwhile, while President Trump was in Iowa, he spoke about the aftermath of Hurricane Harvey, as well as about his tax reform plans.  That video, is below.

We Provide, You Decide.” ©

See Recent Exclusive 1 Year Snapshot of All Tracked Stocks

http://www.MHProNews.com/blogs/daily-business-news/manufactured-housing-industry-markets-wall-street-reacts-to-trumponomics-1-year-data-snapshot/

NOTE: the chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

Manufactured Home Industry Connected Stock Markets Data

8.302017BloombergManufacturedHousingIndustryConnectedStocksMarketsReportsDataDailyBusinessNewsjpg-

Berkshire Hathaway is the parent company to Clayton Homes21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.

LCI Industries, Patrick, UFPI and LP all supply manufactured housing.

AMG, CG and TAVFX have investments in manufactured housing related businesses.

Your link to a recent round of industry praise for our coverage, is found here.

For the examples of our kudos linked above…plus well over 1,000 positive, public comments, we say – “Thank You for your vote of confidence.”

We Provide, You Decide.” © ## (News, Analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

 

Post-Charlottesville, CfA’s Hunts Evidence of Racism, Steering, Predatory Lending Against Buffett’s Clayton Homes, Vanderbilt Mortgage, and 21st Mortgage

August 30th, 2017 Comments off
CampaignForAccountabiltyClaytonHomesLogoBerkshireHathawayVanderbiltMortgageRacismSteeringPredatoryLendingDailyBusinessNewsMHProNews720x403

Logos are the property of their respective organization, and are shown here under fair use guidelines. Text and collage credits, MHProNews/Pixabay.

Campaign for Accountability (“CfA”) seeks records from the Consumer Financial Protection Bureau (“CFPB”) regarding consumer complaints related to Clayton Homes,” said Daniel Stevens Executive Director of CfA.

These are the first words in his letter to the Consumer Financial Protection Bureau.

Stevens’ complete letter – linked here as a download – was included in a news release that identifies his Freedom of Information Act (FOIA) request to the CFPB.

The CfA letter was in response to distinct but related prior reports and demands regarding charges of racism, steering, and predatory lending lodged by the Seattle Times/Buzz Feed, plus a group of Democratic Congressmen.

The Democratic legislators demanded that the same racially charged claims be investigated by CFPB and the Department of Justice (DOJ).

I was appalled by some of the findings…,” said Maxine Waters (D-CA). “There is no place for these kinds of sleazy and deceptive practices. I was further taken aback by Mr. Buffett’s defense of Clayton’s lending practices given the concerns that were raised by the articles earlier last year.”

Her comments came as part of a letter included in CfA’s FOIA request to the CFPB.

DanielStevensDirectorCampaignAccountabilityWashDCLinkedInDailyBusinessNewsMHProNews

The accusations stem from Mike Baker and Daniel Wagner in an article they had published in the Seattle Times, titled “Minorities exploited by Warren Buffett’s mobile-home [sic] empire.”

DefiningSICinJournalismDailyBusinessNewsMHProNews-com

After the Seattle Times/Buzz Feed news article was published, the following members of Congress:

requested that the CFPB and the Department of Justice (DOJ) investigate, and take the action necessary.

Clearly, they believe that these allegations are a cause for concern.  A text-friendly copy of the Democratic lawmaker’s letter is linked here, and the copy of the letter itself is linked here.

CongressAsksDOJInvestigateClaytonHomesCreditTwitterWikipediaMHProNews

U.S. Representatives Maxine Waters (D-CA), Keith Ellison (D-MN), Emanuel Cleaver (D-MO), Mike Capuano (D-MA). Image credit, Twitter, Wikipedia.

Ranking Member Maxine Waters (D-CA) and Representatives Keith Ellison (D-MN), Emanuel Cleaver (D-MO), and Michael Capuano (D-MA) are calling for a joint Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) investigation in response to the Seattle Times and Buzzfeed News’ investigative series concerning allegations of discriminatory lending and collection practices by Warren Buffett-led Berkshire Hathaway subsidiaries Clayton Homes, Vanderbilt Mortgage, and 21st Mortgage,” opens the letter from those lawmakers to CFPB Director Richard Cordray, and then Attorney General, Loretta Lynch.

Effort to Defend the MH Industry…

When the initial Seattle Times/Buzz Feed reporting occurred, MHLivingNews reached out to several industry professionals, all of whom said they had no personal experience of racist behavior by

  • Clayton Homes,
  • their in-house ‘captive’ lender, Vanderbilt Mortgage and Finance (VMF),
  • or 21st Mortgage Corp, a Berkshire Hathaway lender that serves independent retailers and communities.

