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Posts Tagged ‘factory built housing Daily Business News’

Obama Administration and ACORN Housing accused of misuse of funds and corruption

November 29th, 2011 Comments off

AHCOA-acorn-name-credit Washington TimesWashingtonTimes reports author/editor Matthew Vadum has accused the Obama administration of “new evidence of corruption” involving an affiliate of ACORN (Association of Community Organizations for Reform Now). Cause of Action – a watchdog group – pressed NeighborWorks America, a taxpayer-funded federal nonprofit that funneled more than $26.5 million in federal foreclosure-avoidance money to ACORN Housing, to disclose an internal audit furnished to then-Senate Banking Committee Chairman Christopher Dodd, Connecticut Democrat, late last year. The audit found that while ACORN Housing and voter-fraud-accused ACORN are legally separate entities, there were numerous financial transactions and “evidence [of] extensive relationships between both organizations that may undermine claims of an ‘arm’s length relationship’ between them.” ACORN Housing, the audit states, worked closely with ACORN and even subcontracted some of the counseling work to “four ACORN local state chapters.” “We have determined that [ACORN Housing] lacks the accounting capacity to manage the size and complexity of the [foreclosure-avoidance] program funds,” said the audit, dated Dec. 17, 2010. ACORN Housing had poorly trained staff,  sloppy accounting procedures, and also violated conflict-of-interest guidelines laid down by the Office of Management and Budget(OMB), the audit said. U.S. Department of Housing and Urban Development (HUD) gave $79,819 to AHCOA Miami on March 1, $300,000 to AHCOA on Aug. 11, and $350,030 to AHCOA Philadelphia on Sept. 2. Vadum’s report describes HUD’s Secretary of Housing and Urban Development, Shaun Donovan as a “longtime ACORN ally.“  Acorn Housing changed its name to Affordable Housing Centers of America (AHCOA) about a year ago to avoid the stigma of being associated with ACORN, which was bared from receiving federal funding after undercover videos showing its employees were facilitating child prostitution in 2009.


(Editor’s Note:
Matthew Vadum is a senior editor at Capital Research Center and author of “Subversion Inc.: How Obama’s ACORN Red Shirts Are Still Terrorizing and Ripping Off American Taxpayers”  from WND Books, 2011
)

(Image credit: WashingtonTimes)

Lexington man Sentenced in Federal Fraud case

November 29th, 2011 Comments off

Department of Justice  logoMHProNews has learned that 32 year old Robert C. Sasser of Lexington, South Carolina was sentenced in federal court on November 28th for wire fraud. In a case handled by U.S. Attorney Winston D. Holliday, Jr., United States District Judge Margaret B. Seymour sentenced Sasser to three years’ imprisonment and ordered payment of approximately $1.6 million in restitution to Wells Fargo Bank.  A Federal Bureau of Investigation (FBI) press release stated that a change of plea hearing established Sasser was a realtor and mortgage broker doing business in West Columbia.  Sasser was involved in eight real estate transactions involving “modular homes” from the Aiken Housing Center (AHC) and a private residence. Wachovia Mortgage Corporation (WMC) financed the eight mortgage loans for approximately $2.5 million. All the loans were collateralized by what was cited as modular homes that were deemed significantly overvalued. Loan documents demonstrated multiple misrepresentations that made the loans fraudulent, including grossly misstated income and asset information, forged signatures, and improper down payments. Due to subsequent foreclosures, the amount of loss suffered was approximately $1.6 million, owed to Wachovia’s successor, Wells Fargo.

