Posts Tagged ‘mick mulvaney’

White House Announces Surprise Pick to Head Consumer Financial Protection Bureau

June 19th, 2018 Comments off


President Donald J. Trump announced [Monday] his intent to nominate the following individuals to key positions in his Administration,” the White House pressroom tells the Daily Business News.

Dino Falaschetti of Montana, is to be the Director of the Office of Financial Research (OFR), Department of the Treasury.  The White House press room gave his bio as follows.

Mr. Falaschetti was born and raised in Illinois.  He earned a Ph.D. from Washington University in St. Louis, an MBA with high honors from the University of Chicago’s Booth School of Business, and a B.S. with distinction from Indiana University’s Kelley School of Business.  He served as a senior economist in President George W. Bush’s Council of Economic Advisors, and currently serves as chief economist for the House Committee on Financial Services.  Previously, as a professor, he earned tenure in economics and law, as well as a named professorship in finance.  As a business professional, he managed a Fortune 100 corporate finance department, and also served as an expert witness on matters involving governance, accounting, and finance.”


House Financial Services Committee Chairman Jeb Hensarling supported the nomination in a separate statement to MHProNews.

As is the case with most post-crisis creations of President Obama and Washington Democrats, the Office of Financial Research has failed to live up to its purported mission. Plagued by reports of inefficiency, poor morale and fiscal irresponsibility, the OFR is in desperate need of new leadership,” Hensarling stated. “Dino’s policy leadership on systemic risk and monetary policy, as well as his professional experiences with financial institutions and executive management in economic research, is exactly what OFR needs to realize its vision of ‘a transparent, efficient, and stable financial system.’ While we will miss his knowledge and expertise, I applaud President Trump for this outstanding pick.”



Oval Office Names Surprise Nominee to Head CFPB

The Los Angeles Times and some other self-proclaimed ‘progressive’ sources suggested that the nomination of Kathy Kraninger was designed to keep Mick Mulvaney on longer at the CFPB.

Some are saying she lacks the qualifications to Head what they say is currently the single most powerful regulatory agency in Washington, D.C.


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But the White House defended the choices, and said as follows in their statement.

Kathleen Laura Kraninger of Ohio, to be Director of the Bureau of Consumer Financial Protection for a term of five years.

Ms. Kraninger currently serves as the Associate Director for General Government at the Office of Management and Budget.  In her current position, Ms. Kraninger oversees $250 billion in budgetary resources for seven cabinet departments and thirty other federal agencies, including the Department of the Treasury, Department of Housing and Urban Development, and the Bureau of Consumer Financial Protection.  Ms. Kraninger started her career in public service as a Peace Corps volunteer.  After the attacks on 9/11, she joined the newly created Department of Homeland Security, and was promoted to Deputy Assistant Secretary for Policy.  Ms. Kraninger also worked in Congress, from 2011 to 2013 on the House Committee on Appropriations, and from 2013 to 2017 on the Senate Committee on Appropriations.  She received a B.A. in political science and education, Phi Beta Kappa, from Marquette University, and a J.D. from Georgetown University.”


Jeb Hensarling, official photo, chairman of the powerful House Financial Services Committee, R-TX.

Chairman Hensarling weighed in on that nomination too, with the following statement to the Daily Business News.

The Bureau has an important mission to enforce consumer protections laws, and properly designed and led, it is capable of great good. We have seen some of that good under the leadership of Acting Director Mulvaney, and I have no doubt that will continue under the leadership of Kathy Kraninger,” Hensarling said.

I am especially pleased that President Trump nominated an individual with management and budget experience—two qualities that are desperately needed at an agency which has been plagued with cost overruns and unnecessary spending and does not have a full-time and an independent Inspector General. I’m confident that, under Kathy’s leadership, gone are the days of wasting a more than $240 million of taxpayer money to renovate a building it doesn’t even own and paying staff to perform research that has nothing to do with the Bureau’s mission,” Hensarling said, adding, “I look forward to working with Kathy, the Trump Administration and House and Senate Democrats to reform the Bureau into a law enforcement agency that truly protects consumers and is accountable to the people’s elected representatives.”