MHLivingNews’ report – linked here – uncovered no such accusations by any of the professionals then asked against those Berkshire Hathaway units.

Later, the Daily Business News (DBN) reported on the second piece of this CfA related story; the Democratic lawmakers who have asked the Department of Justice and the CFPB to investigate the allegations made by the left-of-center Seattle Times/Buzz Feed news report. That DBN report is linked here.

Concerns by CfA over Clayton’s Expansion into Site Built Housing

A noted reason for the CfA to follow-up with the issue is Clayton Homes relatively recent move into selling modifiable, site-built homes, which are expected to sell for less than $250,000, per MENAFN.

CfA Executive Director Daniel Stevens said, “Clayton Homes appears to have been preying on some of our most vulnerable citizens. As the company expands its footprint to reach more Americans, it is imperative to know whether the government found any wrongdoing and, if so, what actions were taken.”

BuffettBerkshireHathawayClaytonHomesPropertyGroupHarrisDoyleHomesBerkshireHathawayHomeServicesDailyBusinessNewsMHProNews

The ongoing Clayton buying spree has been carefully covered by MHProNews, to see the article above, click the image.

What Industry Professionals Had To Say Previously

When the Seattle Times article was first published, MHLivingNews reached out to MH industry professionals who have worked with Clayton Homes, Vanderbilt, and 21st, to get their take on the accusations.

marty-lavin-jd-manufacturedhomefinanceexpert-DailyBusinessNews-mhpronews

Marty Lavin, JD.

…The Seattle Times account simply follows the long-time line of denigrating “trailers,” all in the name of selling more papers and creating notoriety.  The fact that the story can be directed to ensnare Warren Buffett, billionaire investor, just adds to the article’s appeal to the public; his involvement with the industry posed as a negative catch point,” said Marty Lavin, JD – a manufactured housing lending expert.

I am a Hispanic retailer, with a large Hispanic customer base.” said Gus Rodriguez, owner of Tejas Homes in Conroe, Texas. “I would not tolerate any predatory lending practice with any of our customers. Our relationship with 21st Mortgage and the customers they approve for financing is based on credit worthiness and their ability to pay.”

That was then.

MHProNews will reach out again to industry professionals, following this report, to see what they may think today.

Worthy of Investigation, or Selective Reporting?

On the one hand is Brad Lovin, of North Carolina Manufactured Housing Association (NCMHA) general admonition, who says that “Publishing hand-picked information can be worse for the impression it makes on manufactured homes and our industry than stating entirely false information.

On the other hand are concerns that Steven’s CfA, Democratic lawmakers and others are advancing.  Would they be pushing this issue, if they didn’t believe there was evidence to support their contentions?  Time will tell what the CFPB’s reports will reveal.

But how will potential revelations impact firms beyond Clayton, VMF and 21st?  How will those concerns, if found to have validity, impact MHI members?

BerkshireHathawayAllegationsRacismCreditTwitterConsumerAffairsGlassDoor

Clayton Homes, 21st Mortgage Corp and Vanderbilt Mortgage and Finance logos are shown under fair use guidelines.

Not Just Smoke? Fines Against Buffett’s Brands, and Refunds 

WarrenBuffettFortuneMagazineGettyImagesPostedDailyBusinessNewsCFPB-DOJ-InvestigationMHProNews

Warren Buffett, credit, Fortune, shown – as are all images on this page owned by third parties – under fair use guidelines.

According to Yahoo! Finance, Buffett said that over the course of two years, regulators from both the federal government and 25 different states have examined Clayton Homes mortgages over 65 times.

The results of those reviews were $38,200 in fines, and $704,768 in refunds made by Buffett’s brands.  No further information has been found on the subject of fines and refunds at this time.

ClaytonHomesLogoFinesRefundsComplianceBugCFPBUAkronDailyBusinessNewsMHProNews

Fines and refund totals, per published media reports.

Forbes on the Clayton/Buffett Lending Controversy

Pro-business Forbes reported last year that “Last month, the Maryville, Tennessee-based company “categorically and adamantly” denied discriminating against borrowers, and defended the practices of two lending arms, Vanderbilt Mortgage and Finance Inc and 21st Mortgage Corp.”

The same report noted that Buffett made “no apologies whatsoever” about Clayton’s “exemplary” lending.

Post-Charlottesville…Are They Listening?

In the wake of the emotionally-charged, post-Charlottesville America, MHProNews reached out to top executives at Clayton, Vanderbilt, and a Manufactured Housing Institute (MHI) Executive Committee member – individuals who have replied to our previous media inquiries.