(Image credit: Department of Justice logo)

 

Euro Debt Crisis Sailing West? Dow Falls, but UFP, Inc. did the Best

November 21st, 2011 Comments off

CNNMoney reports the Dow Jones Industrial Average dropped sharply as investors worry that the European debt crisis may yet sail west to U.S. shores, falling 248.85 points to 11547.31, a loss of 2.11 percent. The Yahoo! Finance Manufactured Housing Composite Value followed the path, losing -3.43 percent to close at 813.80. Most all tracked housing stocks closed down. Affiliated Managers Group 86.48 -3.38 (-3.78%). Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 112,055.00 -835.00 (-0.74%). Cavco Industries 43.51 -1.53 (-3.40%). Champion, Deer Valley, Liberty and Palm Harbor were all unchanged. Drew Industries 21.24 -0.68 (-3.10%). Equity Lifestyle Properties 60.54 -1.26 (-2.04%). Nobility Homes 6.51 -0.12 (-1.81%). Patrick Industries was the most volatile of our tracked stocks, percentage-wise, moving down -9.43 percent, -0.25, to close at 2.40. Skyline Corporation 6.18 -0.35 (-5.36%). Sun Communities 34.97 -1.22 (-3.37%). Third Avenue Value Fund (11-18) 41.31 -0.11 (-0.27%). UMH Properties 9.47 -0.03 (-0.32%). Of our tracked stocks, Universal Forest Products, Inc., was the only one in the plus column, gaining +0.27 percent, +0.07, to close as 26.30.

(Graphic credit: CNMoney and RealTick)

 

After Choppy Day, Dow Gains 25 Points; Likewise, Housing Stocks Move Little

November 18th, 2011 Comments off

CNNMoney reports the Dow Jones Industrial Average chopped up and down all day today as investors kept their finger on the European pulse while observing the debt committee. The Dow inched up 25.43 points, or +0.22 percent, to close at 11,796.16. The Yahoo! Finance Manufactured Housing Composite Value fell 1.85 percent to close at 842.70. Tracked housing stocks closed mixed. Affiliated Managers Group 89.83 +0.86 (+0.97%). Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 112,890 +1,190.00 (+1.07%). Cavco Industries 45.04 -0.69 (-1.51%). Champion, Liberty, and Palm Harbor were unchanged. Deer Valley slid the most of tracked stocks, at -6.25 percent, a loss of 0.03 to close at 0.45. Drew Industries gained the most of tracked stocks, adding 1.95 percent, to close at 21.92, +0.42. Equity Lifestyle Properties 61.80 -0.09 (-0.15%). Nobility Homes 6.62 -0.36 (-5.16%). Patrick Industries 2.65 +0.03 (1.15%). Skyline Corporation 6.53 -0.10 (-1.51%). Sun Communities 36.19 +0.08 (+0.22%). Third Avenue Value Fund (11-17) 41.42 -0.71 (-1.69%). UMH Properties was unchanged at 9.50. Universal Forest Products, Inc. 26.23 +0.14 (+0.54%).

(Graphic credit: CNNMoney and RealTick)

Dow Dips, Palm Harbor Trips, Patrick Pleases

November 17th, 2011 Comments off

CNNMoney reports the Dow Jones Industrial Average fell as investors worry that the European debt crisis may spread to other large European economies, dropping 134.86 points, 1.13 percent, to close at 11,770.73. The Yahoo! Finance Manufactured Housing Composite Value followed suit, losing -1.90 percent to close at 858.60. Many tracked housing stocks closed down. Affiliated Managers Group 88.97 -3.04 (-3.30%). Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 111,700.00 -512.00 (-0.46%). Cavco Industries 45.73 -0.88 (-1.89%). Champion, Deer Valley, and Liberty were all unchanged. Drew Industries 21.50 -0.96 (-4.27%). Equity Lifestyle Properties 61.89 -0.82 (-1.31%). Nobility Homes 6.98 -0.05 (-0.71%). Palm Harbor Homes slid the most of tracked stocks, falling -0.001 to 0.002, a loss of 33.33 percent. Patrick Industries gained the most of our tracked stocks, percentage-wise, moving up 9.62 percent, +0.23, to close at 2.62. Skyline Corporation 6.63 -0.19 (-2.79%). Sun Communities 36.11 -0.40 (-1.10%). Third Avenue Value Fund (11-16) 42.13 -0.91 (-2.11%). UMH Properties 9.50 +0.06 (+0.64%). Universal Forest Products, Inc. 26.09 -0.94 (-3.48%).

