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Manufactured Housing Institute (MHI) Asks Industry Members to Ask Senators to Support S 2155, Behind the Scenes Details

March 6th, 2018 Comments off

MHICallsForS2155SupportBehindTheScenesDetailsManufacturedHousingInstituteClaytonHomes21stMortgageVanderbiltMortageLogosDailyBusinessNewsMHProNews

In a ‘housing alert’ email to association members, the Manufactured Housing Institute (MHI) urged the industry’s professionals to contact their senators and ask them to vote “Yes” on S. 2155.

 

Passage of this language will ensure that manufactured housing retailers and sellers are not subject to compliance requirements clearly designed to apply only to the actual entity making the mortgage loan,” read part of the association’s message.

GovTrack tells the Daily Business News that the odds of passage, as of this morning, stands at 42 percent.

That’s better than what Skopos Labs believes the odds are for passage of Preserving Access to Manufactured Housing Act, which as of this morning were just 26 percent.

 

Like Getting Half of Preserving Access…

S 2155 has much more to it than MH Industry issues.

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Lesli Gooch. Credit: MHI.

That said, the language that is Mortgage Loan Originator (MLO) rule related is akin to half of what Preserving Access bill purportedly hopes to accomplish.  Namely, the repeal of the MLO rule from CFPB regulations.  That is mildly similar to what MHI SVP Lesli Gooch has said is their strategy to move the bill ahead by whatever is moving on Capitol Hill.

 

 

Left and Right…

Doug Ryan at Prosperity Now (formerly CFED) opposes the bill, saying to the IndyStar that “This [provision for manufactured housing in the bill] will hamper new lenders from getting in.”

Some moderate Democrats, such as Indiana Senator Joe Donnelly, are likely to vote for the S 2155 bill.  Meanwhile Senators like Elizabeth Warren (D-MA) and Sherrod Brown (D-OH) are opposed to it.

Progressive media, such as The Young Turks (TYT) scorched S 2155 backers, MHI, and Warren Buffett.

For example, “One of the bill’s chief architects, Sen. Heidi Heitkamp (D-N.D.), and her husband have nearly $1 million invested in two of the bill’s biggest winners, J.P. Morgan Chase and Berkshire Hathaway, according to a 2016 financial disclosure document reviewed by TYT Investigates.

Heitkamp and her spouse collectively own between $100,001 and $250,000 of corporate securities stock in J.P. Morgan, as well as an additional up to $45,000 in a J.P. Morgan fund. Heitkamp alone owns between $215,000 and $550,000 worth of Berkshire Hathaway stock, and including joint investments, she and her husband have up to $600,000 invested in the company. Together, the Heitkamps could have up to $895,000 invested in the two firms.

For the senator, whose net worth was roughly $4.5 million in 2015, according to an estimate by the Center for Responsive Politics, these J.P. Morgan and Berkshire Hathaway investments potentially account for a substantial portion of her assets.”

Ouch.

 

Positives in the S 2155 Bill, PLUS Behind the Scenes Analysis

For those who favor free markets and more moderated regulations, the bill on the surface is just fine.

The bill would indeed be good news for thousands working in manufactured housing, if it is passed into law, because it makes communications for front-line sales people with prospective buyers.  In those ways, MHProNews and MHLivingNews demonstrably favored passage of Preserving Access, of which this bill has one of its two provisions.

But is that the key issue?

As MHProNews has previously reported, sources say there is a kind of hypocrisy in the Arlington, VA based association’s manufactured housing advocacy, as the linked and below reveal.  Plus both sides are playing politics on this issue, playing to their respective audiences.

MHI – and the powers that be behind them – are demonstrably being hypocritical, as sources inside and outside of MHI have told MHProNews – as recently as today – because MHI could have made a deal like this without Congress, by agreement with the non-profits in a deal with the CFPB’s then Director, Richard Cordray.

See the email below as one of several possible pieces of evidence.