Those professionals were provided this linked report.

Almost a day later, no denial, and no condemnation of racism has been made. An update will be planned if and when they respond to the allegations.

Given that days have passed since the CfA published their FOIA request, is it possible that Clayton, VMF and MHI are not yet ready to reply to such inquiries?

Are they tone-deaf to what’s going on in the nation?  Or how this could hurt not only their firm – but also MHI, and by extension – MHI members and the broader industry at large? Does the industry need this kind of news?

ManufacturedHousingInstituteMHILogoFrankRolfeBlastsMHIRacismCollageClaytonHomes21stVanderbiltDailyBusinessNewsMHProNews

Manufactured Housing Institute MHI Logo, Frank Rolfe has previously blasted MHI for failure to engage the media. Racism ought to be swiftly denied and decried. Collage and text by MHProNews.com.

FrankRolfeNegativeArticlesOnIndustryNoCommentbyManufacturedHousingInstituteMHIRVHorizonsMobleHomeUniversityPostedDailyBusinessNewsMHProNews

NMHOA

Tim [Sheahan] and I [Isbhel Dickens] have met with the [National Manufactured Home Owners of America – NMHOA] Board Chair and the in-house counsel for MHI and offered to try to negotiate acceptable compromise legislation regarding…[Preserving Access to Manufactured Housing].  However, to no avail,” Dickens, JD, told MHProNews in January, 2016.

Dickens’ added, “It is unfortunate that abuse by a few has negatively impacted some good lenders – see this Seattle Times article:

http://www.seattletimes.com/seattle-news/times-watchdog/minorities-exploited-by-warren-buffetts-mobile-home-empire-clayton-homes/

Maybe when you [MHProNews/MHLivingNews] highlight these types of abuse and shed some light on the seamier side of the industry then we’ll be better able to have the balanced conversation you anticipate.”

HUD’s Belated, Blustering “Promotion” of Manufactured Homes

Democrat supporters Pam Danner, and Ishbel Dickens, in a HUD photo, shown under fair use guidelines. Text and collage credits, MHProNews.com.

MHProNews will reach out once more to the activist groups, one of which is allegedly – per sources connected with those groups – planning a protest of the MHI annual meeting in Orlando.

Given the CfA FOIA request, and the post-Charlottesville atmosphere, will such a protest include charges of racism?

One of several Daily Business News updates on the 4th attempt by MHI at passage of Preserving Access is linked here.

Note that it was Preserving Access which allegedly brought out the long knives of anti-MH activists to oppose MHI’s bill in the first place.  Will history repeat itself? This time, will the racism angle take a more prominent role?

The Paradoxical, Contradictory Signals from Buffett/Berkshire Hathaway Dominated MHI

Each of the lawmakers who requested the investigation into Clayton Homes, Vanderbilt, and 21st, are progressive, left-of-center Democrats.

The complex nature of the Democrats attacking Buffett – who owns Berkshire Hathaway, and his manufactured housing units, which dominate MHI – has lead industry professionals to ask, ‘what’s going on?’

Buffett politically holds a similar point of view as those fellow Democrats investigating him.

HillaryClintonWarrenBuffettCreditBostonGlobePostedManufacturedHousingIndustryResearchDataReportsDailyBusinessNewsMHProNews-com-

Hillary Clinton, left, Warren Buffett, right. Credit – Boston Globe.  

Buffett’s support of Secretary Hillary Clinton makes him look eye-to-eye with those pushing to investigate his business practices.

The contradictory, paradoxical support of Buffett for legislation like Dodd-Frank, which are harming the manufactured housing industry, and MHI Chairman and 21st Mortgage CEO Tim Williams’ calling out the progressive agenda has sparked serious concerns regarding the sincerity of MHI’s efforts to modify Dodd-Frank regulations.

The Democratic lawmakers lodged the following complaint as part of their joint letter (linked here as a download).

As the [Seattle Times/Buzz Feed News] investigation makes clear, Clayton is the nation’s largest manufactured housing company and has a “near monopolistic” grip on lending to minority borrowers seeking financing for manufactured housing reaching nearly 72% of African-American borrowers, 56% of Latino borrowers, and 53% of Native American borrowers.[5] Given Clayton’s uniquely broad control of the manufacture, sale, and financing of manufactured homes, it is imperative that their business practices comply with federal law in order to ensure affordable housing for low-and-moderate income buyers. Surely, if news outlets can launch an investigation into potential violations of federal fair lending and consumer protection laws, agencies charged with protecting the nation’s consumers should be able to investigate these allegations, and, to pursue appropriate enforcement actions.”