Mulvaney, as regular MHProNews readers know, has made waves by trimming the power of the CFPB from within.

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

The Trump Administration – not a chest-thumping, posturing trade group in Arlington as some claim – made possible the change to Dodd-Frank that loosened up the MLO rule.  For more details, see the related reports, linked above and below.  ## (News, analysis, and commentary.)

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Note: those who think that the struggles over the enormous powers of the CFPB are over, need to think again. More on that in the days ahead.

Related Reports:

White House Signing Ceremony on Historic Pro-Growth Financial Regulatory Reform

President Trump Spotlights Factory Home Builder in Speech, Proven Promotion, Support of Industry Advancement


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

March 5th, 2018 Comments off

The Duty to Serve (DTS) program for manufactured housing industry retailers, communities and potential home buyers took what may be a problematic twist in news revealed, according to a memo obtained by the Daily Business News.


The memo to Donald H. Layton, Chief Executive Officer, Freddie Mac – one of the largest lenders in the nation, cc’d Congressional leaders and Trump Administration officials as follows:

  • Hon. Michael Crapo
  • Hon. Sherrod Brown
  • Hon. Jeb Hensarling
  • Hon. Maxine Waters
  • Hon. Jeff Sessions
  • Hon. Mick Mulvaney
  • Hon. Gary Cohn
  • Hon. Melvin Watt

The memo said that, “At a February 26, 2018 telephone conference meeting of the MHIT, Freddie Mac representative, Ms. Simone Beatty, indicated, for the first time, that Freddie Mac plans to pursue implementation of a “pilot program” — on an expedited basis (i.e., during June and July 2018) — for loans on an undefined “new class” of manufactured homes, apparently based on the exclusionary (i.e., limited to MHI members) / proprietary MHI “new class” of manufactured home research and development activity.”

The MHIT meetings are supposed to be confidential, sources tell MHProNews. 

But when the Daily Business News inquired, how can an important public policy matter like this that impacts thousands of businesses be kept confidential?’ no reasonable response has come forward from any source yet.

Secrecy over DTS regulations defies common sense.  MHProNews has called on the Federal Housing Finance Agency (FHFA), the Government Sponsored Enterprises (GSEs) and the Manufactured Housing Institute (MHI) to produce all minutes from all meetings, for complete transparency in a process that critics say has notably provided Berkshire Hathaway lenders with a windfall every year that the program has been delayed.


Per the memo, obtained today by MHProNews, and linked here and here as a download, says in part:


“...a participant in Freddie Mac’s “Manufactured Housing Initiative Task Force” (MHIT), has learned that Freddie Mac apparently plans to divert an unspecified portion of its already minimal and wholly inadequate support of the manufactured housing market under DTS to a so-called “new class” of manufactured homes which is currently being researched and developed on an exclusionary, proprietary basis by the Manufactured Housing Institute (MHI), under the direction and authority of a control group comprised, in relevant part, of executives of the industry’s three largest manufacturers.”

As noted, the memo CC’d key Washington leaders, concludes by saying:

For Freddie Mac, after ten years of inaction on DTS, followed by a blatantly inadequate DTS implementation plan, to now even consider diverting any aspect or portion of DTS to a “new class” of proprietary, high-priced, non-affordable manufactured home, is indefensible, inexcusable, in direct defiance of DTS, and unacceptable,” said Mark Weiss, President and CEO of the Manufactured Housing Association for Regulatory Reform (MHARR). Weiss says MHARR will take any and all steps necessary to see that this rerouting of DTS monies won’t go to the controversial, so-called ‘new class’ of manufactured homes.

FHFA Publishes Fannie Mae’s and Freddie Mac’s Underserved Markets Plans for Duty to Serve (DTS) Program

Once more, the link to the full memo is here, or is available here as a downloadable PDF of the document provided. ## (News, analysis, and commentary.)