(Graphic credit: CNNMoney and RealTick)

Dow Jittery that EU Bug may Infect U.S.

November 16th, 2011 Comments off

CNNMoney reports the Dow Jones Industrial Average fell quickly at the end of the trading day as concerns were raised that the European debt problems could impact the U.S. economy. The Dow lost 190.57 points, or 1.58 percent, to close at 11,905.59 The Yahoo! Finance Manufactured Housing Composite Value closed down -0.54 percent to end at 875.20. Tracked housing stocks closed mixed. Affiliated Managers Group 92.01 -0.77 (-0.83%). Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 112,212.00 -1.789.00 (-1.57%). Cavco Industries 46.60 -0.55 (-1.17%). Champion, Deer Valley, Liberty, and Palm Harbor were all unchanged. Drew Industries slid the most of tracked stocks, closing at 22.46, losing -1.00, or -4.26% of value. Equity Lifestyle Properties 62.71 -0.47 (-0.74%). Nobility Homes advanced the most of tracked stocks, rising 8.15 percent, +0.53, to close at 7.03. Third Avenue Value Fund (11-15) 43.04 +0.03 (+0.07%). Patrick Industries 2.39 +0.08 (+3.46%). Skyline Corporation 6.82 -0.08 (-1.16%). Sun Communities 36.51 -0.63 (-1.70%). UMH Properties 9.44 -0.03 (-0.32%). Universal Forest Products, Inc. 27.03 -0.76 (-2.73%).

(Graphic credit: CNNMoney and RealTick)

European Debt Fears Ease, U.S. Economic Data Looking Better

November 15th, 2011 Comments off

CNNMoney reports the Dow Jones Industrial Average gained slightly today as investors’ fears eased about the European debt crisis. The Dow gained 17.18 points, or +0.14 percent, points to close at 12,096.16. The Yahoo! Finance Manufactured Housing Composite Value closed up 1.25 percent to end the day at 879.9. Tracked housing stocks closed mixed. Affiliated Managers Group 92.78 +1.10 (+1.20%). Clayton Homes, Vanderbilt Mortgage and Finance and other MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 114,001.00 +80.00 (+0.07%). Cavco Industries 47.15 +0.90 (+1.95%). Champion, Deer Valley, Liberty, and Palm Harbor were all unchanged. Drew Industries 23.46 +0.29 (+1.25%). Equity Lifestyle Properties 63.18 +0.54 (+0.86%). Nobility Homes was the biggest loser of tracked stocks, falling -8.84 percent, or -0.63, to close at 6.50. Patrick Industries 2.31 -0.02 (-0.86%). Skyline Corporation 6.90 +0.18 (+2.68%). Sun Communities 37.14 + 0.39 (+1.06%). Third Avenue Value Fund (11-14) 43.01 -0.39 (-0.90). UMH Properties 9.47 +0.06 (+0.64%). Universal Forest Products, Inc., registered the biggest gain of tracked stocks, moving up 3.23 percent, +0.87, to close at 27.79.

(Graphic credit: CNNMoney and RealTick)

 

Dow Jumpy as European Debt Crisis Remains Bumpy

November 15th, 2011 Comments off

CNNMoney reports the Dow Jones Industrial Average fell slightly today as investors got jittery about whether the leadership changes in Greece and Italy will help the European debt crisis. The Dow lost 74.7 points to close at 12,078.98., a -0.61 percent loss. The Yahoo! Finance Manufactured Housing Composite Value closed down 1.46 percent to end the day at 867.70. Tracked housing stocks closed mixed. Affiliated Managers Group 91.68 -1.11 (-1.20%). Clayton Homes, Vanderbilt Mortgage and Finance and other MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 113,921.00 -1,540.00 (-1.33%). Cavco Industries 46.02 -1.41 (-2.97%). Champion, Deer Valley, Liberty, and Palm Harbor were all unchanged. Drew Industries 23.17 -0.35 (-1.49%). Equity Lifestyle Properties 62.64 -1.26 (-1.97%). Nobility Homes was the top gainer of tracked stocks, moving up 15 percent to close at 7.13, a gain of +0.93. Palm Harbor was the biggest loser in our tracked stocks, dropping 0.001 to -0.003, a 25.00 percent loss. Patrick Industries 2.33 -0.22 (-8.63%). Skyline Corporation 6.72 -0.13 (-1.90%). Sun Communities 36.75 -0.76 (-2.03%). Third Avenue Value Fund (11-11) 43.40 +0.75 (+1.76%). UMH Properties 9.41 -0.24 (-2.49%). Universal Forest Products, Inc. 26.91 -0.58 (-2.11%).