Will the CfA FOIA Request Cause an Uproar in Orlando?

 

TimWilliamsCreditLinkedIn21stMortCorpCEOManufacturedHousingIndustryMHIChairmanWarrenBuffettBerkshireHathawayChairman

Warren Buffett, right, credit Wikipedia. Tim Williams, right, credit, LinkedIn. Collage credit, MHProNews. See that report, linked here.

The question now is, will the CfA’s Freedom of Information Act request spark additional issues by MHAction, the alleged protestors of the Manufactured Housing Institute?  After all, two of four executive committee seats at MHI are held by leaders working for Berkshire Hathaway.

Tom Hodges, Howard Walker, Tim Williams and Joe Stegmayer – the current MHI Executive Committee. Credit: Legal500.com, MHI, LinkedIn, MHProNews

With millions on edge after the Charlottesville incident – which was clearly racially motivated – tensions are running high all over the country.

ManufacturedHousingInstituteMHILogoProtestsComingOrlandoFL2017Meeting-575x412

The photo is of an actual protest against a community operation, a mock up to illustrate what has and part of what could be happening in Orlando in September. MHI Logo is provided under fair use guidelines.  For the latest on the activist group responses to inquires about anti-MHI Orlando protest news, click the image above or this link here.

With so many on edge, is it possible that the alleged plans of protests at the Orlando MHI meeting will get out of hand, or even become violent? ## (News, analysis of allegations of racism, steering, predatory lending charges.)

(Editor’s Note: MHProNews began last week preparing a post-Charlottesville statement condemning racism in conjunction with manufactured housing advocate, the Rev. Donald Tye Jr. Stay tuned for that statement and related report.)

RevDonaldTyeJrLATonyKovachMHLivingNewsMHProNews

Rev. Donald Tye, Jr. left, L. A. “Tony” Kovach, right have drafted a joint statement against racism and injustice, which will be published in the near future. Stay tuned for the compelling statement and report.

(Images credits are as shown, and when by third parties, are provided under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to the Daily Business News for MHProNews.

 

 

Kevin Clayton at Clayton Homes Takes Buffett’s Big Stage, Video

May 13th, 2017 Comments off
MindYourLanguageWarrenBuffettBerkshireHathawayandClaytonHomescreditFOXBusiness1-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: FOX Business.

Yesterday, in part one of this series on the “Woodstock for Capitalists,” the Daily Business News focused on several aspects of the business, wit, insights, and politics of Warren Buffett.

Today, we look at Kevin Clayton of Clayton Homes, who even before his featured interview on FOX Business, Warren Buffett spoke highly of Clayton Homes in his annual letter to shareholders on February 25th.

Clayton and Berkshire have been a wonderful partnership,” wrote Buffett.

Kevin Clayton came to us with a best-in-class management group and culture. Berkshire, in turn, provided unmatched staying power when the manufactured home industry fell apart during the Great Recession.”

The Knoxville News-Sentinel also reported that, for the second year in a row, Buffett defended Clayton’s financing practices.

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The tag team that engaged in so-called ‘agenda journalism,’ targeting Clayton Homes, as a way of derailing MHI’s version 3.0 of “Preserving Access to Manufactured Housing.” The report, while flawed, was widely cited by Democrats who opposed the measure and stalled in the Senate.  For insights on MHI’s fourth attempt at passage, click here

In 2015, a joint Seattle Times, Center for Public Integrity and later BuzzFeed News investigation accused Clayton Homes of pushing minorities and others into high-interest predatory loans, which Clayton has strongly denied. The Daily Business News covered that story extensively, separating agenda media hyperbole, faked news fiction from the facts. One of those stories is linked here.  

In his interview with FOX Business’ Liz Claman, Clayton highlighted the fact that they expect to sell in excess of 45,000 manufactured homes this year, doing their part to address the affordable housing crisis in the U.S.

The average new home in America is almost $400,000 now,” said Clayton.

Pointing to their display home, Clayton spoke directly to an ongoing challenge for the industry that needs to be addressed.

What our industry is saying, if that it’s built with the steep-pitch roof, onsite garage, and porch, built to the federal code and to FHA setup standards, it should be financed and zoned just like site-built traditional housing.”

Clayton also shared details on the company’s new “tiny homes,” designed by Mountain Brook, Alabama-based Jeffrey Dungan Architects.

We’ve been working for two years to develop the best tiny homes,” said Clayton.