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

Keith Anderson, CEO Champion Homes, MHI ‘New Class’ Monopoly Concerns Memo, ‘Harms Owners, Independents’

Wisconsin Housing Alliance – an MHI ‘Affiliate’ – Amy Bliss’ Messages Raise New Anti-Trust Issue

Duty To Serve, “Complete Waste of Time” per Tim Williams, CEO/21st Mortgage; POTUS Trump, Warren Buffett Insight$

Manufactured Housing’s “Trojan Horse”

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CFPB’s Mulvaney’s Email; What it Says, Mean$ to Lending, & Manufactured Housing

January 31st, 2018 Comments off


First, the Daily Business News will share the email that the Consumer Financial Protection Bureau (CFPB) Acting Director, Mick Mulvaney sent out.

Then, we will then briefly examine what it could mean to lending, and the manufactured home industry.


  • The CFPB email:


From: Mulvaney, Mick (CFPB) <>Date: January 23, 2018 at 12:59:57 PM CST

To: _DL_CFPB_AllHands


Subject: To Everybody from the Acting Director


When I arrived at CFPB, I told folks that despite what they might have heard, I had no intention of shutting down the Bureau. Indeed, the law doesn’t allow that, and as members of the Executive Branch we are charged with faithfully executing the laws. So let’s be clear: the law mandates that we enforce consumer protection laws, and we will continue to do exactly that under my watch.

At the same time, I also explained that things would be different under new leadership. I owe it to you to let you know more about what that means, but I was struggling with the way to best articulate exactly how things would be different. Then I read a story about my predecessor which highlighted how he ran the Bureau:

We wanted to send a message: There’s a new cop on the beat… Pushing the envelope is a loaded phrase, but       that’s absolutely what we did.” [Richard Cordray, Politico Magazine, Dec. 3]

I’ve seen similar language elsewhere as well. Indeed, I think it is fair to say that the previous governing philosophy here was to aggressively “push the envelope” in pursuit of the “mission;” that we were the “good guys” and the “new sheriff in town,” out to fight the “bad guys.”

Simply put: that is what is going to be different. In fact, that entire governing philosophy of pushing the envelope frightens me a little. I would hope it would bother you as well.

We are government employees. We don’t just work for the government, we work for the people. And that means everyone: those who use credit cards, and those who provide those cards; those who take loans, and those who make them; those who buy cars, and those who sell them. All of those people are part of what makes this country great. And all of them deserve to be treated fairly by their government. There is a reason that Lady Justice wears a blindfold and carries a balance, along with her sword.

It is not appropriate for any government entity to “push the envelope” when it comes into conflict with our citizens. The damage that we can do to people could linger for years and cost them their jobs, their savings, and their homes. If the CFPB loses a court case because we “pushed too hard,” we simply move on to the next matter. But where do those that we have charged go to get their time, their money, or their good names back? If a company closes its doors under the weight of a multi-year Civil Investigative Demand, you and I will still have jobs at CFPB. But what about the workers who are laid off as a result? Where do they go the next morning?

Let me be clear: there will absolutely be times when circumstances dictate that we take dramatic action to protect consumers. And at those appropriate times, I expect us to be vigorous in our enforcement of the law. But bringing the full weight of the federal government down on the necks of the people we serve should be something that we do only reluctantly, and only when all other attempts at resolution have failed. It should be the most final of last resorts

In my office you can find a copy of A Man for All Seasons about the life of St. Thomas More. My favorite passage is an exchange between the famous lawyer and his son-in-law, who encouraged More to arrest a man for simply being “bad.” His response is one of the most concise and articulate defenses of the rule of law in history:

This country is planted thick with laws, from coast to coast – Man’s laws, not God’s – and if you cut them down do you really think you could stand upright in the winds that would blow then? Yes, I’d give the Devil the benefit of the law, for my own safety sake.”

Put another way: if you push the envelope now in pursuit of the supposed “mission,” what’s to stop someone else – with a different mission, perhaps — from pushing that envelope against you tomorrow?

So, what does all of this mean, in terms of how we will operate at the Bureau? Simply put, we will be reviewing everything that we do, from investigations to lawsuits and everything in between.

When it comes to enforcement, we will be focusing on quantifiable and unavoidable harm to the consumer. If we find that it exists, you can count on us to vigorously pursue the appropriate remedies. If it doesn’t, we won’t go looking for excuses to bring lawsuits.