IshbelDickensPhotoNationalManufacturedHomeOwnersAssocNMHOALogoDailyBuisnessNewsMHproNews

 

Furthermore, MHI knew in 2012 that they were not going to be able to get past President Obama’s threatened veto of Preserving Access, even if the Senate had voted for it (the House has passed it repeatedly, but the Senate never has).

See former MHI VP Jason Boehlert’s statement, and full report, linked below. These can be called ‘allegations.’  But doesn’t the clear evidence support those claims?  And why won’t MHI defend or explain any of this, when they are often given the opportunity?

2012 Election Results and Coming Lame Duck Session

Sources say that “consumer groups” are now opposing the option they had previously offered, in part as a possible negotiating point.

Depending on which source and their claim(s) you listen to, MHI and their overlords are:

  • Inept, since they could have made this deal years ago, and saved millions of dollars in lobbying and costs,
  • Arrogant, for not making a deal, that MHI insiders tell MHProNews was on the table,
  • Playing a shell game, because a few big companies benefit from NOT passing any bill, and they would benefit if the bill passes too. For a select few, either one is ‘win-win.’
  • Deceptive to the small to mid-sized businesses that are the most harmed by this, which has per sources led to more companies that have sold out for less than their true value in a normal business climate, or were forced out of business entirely.
  • Harming many consumers, who really do need honest guidance.

What’s particularly interesting is that Nathan Smith, MHI’s prior chairman, admitted on camera that the association had a history of missed opportunities.  Has that history changed since he made that statement?

Per sources to the Daily Business News about this MHI plan, you can therefore call these maneuvers posturing, a con, hypocrisy, stupidity, arrogance, or any of the other claims and allegations noted herein or in the linked reports.

Whatever you or those sources believe, the end result for thousands of independents is the same.

Independents have been, and are being harmed, when MHI could have made this same deal years ago.

Who will hold MHI and their string-pullers accountable?

 

And just days ago, MHProNews confirmed with sources at the CFPB that no known meeting has taken place, nor had been scheduled there.  Why not, if they were serious about making these reforms to Dodd-Frank happen?

 

Inside Scoop Mulvaney-CFPB and MHI, Berkshire Hathaway Company Meeting Detail$

 

  • No wonder some states have quit MHI,

State Associations, Companies Quit Membership in Manufactured Housing Institute, (MHI), One Explains in Writing, ‘Why?’

  • Even retired Ross Kinzler – who said in an email to the Daily Business News that he’s doing work for MHEI, an arm of MHI – won’t defend MHI’s legislative agenda,

 

‘Over Target’ Reactions, WHA Exec (ret) Ross Kinzler, Won’t Defend MHI Policies & Points to Prior MHI Failure

 

And businesses have reportedly quit MHI too; blogger and NCC co-founder George Allen says he is among them.

 

On paper, the S 2155 bill is worth supporting for many in the industry.  But who will hold MHI and the forces that control them to account for years of harm already done to the industry and untold thousands of more potential home owners every year?

21stMortgageCorpLetterToRetailersClaytonHomesBerkshireHathawayDailyBusinessNewsManufacturedHousingIndustryMHProNews

Part of a memo from 21st Mortgage to their retailers, click the below report for details on this sad chapter in the industry’s history, that arguably led to hundreds of independent businesses, out of business.

Killing Off 100s of Independent Manufactured Home Retailers, Production Companies – Tim Williams/21st Mortgage “Smoking Gun” Document 2

 

Its Easy Being a Cheer Leader, Not as Much Fun to Tell Bad News…

…but how can independents plan and execute, if ‘their’ national association has hidden agendas?

MHProNews gets a volume of calls and messages about such reports – cheers to jeers. We’ve made our mea culpa for being misled ourselves, but once an error is discovered, the best option left is to correct it and then avoid it next time.

But for the sake of independent businesses, someone has to be willing to stand up and speak truth to the industry’s powers, as that truth is known and reported by reliable sources, including those who are or were in MHI.

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If we’re mistaken, please – MHI, show us where and how?

Oh, that’s right, your own paid MHI staff leaders won’t publicly defend the official agenda either, will you?