What’s unique about us, is this home is built to live in permanently and meets your local and state housing codes, which is a huge advantage.”

Clayton and Buffett after the annual paper toss in 2015. Credit: FOX Business.

Among the points absent from the discussion was the Manufactured Housing Improvement Act of 2000 (MHIA), enhanced preemption, and the examples that HUD themselves provided of municipal placement in a university level report, linked here.

Tiny House – Risks, Trends, and Rewards?

ihouse Clayton Green-Bridge-Farm-Chevy-Volt-posted on Manufactured Home Marketing Sales Management MHMSM.com MHProNews.com

The i-House was a highly publicized, widely respected, ‘green’ and vogue concept home. But it fizzled in the market place. See prior Daily Business News report, linked here. In the Green Bridge Farm photo by Jetson Green above, the i-House was paired with an electric Chevy Volt, as a way of underscoring its green features.

The tiny house move by the giant is not a guaranteed lock, as those who recall the Clayton i-House recall the fanfare, which fizzled as a result of all-too-modest sales.  So industry observers are watching this move carefully.

As our regular readers are aware, MHProNews and MHLivingNews have covered the “tiny home” movement extensively, including the potential for big legal trouble for owners and a detailed side-by-side comparison with manufactured homes, highlighting function and value versus fashion.

Clayton Homes is reassuring their prospects for their tiny house that their units are built to a building code, unlike so many on the market that are built to no codes at all.

Others in HUD Code manufactured housing are making their own moves on tiny houses.  Some are built to the HUD Code, some to the ANSI code, and others reportedly to no codes, but still rolling out of HUD Code production centers. The tiny house craze is no doubt fueled by the mainstream media’s love affair with the typically mobile units, while at the same time slighting manufactured homes.

About Clayton Homes

Clayton Homes is the largest producer of manufactured homes (MH) in North America and as noted is a subsidiary of Warren Buffett’s Berkshire Hathaway.

Vertically integrated, the company has several hundred retail centers nationwide, HUD Code and modular production centers. Through its affiliates and family of brands, Clayton builds, sells, finances, leases and insures Clayton-built manufactured and modular homes.  Their retail operation famously also buys products and uses services from other producers.

For the most recent closing numbers on all Berkshire Hathaway – and all MH industry-connected tracked stocks – please click here.

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

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RC Williams.

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

Seattle Times announces State Investigation of Warren Buffett’s Clayton Homes, as expected – Analysis

February 5th, 2016 Comments off

TheyreBackSeattleTimesLogo-creditSeattleTimesTheirBack-creditDailyBusinessNewsMHProNews-com-As part of the Seattle Times‘ ongoing year-long rant on Warren Buffett’s/Berkshire Hathaway-owned Clayton Homes and their affiliated lenders, Mike Baker and Daniel Wagner have succeeded in drawing Washington Governor Jay Inslee’s attention and his state’s Department of Commerce. This is resulting in a bill to investigate the sales, financing and repossession of manufactured homes.

This latest reprise of their ongoing saga was anticipated by MHProNews, as shown by this link from Jan. 30, 2016.

In a series of previous articles, Baker and Wagner have accused Clayton Homes of discriminatory lending, predatory lending on the poor, and trapping the unsuspected in high-interest loans with an eye on repossessing the manufactured home (MH) once the borrower falls behind on payments.

Steve Lefler, vice president of Modular Lifestyles, Inc. – part of the Newport Pacific family of companies – observed, “Recent defective construction and DOJ investigation on loans I have to say, Clayton may revisit their staff and operations activities. Reputation and public perception are hard to re-claim after these types of accusations.”

Lefler is far from alone among industry professionals in his concerns about the the implications and types of consequences from these articles by Baker and Wagner. Long time industry veteran Marty Lavin voiced his observations and concerns in an OpEd, linked here. Numerous off-the-record comments about this topic have come into MHProNews.

Baker and Wagner

What has been described as their brand of “advocacy journalism” has resulted in calls by some Democratic leadership in Congress to investigate the MH industry, and Clayton Homes in particular, since they are the target of the Seattle Times/BuzzFeed News reports and the dominant producer and lender in the MH industry. Clayton Homes and their affiliated lenders are part of Warren Buffett’s Berkshire-Hathaway, which in a heated election cycle, makes for a stronger draw in readership.

Washington state Commerce Director Brian Bonlender says the stories could offer some solutions to the state legislature during its long legislative session in 2017.

Meanwhile, the Preserving Access to Manufactured Housing Act, passed by the House and awaiting consideration in the Senate, is referred to by Baker and Wagner as “an industry-backed plan to roll back consumer protections.” The duo painted Buffett’s Berkshire-Hathaway “mobile home” (sic) units as being the main winners if the HR 650/S 682 becomes law.