On regulation, it seems that the people we regulate should have the right to know what the rules are before being charged with breaking them. This means more formal rulemaking on which financial institutions can rely, and less regulation by enforcement.

And we will be prioritizing. In 2016, almost a third of the complaints into this office related to debt collection. Only 0.9% related to prepaid cards and 2% to payday lending. Data like that should, and will, guide our actions.

Speaking of data: the Dodd Frank Act requires us to “consider the potential costs and benefits to consumers and covered persons.” To me, that means quantitative analysis. And while qualitative analysis certainly can play a role, it should not be to the exclusion of measurable “costs and benefits.” In other words: there is a lot more math in our future.

And we’ve already made some important changes: the CEE team has already made some changes that will result in roughly $8 million more being available to compensate victims out of the penalty fund.

Writ large, I intend to exercise our statutory authority to enforce the laws of this nation. I intend to execute the statutory mandate of the Bureau to protect consumers. But we will no longer go beyond that mandate. If Congress wants us to do more than is set forth in the Dodd-Frank Act, they can change the law. Until then, we will enforce the law as currently written.

And that is because CFPB has a new “mission”: we will exercise, with humility and prudence, the almost unparalleled power given to us to faithfully enforce the law in furtherance of the mandate given to us by Congress. But we go no further. Simply put, the days of aggressively “pushing the envelope” of the law in the name of the “mission” are over.

Based upon my first month here, I am optimistic about our ability to redefine the way we serve the American people at the Bureau. I hope I can count on each of you to join me in that endeavor.

Mick M.

Acting Director

— End of CFPB email – italics and brown for quotes addedPDF download available, linked here. —

For those not familiar with the classic dramatic, witty, Academy Award winning movie, A Man For All Seasons, based upon the book Mulvaney referred to in his emal above, the move trailer is below.

Part Two…


National Mortgage News and some others in media noted that there was no mention in the State of the Union (SOTU) by President of the United States (POTUS) Donald J. Trump last night about GSE reform or what the plan is for the CFPB.

As the French would say, “au contraire.”

POTUS – by stressing his roll-backs of regulations, the tax cuts, what impact that is having on the economy – it all held to his campaign theme and promise.



For those oddly claim that the president is some “authoritarian,” then he’s one of the worst in history. Why?  Because cutting regulations reduces his power. That’s the polar-opposite of being a dictator or autocrat.


Those and the screen captures that follow of some quotes by Mulvaney are a road-map of what to expect.  To change or repeal the CFPB, the president needs to get Congressional approval.

But to review and revise how the CFPB operates, Mulvaney’s and POTUS’ quotes and actions to date all speak for themselves.


It is much like the political cartoon below, published weeks ago.  As a closing observation, once a track record is understood, and it becomes clear that it is consistent.


To see the MHI ‘failure bonus’ report, click here or the above.

The president appears to be genuinely connected to his base, and truly loves America and its people; all of its people.  The rollbacks are designed to level the playing field for businesses of all sizes.  Big business may not like universally like this development.

For many independent businesses, or those Americans who dream of having their own business, they will increasingly over time embrace the Trump Administration, if they don’t already appreciate it.

An interesting factoid from a flash poll from last night spotlights what is developing.

Among the Democrats that tuned in to the State of the Union, per CBS News, 43 percent liked what they heard.

If that holds up for the balance of the year, and his strong numbers with Republicans and Independents hold, then don’t count the GOP out during the midterms.

Change is in motion at the CFPB.

The outlook for lenders and the industry?

A strong dose of fairness, equity, and justice, so long as Mulvaney’s words are to be believed. ## (News, analysis, and commentary.)

Facts Matter – Mr. Obama’s “Alternative Universe,” Trump Admin, Investors & Politicized Manufactured Housing Data

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MH Finance Earthquake Coming? Trump Admin Master Stroke? Defanging CFPB, Manufactured Housing Impact?

January 19th, 2018 Comments off


The last quarter when Richard Quarter was director of the Consumer Financial Protection Bureau (CFPB), left-of-center Politico reports that, “former director Richard Cordray asked for $217.1 million. Cordray, an appointee of President Barack Obama, needed just $86.6 million the quarter before that.”