Dow Regains More Lost Ground as European Debt Crisis Looks Better

November 11th, 2011 Comments off

CNNMoney reports the Dow Jones Industrial Average gained for the second straight day, as leaders in Greece and Italy took measures to curb the debt crisis in both countries. The Dow gained 259.89 points to close at 12,153.68, or + 2.19 percent. The Yahoo! Finance Manufactured Housing Composite Value closed up 4.12 percent to end the week at 880.06. Tracked housing stocks closed mixed. Affiliated Managers Group 92.79 +2.54 (+2.81). Clayton Homes, Vanderbilt Mortgage and Finance and other MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 115,461.00 +1,359.00 (+1.19%). Cavco Industries 47.42 +2.02 (+4.45%). Champion, Deer Valley, Liberty, and Palm Harbor were all unchanged. Drew Industries 23.52 +0.73 (+3.20%). Equity Lifestyle Properties 63.90 +1.13 (+1.80%). Nobility Homes and Third Avenue Value Fund both lost -1.59 percent to register as the biggest losers of tracked stocks. Nobility Homes 6.20 -0.10 (-1.59%); Third Avenue Value Fund (11-10) 42.65 -0.69 (-1.59%). Patrick Industries 2.55 -0.02 (-0.78%). Skyline Corporation was the biggest gainer of stocks we track, rising 5.38 percent, or +0.35, to close at 6.85. Sun Communities 37.51 +0.91 (+2.49%). UMH Properties 9.65 -0.02 (-0.21%). Universal Forest Products, Inc. 27.52 +1.04 (+3.93%).

(Graphic credit: CNNMoney and RealTick)

Dow Recovers Some Ground, Palm Harbor Stock Doubles

November 10th, 2011 Comments off

CNNMoney reports the Dow Jones Industrial Average gained some of the ground it lost yesterday as the Italian bond market was less of an ogre, and unemployment claims hit a seven month low. The Dow closed at 11.893.86, a gain of 112.92 points, or 0.96 percent. The Yahoo! Finance Manufactured Housing Composite Value lost 0.69 percent to close at 863.07. Tracked housing stocks closed mixed. Affiliated Managers Group 90.25- +1.52 (+1.71%). Clayton Homes, Vanderbilt Mortgage and Finance and other MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 114,102.00 +777.00 (+0.69%). Cavco Industries 45.18 -0.15 (-0.33%). Champion, Deer Valley, and Liberty were all unchanged. Drew Industries 22.79 +0.64 (+2.89%). Equity Lifestyle Properties 62.77 -0.58 (-0.92)%). Nobility Homes was the biggest loser in our tracked stocks, falling -3.82% to close at 6.30, a loss of -0.25. Palm Harbor Homes registered the biggest gain of the day of tracked stocks, rising 100.00%, +0.002, to close at 0.004. Patrick Industries 2.57 -0.02 (-0.77%). Skyline Corporation 6.50 +0.03 (+0.46%). Sun Communities 36.60 -0.14 (-0.38%). Third Avenue Value Fund (11-9) 43.34 -1.28 (-2.87%). UMH Properties 9.67 -0.16 (-1.63%). Universal Forest Products, Inc. 26.48 +0.53 (+2.04%).

(Graphic credit: CNNMoney and RealTick)