In a story picked up by Nanotech News, The Boston Globe, The Miami Hearld  and dozens of other media outlets, MHLivingNews publisher L. A. “Tony” Kovach takes a critical look at how Baker and Wagner, utilizing a wide swath brush, paints Clayton and Buffett as vampires, sucking the life blood from consumers.

Take one famously folksy billionaire, add a pinch of cherry-picked stats, stir well with a cast of wronged Native American, black and Hispanic homebuyers and you have the latest tag-team assault on the Warren Buffett manufactured home empire.

What could be more clickable holiday fare than the new installment in a yearlong campaign by two reporters who have pretty much made a career of throwing dirt at one of the richest men on Earth?

How about a tale of bilking poor minorities out of billions of dollars amid an atmosphere so steeped in racism it makes kindly Uncle Warren look like an overseer at Tara in Gone with the Wind?

Who cares if it’s not true?” The entire Nanotech News item is linked here.

Kovach did an analysis on that issue for MHLivingNews.com, which the Seattle Times and BuzzFeed have yet to address. See that report, linked here.

The Seattle Times video relates the story of one couple who allegedly were taken advantage of by Clayton and their lender. That video is below.

As a thumbnail analysis of their video, as heart-wrenching as this kind of topic may be, carefully reviewing it actually undermines some points Baker and Wagner are trying to make. Many individuals, couples or households have life events that can lead to a default on a house, manufactured or site-built: divorce, job loss, ill health and death. The interest rate wasn’t the key factor, based upon the information in their own video.

Another point their dark, somber and one-sided video avoids entirely is that no manufactured home lender wants to pick up a multi-sectional home, save as a last resort.  The losses on a repossession like the one described can be so great, lenders would much rather work it out with the borrower if that is possible. Without question, there are lots unsaid in this Seattle Times video report.

Additionally, the couple’s home was in a remote location, as they stated, which could mean there may not have had comps around to support a land/home kind of loan at that time.

The Seattle Times video and related articles are, Kovach and others assert, created to provide an entirely unbalanced view of manufactured home living and lending, as quality affordable lifestyles.  The evidence for this in their own video, because there is no opposing or balancing viewpoint shared.

Yet the Government Accounting Office’s 2014 report on manufactured housing graphic below dramatically demonstrates that even with a higher financing rate than conventional lending – which is caused in part by no access to secondary markets, and no federal backing of the loans – the monthly payments for a manufactured home are lower than other forms of housing, because of the dramatically lower cost of the homes.

monthly-housing-cost-2011-manufactured-homes-vs-other-housing.

Graphic credit, GAO report on manufactured housing.  The entire GAO report, along with examples of why the reforms sought by the MH industry of CFPB regulations are indeed a consumer benefit, can be found at the link here.

The Other Side of MH Living Baker and Wagner Avoid

A very different image of manufactured home living emerges from videos that Inside MH has produced, which spotlight home owners, professionals, and experts discussing the appeal and value of manufactured home living. Two of many examples are below.  The first is from a couple living in a land-lease, the second is with a realtor who has sold hundreds of manufactured homes and who’s husband is a custom builder. 

Advocacy Journalism?

Behind-the-scenes of the Seattle Times/BuzzFeed, PBS NewsHour or related stories are efforts by non-profit groups to derail Preserving Access. An in-depth video interview with Marty Lavin, JD – an award winning MH lending expert – about facts relating to the legislation is linked here.

Informed sources tell the Daily Business News/MHProNews  that another installment of the Baker/Wagner duo is expected soon. ##

(Image credit: Seattle Times logo, which is their property, used here under fair use guidelines. Halloween “Their Back…” lettering, by MHProNews.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Will Matt Drudge, Fox or CNN Spotlight Unfair Challenges Harming Millions of Manufactured Home Owners?

May 20th, 2015 2 comments

 

Mike-Baker-SeattleTimes-Daniel-Wagner-CenterForPublicIntegrity-hr650-s682-preserving-access-manufactured-housing-act-corrected-mhpronews-com-

Correction on this photo, an earlier version did not have the proper image of Mike Baker, left.

The Seattle Times/Center for Public Integrity has allegedly targeted Clayton Homes and Berkshire-Hathaway affiliated finance companies in an attempt to derail much needed reforms to Dodd-Frank which harm millions of manufactured home (MH) owners and thousands of MH businesses.