According to more centrist Reuters, what did Trump’s interim CFPB director ask for his quarterly funding from the U.S. Treasury?



Send no more money.

The move by Mulvaney, a vocal agency critic who is also is Trump’s budget chief, has spurred concerns among consumer advocates,” per Reuters.

Could it signal an intent by the Trump Administration to gut the agency, by defunding it?

If so, would that leave onerous regulations manufactured housing regulations – such as points/fees thresholds, and the MLO rule – unenforced, and de facto ended?

Mulvaney said he plans to spend down a $177 million reserve fund,” as part of his contribution to the deficit.

What will happen beyond that is uncertain.

But the Trump Administration – through vocal CFPB critic Mulvaney – could be signaling the next round of D.C.’s anti-swamp warfare. As Mulvaney said after his first day as acting director: “Elections have consequences at every agency.”

The Daily Business News will continue to monitor these developments for the industry.

MHProNews is herby calling upon the Manufactured Housing Institute (MHI) to reveal all of their messages and/or meeting minutes since Mulvaney has taken over at the CFPB.

Manufactured Housing Institute (MHI) Gives Written Responses – “Part of a Rigged, Corrupt System”

Doesn’t MHI needs to be transparent about if they are truly trying to achieve their claimed changes to Dodd-Frank, or not? “We Provide, You Decide.”

© ##  (News, analysis, commentary.)

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Mulvaney Moves Quickly to Start Reigning in the CFPB

November 27th, 2017 Comments off

MickMulvaneyCracksDownConsumerFinancialProtectionBureauCFPBThe question might be a coin toss for many in the manufactured housing industry.

Which federal agency has caused the manufactured home (MH) industry and its consumers more head-aches and heart aches in the last 5 (+/-) years?

Some would say, it’s the Department of Housing and Urban Development (HUD). But others would no doubt answer that it’s the Consumer Financial Protection Bureau (CFPB).

Manufactured home retailers and communities alike had their worlds upended by the CFPB.

Thus, the swift moves by White House budget director Mick Mulvaney, named by the Trump Administration as the interim director of the CFPB by until the Senate confirms a permeant nominee, will be met with some smiles by many in MHVille.

Two videos by Fox News show the state of play in the chess moves by Leandra English, who has sued to get the job that Richard Cordray gave her. For the left-right media tilt chart, click here.


Leandra English Sues to Control CFPB, Who’s Legally in Charge?

The Bloomberg video points to pro-CFPB Senator Elizabeth Warren’s take on the matter.

If Mulvaney and the White House prevail, it could be one of the more significant outcomes for the MH industry, which lost lenders as large as U.S. Bank due to the CFPB’s onerous policies.

Bank Vault Door Closes on Manufactured Housing Lender

The article linked below names some of the others who exited the industry’s lending as a result of the CFPB’s regulations.

Sam Landy, UMH CEO, on Dodd-Frank and The Preserving Access to Manufactured Housing Act – S 682/HR 650

The issue has the potential for making pursuit of Preserving Access irrelevant.

“Perverse”–Warren Buffett-Dodd-Frank, CFPB, Manufactured Housing, Loans, Independent Businesses Fact Check$

The Daily Business News will continue to track this breaking issue.  ## (News, analysis, and commentary.)

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Trump Administration Readies Budget Cuts, Familiar Name on List

February 23rd, 2017 Comments off

Credit: Media Matters.

As the Trump Administration prepares its first budget, a familiar name is on the chopping block.

Legal Services Corporation, AmeriCorps, the National Endowments for the Arts and the Humanities, and the Corporation for Public Broadcasting (CPB), parent of National Public Radio (NPR), are all in the crosshairs for cuts.

According to the New York Times, Representative Mick Mulvaney, a spending hard-liner, is now in place as budget director and his office is ready to move ahead with a list of nine programs to eliminate, in an effort to reorder the government and increase spending on defense and infrastructure.