 

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We thank the various industry sources that make these and other such behind-the-scenes reports possible. “We Provide, You Decide.” ## (News, announcements, analysis, commentary.)

Finance Related:

Besides Preserving Access, there are the maneuvers that have taken place for years on the important Duty to Serve (DTS) issue.  Thankfully, the Washington, D.C. based trade group – as opposed to Arlington based MHI – has their eyes on the problematic issues emerging behind the curtain on that topic.

Plot Twist – Duty to Serve – Freddie Mac CEO Layton Called to Accountability w/Congressional, Administration Leaders Over New Manufactured Home Lending Revelations

Progressive “Nation” Reports on Monopolies Cites Buffett, Clayton, Others – MH Industry Impact?

(Third party images, cites are provided under fair use guidelines.)

ThereAreOnly2WaysToLearnOwnOthersExperiencesLATonyKovachManufacturedHousingIndustryMHProNews-575x235By L. A. “Tony” Kovach,
award-winning consulting, publisher, web, video, recruiting, sales training, business development service provider.

MHLivingNews.com | MHProNews.com | Office 863-213-4090 |

Connect on LinkedIn:
http://www.linkedin.com/in/latonykovach

 

Preserving Access to Manufactured Housing Act – Momentum or DOA?

April 20th, 2017 Comments off
PreservingAccesstoManufacturedHousingActDoes1MeanDOA-creditMHIGovTrackDawgsByNature-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: MHI logo, top left, Dawgs By Natures and GovTrack, all provided under fair use guidelines.

Much of the manufactured housing industry is familiar with latest version of the Preserving Access to Manufactured Housing Act of 2017 – a.k.a. H.R. 1699.  The Arlington, VA based Manufactured Housing Institute’s (MHI) latest “alert” urged their readers to keep up the momentum for the 4th iteration of a bill, which they designed to modify points and fees to make some higher cost loans possible, while also amending the unpopular MLO rule.

GovTrack reveals some startling insights, but the view from MHI will be reviewed first.

The MHI bill was presented by Representative Garland “Andy” Barr (R- KY). Barr is a true advocate for manufactured housing, as the information and video linked here reveals.

As have many others, MHProNews and MHLivingNews editorially supported prior versions of the bill for years. One of dozens of examples, is linked here.

Beyond the MHI cheerleading, what are the facts – per third parties – outside of manufactured housing?

PreservingAccesstoManufacturedHousingActDoes1MeanDOA-creditMHI-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: MHI’s latest emailed update, provided under fair use guidelines.

GovTrack and PredictGov, who have no vested interest in whether or not a bill passes, have provided some startling information.

PreservingAccesstoManufacturedHousingActDoes1MeanDOA-creditGovTrack-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: GovTrack.

They give the bill a one percent chance of passing.

With 99 to 1 odds against it, and millions spent to date on the MHI effort, this information should provide a wake-up call for the manufactured housing industry.

As PredictGov states, “The overall text of the bill decreases its chances of being enacted. The bill’s primary sponsor is from the state/territory: KY. The bill is assigned to the House Financial Services committee. The bill’s primary subject is Housing and community development.”

Credit: PredictGov.

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Tim Williams, credit, LinkedIn.

MHProNews has heard from a number of pro-MHI members, who believe the bill is a wasted effort in the Trump Administration era.

Conflict of Interest?

As the Daily Business News asked here, under the bylaws, articles and laws of incorporation for MHI, is there a conflict of interest when The Preserving Access to Manufactured Housing Act – a finance related effort that directly benefits two major industry lenders – is being promoted by the association’s chairman, Tim Williams of 21st Mortgage Corporation, whose firm is a direct beneficiary if such a law is passed?

 

Cheerleading For…What Goal?

In its News & Updates feature, MHI asks members to “Keep Up the Momentum: Ask your Representatives to Cosponsor H.R. 1699.” But with a one percent chance of passage, state association executives and other businesses of various sizes have asked privately, does even hundreds of emails and several co-sponsors truly equal momentum?