Mike Baker and Daniel Wagner – writers of the Seattle Times articles, done in conjunction with the Center for Public Integrity – used shock tactics prior to the House of Representatives vote to attempt to derail the now-passed HR 650, which enjoyed bi-partisan support.

More recently, that writing duo turn on Warren Buffett’s firms again, in advance of a Thursday May 21st vote in the Senate Banking Committee that will include industry sought relief (S 682) from the Consumer Financial Protection Bureau regulations. Industry professionals say that The Preserving Access to Manufactured Housing Act, would mitigate the harm done to the value of millions of low-cost manufactured home owners by the unintended consequences of Dodd-Frank.

It might take a link by billion-plus monthly page views Drudge Report, or media mavens like Fox or CNN, to right the imbalanced coverage spawned by Baker’s and Wagner’s questionable journalism.

Writing in the Seattle Times, Baker says that the default rate on manufactured homes is higher than conventional housing, and uses pejorative terms about the loans such as “predatory” and “risky.” But should 97 home buyers be barred home ownership via financing others won’t offer, so that the 3 who fail in a year be spared their loss?

As a comparison, should millions be stopped from working because a small minority might quit or lose their jobs? Should subscribers to the Seattle Times digital or print publications be barred from buying their brand of news, because some every year will stop paying them? Should their publication be barred from selling ads because some advertisers will stop using them every year?

Yet that is kind of reasoning being used by Baker and Wagner. Their self-evident goal is an attempt to stir up enough shock value that blurs their use of faulty or circle reasoning, aimed at undermining support for much needed Dodd-Frank reforms.

Real Harm to Millions of Real Home Owners and Thousands of Businesses

The Seattle Times and the Center for Public Integrity (CPI) fail to balance their report by pointing out that the loss of lending that has taken place is harming the value of the lowest cost manufactured homes.

Some 20% of the homes that 20 million manufactured home owners live in would sell for under $20,000, the mark that 21st Mortgage Corporation set below which they could not safely make a loan and still hope to profit. With 8.8 million manufactured homes and pre-HUD Code mobile homes in the U.S., that 20% would represent about 1,760,000 manufactured/mobile homes (MH).

Since most MH owners live in their homes an average of about 10 years, millions may not yet realize they are harmed.

Comrades in Arms Against Reform?

Organizations like the Center for Enterprise Development (CFED) are ducking tough questions from MHProNews. Meanwhile, CFED’s Doug Ryan willingly comments to the Seattle Times or OZY Media, why? Are his comments made to other media a desperate effort to shock enough people with headlines and stories that don’t stand up well to close scrutiny? Aren’t CFED and Ishbel Dickens led National Manufactured Home Owners Association (NMHOA) harming the very home owners they claim to be advocating for? Is their ideological stance more important to them than the realities on the ground caused by the polices they advocate?

Dickens sent MHProNews an emailed reply, saying she was on vacation, and thus could not answer questions. Her “vacation” ends after the Senate vote. She can email that she is on vacation, but can’t email a simple reply on the impact of current CFPB regulations on the values of millions of manufactured homes? Or how publishers such as OZY Media are arguably harming the value of MH owners, by using improper and derogatory terminology?

CFPB Regulations harms all current Manufactured Home Lenders

By spotlighting Berkshire-Hathaway affiliated companies, Baker and Wagner are allegedly attempting to derail needed reforms of Dodd-Frank, that impact manufactured home owners and every lender in the manufactured housing space.

don_glisson_2Triad Financial Corporation is a competing company to 21st Mortgage. Triad’s President and CEO, Don Glisson Jr., has told MHProNews that his firm’s costs have skyrocketed since CFPB regulations have gone into effect.

Glisson said, “Triad has been the leading lender in the “A” credit market for over 50 years and I have personally been with the company for over 30 years. Regulations have always been a fact of life for us, but our compliance costs have quadrupled in the past 3 years alone.”

Another industry lender, formerly with US Bank, told MHProNews off-the-record that their bank’s manufactured housing loan program was profitable. But the high costs of regulatory compliance, coupled with low loan volume, caused U.S. Bank to end their manufactured housing lending program. That mirrors the official statement made by the bank when they pulled out of manufactured home lending in November, 2014.

A third manufactured home lender said off-the-record that they are glad 21st Mortgage and Vanderbilt Mortgage and Finance (VMF) make the loans they do. Why? Because in the wake of the 2008 financial collapse, loans on manufactured homes originated by 21st and VMF were crucial to the survival of thousands of MH Industry companies, which included hundreds of independent operations not owned by Berkshire-Hathaway.