The total amount of annual savings from cutting these programs would be in the neighborhood of $2.5 billion, which would be comparatively small. However, Trump administration officials have said that they want to highlight the agencies in their coming budget proposal as examples of misuse of taxpayer dollars.

A balanced budget is fine,” said President Trump in an interview with Fox News.

But sometimes you have to fuel the well in order to really get the economy goingI want a balanced budget eventually. But I want to have a strong military.

Some feel that the targets on the Trump Administration list don’t make sense.

Steve Bell, a former staff director of the Senate Budget Committee who is now with the Bipartisan Policy Center, said the programs identified in the memo would be of little significance in the government’s financial picture.


Credit: 12 Bytes.

It’s sad in a way because those programs aren’t causing the deficit,” said Bell.

These programs don’t amount to a hill of beans.

As Daily Business News readers are aware, the CPB and NPR not only receive government funding, but also solicit donations from viewers and listeners. NPR recently produced a segment that cited UMH properties in Nashville, Tennessee, which not only included misinformation, but was also picked up by the Tennessean, which in turn contradicted a recent story they did on UMH, which highlighted how pleased residents were with their communities.


Credit: iMediaEthics.

With huge deficits and mounting debt, should U.S. taxpayers be funding any media,” said MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach, commenting on a recent op-ed on the topic, “other than video feeds from CSPAN or social media posts by agencies that allow citizens to follow their government’s actions?

LATonyKovach-Louisville-2015-mhpronews-com-275x156Kovach continued, speaking to “agenda journalism (as opposed to legitimate editorializing, which should be in a different part of publication) is the recent case of NPR’s attack on private investor owned manufactured home communities. and dug into those issues, revealing facts that NPR simply ignored. When we contacted NPR for comments on clearly overlooked third-party information that ran counter to their narrative, their reply? That they stand by their reports, said Kovach.

Of the targets on the list, backers of the National Endowment for the Arts are very likely to put up a significant fight to survive.

The public wants to see agencies like the N.E.A. continue,” said Robert L. Lynch, head of Americans for the Arts, a nonprofit organization.

There is always a debate, but there has been agreement among Republicans and Democrats that funding for the arts is a good thing, and it has been kept in place.

But, Stephen Moore, a Heritage Foundation economist, says that “powerful constituencies” are behind many of the programs that are in the crosshairs.

Even so, he believes that since Republicans are now in control of the government, they need to make good the promise made to voters not only during the campaign, but over many years.

I think it’s an important endeavor to try to get rid of things that are unnecessary,said Moore.

The American public has a lot of contempt for how government is run in Washington, in no small part because there is so much waste.

The original NPR segment on UMH is linked here. ##


(Image credits are as shown above.)



RC Williams, for Daily Business News, MHProNews.

RC Williams, for Daily Business NewsMHProNews.

Operation Choke Point Examined by Subcommittee

March 27th, 2015 Comments off

financial_services_committee__us_gov__creditThe Financial Services Committee informs MHProNews that the Oversight and Investigations Subcommittee held a hearing to scrutinize the role of the Federal Deposit Insurance Corporation (FDIC) in shuttering legitimate businesses by closing their bank accounts. The only witness at the hearing was FDIC Director Martin Gruenberg.

Termed Operation Choke Point, the Department of Justice (DOJ) and financial regulators determined particular businesses as “high risk” based on allegations of a heightened incidence of consumer fraud, regardless of whether they had done anything illegal.

Specifically, businesses targeted included gun dealers, payday lenders, ammunition manufacturers, short-term lenders and other legal vendors. FDIC regulators warned banks not to service these businesses with whom they had ideological differences or risk the government’s wrath.

Rep. Mick Mulvaney (R-SC) told of a constituent who owned a pawnshop, but after 25 years of a relationship with her bank, was told she could not borrow from the financial institution because of the nature of her business.

While Chairman Gruenberg admitted it was wrong for the FDIC to arbitrarily stop a financial relationship between a legitimate business and a bank, government officials who pressured the banks to cease extending lines of credit to “high-risk” legitimate vendors have not been held accountable for their actions. ##

(Image credit: U. S. House of Representatives Financial Services Committee)

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