Introduced by a bipartisan group of Representatives, ‘The Preserving Access to Manufactured Housing Act’ addresses federal regulations implementing the Dodd-Frank Act that do not reflect the unique nature of the manufactured home financing and sales process,” says MHI.

H.R. 1699 modifies the definition of ‘high-cost’ loans so that manufactured home loans are not unfairly swept under this designation simply due to their small size. The bipartisan legislation also amends the SAFE Act and the Truth in Lending Act to exclude manufactured housing retailers and sellers from the definition of a loan originator, so long as they are only receiving compensation for the sale of the home and not engaged in financing the loans.”

When asked for an on-the-record comment, MHI would not respond to MHProNews’ inquiries about this – and other finance/industry related subjects, which will be covered in upcoming reports here on the Daily Business News.

Opportunity in 2016, Reportedly Lost

In an interesting twist, MHProNews previously reported that MHI insiders communicated to the Daily Business News that a negotiated deal with the support of consumer groups could have been made over a year ago which would have allowed the CFPB to modify their MLO rule, so long as MHI dropped the points and fees hikes.  That deal would have benefited thousands of industry locations and businesses of all sizes.

Why was that opportunity missed?

MHI staff are silent on that question, and others like it.

Presidential Veto…

With millions being spent by MHI every year, and this being one of their flagship efforts, why did MHI fail to take the half-loaf offered?  Even if Senate passage last year had been achieved, President Obama signaled during his term that had Preserving Access passed the Senate, he would have vetoed the legislation.

NewManufacturedHousingAsPercentageOfNewExistingHomeSales2016CreditManufacturedHousingIndustryDailyBusinessNewsMHProNews500x

All image credits are as shown, and images or third party documents that may be attached are provided under fair use guidelines. 

Among the off-the-record comments from a member of the financial services industry seem to show an under-reported trend among those who know the real score on the bill.

The problems with MHI aren’t the Association’s doing, it’s a few members.  Lenders like CU aren’t bothered by all the aspects because they think consumer first and still make a decent return,” one source said. “As always “off the record” because I don’t need to get dragged into HR, but that is my 2 cents.

While a lender was named in the message to MHProNews above, it should not be construed that the source does – or does not – work for that firm. Those comments came with respect to this article.

MHI – Weaponized News?

WeaponizedFakedNewsCostsMHIndustryBillionsManufacturedHousingIndustryDailyBusinessNewsGraphicStockMHProNews

As MHProNews covered here, MHI’s use of weaponized news to its members, and slanted advertorials to the public, presents several hurdles for the industry.

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Titus Dare. Credit: MHProNews.

James McGee and Chet Murphree said it very well on a video, it’s all about education…This [MHI] advertorial approach was a mix of good, bad, inaccurate, and deceptive marketing on behalf of a national manufactured housing association,” said Titus Dare, SVP of Eagle One Financial.

I’ve focused on the bad, because that is where the problems will come from. You would never see the NAHB or another national trade association blurt out such problematic nonsense.”

Tom Fath, an industry professional with a fresh view from a millennial perspective also shared his take.

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Tom Fath, New Durham Estates.

We have created a great industry that is in decay and under attack.  In order to change the perception of our industry, MH pros and leaders need to focus on the facts and true benefits regarding our products and communities to ensure our customers make educated decisions that fit their needs,” said Fath.

Probably the greatest enemy to the growth of the mobile home park [sic] industry into a mainstream form of real estate investment is … our industry itself,” wrote MHI member Frank Rolfe, in a story linked here.

CreditsBattleshipMissouriWikiCommons-MHILogoMHI-FrankRolfeMHU-CollageCreditMHProNews

Third party images on MHProNews are routinely provided under fair use guidelines, as is the case with the images in the collage above.

For more on what the manufactured housing industry is up against in its internal battles to achieve its potential, click here. ##

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

rcwilliams-writer75x75manufacturedhousingindustrymhpronewsSubmitted by RC Williams to the Daily Business News for MHProNews.