Doesn’t the dismal failure to report in a balanced fashion – as Jan Hollingsworth did in writing on the impact of Dodd-Frank on manufactured home buyers and professionals – undermine the credibility of a journalist?

Senior management with every major industry lender MHProNews spoke in favor of reforms on Dodd-Frank, even if they don’t make the same kinds of loans 21st and VMF do.

Triad’s CEO elaborated on the challenges faced by their firm and other manufactured housing professionals. “Since we specialize in A credits, we have never had an issue with higher cost loans and the rules that surround higher priced loans have zero impact on us.”

However,” Glisson stated, “the rule that prohibits a manufactured home retailer from advising the customer on finance options is one that we would like to see changed. Currently a buyer of a site built home can receive advice from their realtor or builder on financing options, while manufactured home buyers have no similar ability to seek a seller’s help. This would be like going to a car dealer to buy a new SUV and when you ask for help securing a loan they hand you the phone book and say they can’t help you so just pick one out yourself.”

Glisson explained what impact this CFPB regulation has made on their operation. “This has doubled the amount of applications we are now processing to do the same amount of lending. In the past, before the CFPB regulations, a retailer could pre-qualify a buyer by accessing their credit reports and analyzing their income, just like every Realtor ® in America can do. With that information, they could at least determine what lender NOT to send the application to. We have had to add several full time equivalent team members to handle the crush of applications, as we are now bombarded with applicants who have no chance of qualifying with us.”

This is a pattern of “shot-gunning” applications by retailers to all MH lenders, to avoid the appearance of steering, that other lenders have confirmed for MHProNews.

Glisson went on to say that, “Beginning in 2014, when the rules went into effect, our origination cost per loan has skyrocketed. Pre-2014 we would approve about 50% of the applications we received as they were pre-screened. Currently we approve about 30% of the applications we receive, so our efficiency went down the tubes and we are working harder and spending more to make the same amount of loans.”

These are the kinds of real world problems caused by federal regulations that cause a lender such as U.S. Bank to pull out.

inside_mh__am_landy

As Sam Landy, President and CEO of UMH Properties pointed out in a video interview linked here, it has caused them and others in the community business to stop lending to potential manufactured home owners. They now rent homes to those who before would be qualified by their finance arm to make renters into home owners. How does that regulatory caused impact help those thousands seeking ownership and equity instead of rent receipts to advance in life?

Doing the Math

Finance experts tell us that a community operator like UMH, using a related or ‘captive finance’ company, can afford to make loans at a lower interest rate than a traditional lender because they are only loaning on manufactured homes in their community. In the event of a default, their costs and thus their loses are lower. Additionally, a manufactured home community operator can benefit even if their loan program is only marginally profitable, because they are getting additional revenue from a sold home and filled homesite.

There is no similar benefit to the third party loans made by 21st, VMF, Triad Financial, CU Factory Built Lending or Mountainside Financial. The same holds true for regional or local lenders who must profit on the loan itself, or they won’t make the loan in the first place.

Does Buffett win more than Millions of home owners would from the proposed reforms to Dodd-Frank?

While the Seattle Times’ Baker and his tag team writer Wagner make it sound that Warren Buffett and Berkshire-Hathaway related companies are the big winner from financial reform, they clearly overlook the real world impact on an estimated 20% of those home owners who live in a home that is worth under $20,000.

If those homes averaged $15,000 each, 1.76 million MHs represent an aggregated value of $26,400,000,000. That sum dwarfs the benefits to Berkshire-Hathaway, or indeed, to the entire manufactured housing industry.

Since financing is the key to most big ticket sales, a loss of financing causes the same drop in value that was seen in conventional housing in the wake of the 2008 mortgage collapse.  Just as conventional housing lost value absent lending, the same holds true for manufactured homes.

As the now-retired president of the Manufactured Housing Association for Regulatory Reform (MHARR), Danny Ghorbani, has said, the factory built home industry was not the cause of the 2008 housing/mortgage bubble. So why were manufactured home owners, housing businesses and professionals penalized? Why is manufactured housing owners and buisnesses taking such a direct hit from the impact of CFPB regulations?

eric_powell_and_family

 As Eric Powell told Jan Hollingsworth about the impact of Dodd-Frank and the CFPB regulations on their manufactured home purchase, What were they thinking when they did that?”  Or as Sam Landy told MHLivingNews, the consequences to millions of manufactured home owners and thousands of business may well have been untended, but someone has got to fix this. ##

(Image credits 3 and 4, MHLivingNews; Don Glisson Jr photo and composite photo and graphic of Baker and Wagner made by MHProNews).

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.