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Manufactured Housing Institute (MHI) PAC Supports Former Hillary Clinton VP, Senator Tim Kaine, Other Anti-Trump Agenda Democrats

October 12th, 2018 Comments off

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People can spin, but the unvarnished facts don’t lie.

 

The facts about the headline will be revealed further below, as we tee up this timely topic.  Follow the money.  Follow the facts. What the money trail and facts reveal may surprise you, and/or your colleagues.

 

Affordable Housing Is Non-Partisan

In recent reports, as for previous years, MHProNews has made it clear that manufactured homes – affordable housing – is a non-partisan issue.

There have been several times when leaders from the pre-HUD Code mobile home industry, and the post-HUD Code manufactured housing industry came together with members of both major parties to get important legislation done.

That kind of bipartisan or nonpartisan engagement is how ‘mobile homes’ morphed through federal standards into HUD Code manufactured housing. That effort was signed into law by President Gerald R. Ford (GOP-R).  ICYMI, or want a refresher, you can see the related report, linked below.

 

U.S. President Praised “The Mobile Home Industry,” Manufactured Homes are “Here to Stay”

 

Prior to POTUS Ford, President Richard M. Nixon promoted federally backed loans for mobile homes, in the pre-HUD Code home era.  Again, as a refresher or ICYMI, see that report, shown below.

Help Others “Get It” – Loans on “Mobile Homes” Promoted by Another U.S. President

 

The first full year of the HUD Code took place during President Jimmy Carter’s (D) administration (1977).  Carter’s brother Bill filled some higher profile roles for companies he served a few years later in manufactured housing.

U.S. Presidents Carter, Nixon, and Ford Connections to Mobile Homes and Manufactured Housing

MHProNews has lead-the-way in factory-built housing spotlighting reality, be it highly partisan divides, or bipartisanship by a wide margin.

 

Who Says Bipartisanship is Dead? House Passes Massive “JOBS & Investor Confidence Act” S 488 by 406 to 4 Vote

We strive to cite sources across the left-right media divide, and let reality speak.

Affordable Housing, Manufactured Homes, Bipartisanship, Bill, Newt, Sexual Scandals, and You

 

Having Established the Factual Track Record…

That said, it’s important for the manufactured housing industry’s professionals to understand what’s happened in America until-2000 and what’s happened since 2001 are strikingly different experiences.

While there is still bipartisanship, such as S 2155, there was arguable neglect of good laws on the books laws since 2000 under both Democrats and Republicans. But much of the more serious harm done to manufactured housing occurred during the POTUS Barack H. Obama Administration era.  The importance of reports like the one below paint a picture that investors and long-term professionals should grasp.  Because government action or inaction impacts your business day-by-day.

Nathan Smith, SSK Communities, From Mobile Home Resident to Manufactured Home Communities Owner, & Manufactured Housing Institute Leader

 

Heavy regulation – coupled with purported capital manipulation – during the Obama years were debatably part of what drove thousands of businesses out of business.  There is a stark contrast between the prior 8 years under former President Obama, and the first 21 months of the POTUS Donald J. Trump Administration.

Danny Glover, Presidents Barack Obama & Donald Trump, Promises Kept, and Affordable Manufactured Housing

 

While MHI understandably wants to work with both sides of the political aisle, they have also to admit that their own former government relations vice president publicly said in an exclusive to MHProNews that there was essentially no chance for Preserving Access to Manufactured Housing Act pass with Mr. Obama in the White House. Then why were millions spent by MHI, focusing on an issue – Preserving Access – that their own GR VP said had no chance?

2012 Election Results and Coming Lame Duck Session

 

Why Is MHI Backing Prominent Anti-Trump Candidates in Some Key Races?

According to Open Secrets, there is evidence that MHI has been supporting key Democratic candidates in tight races over Republican ones.

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For example, some of those supported candidates are in key races for control of the U.S. Senate.

They include, but may not be limited to:

  • Sherrod Brown – (OH-D)
  • Joe Donnelly – (IN-D)
  • Kyrsten Sinema, (AZ-D) and
  • Jon Tester (MT-D)

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Can MHI explain the logic of MHI PAC money payments to Maxine Waters?

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Or where was the logic in MHI PAC giving a “top contributor member” – per Open Secrets – to Barney Frank, co-author of the bill Dodd-Frank, that arguably harmed many industry members, and consumers?

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There is much more, but those should drive home this point. Where was or is the logic of the MHI PAC giving big contributions to those who oppose the interests of small to mid-sized manufactured housing industry companies? How does cutting off market-place options, or killing jobs, help consumers and taxpayers?

 

MHI and Elizabeth Warren

MHI may be tipping their Berkshire Hathaway hand once more, but putting out a message to their members last week, apparently promoting a program by Senator Elizabeth Warren (MA-D).  Warren was a strong supporter of the creation and protection of the Consumer Financial Protection Bureau (CFPB) and Dodd-Frank.

Facts & Analysis – Senator Elizabeth Warren re: Manufactured Housing Institute Memo to MHI Members, 10-3-2018

By Contrast, while MHI members were being treated in 2016 to two paid pro-Clinton speakers at their Chicago event, just days before the election, MHProNews worked over-time in 2016 to promote the election of a pro-growth, pro-jobs, pro-business president.

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Warren Buffett, and several of his mega-billionaire friends are open supporters of Democrats like Elizabeth Warren (MA-D), Sec Hillary Clinton (D), and former President Barack H. Obama (D). While some obviously will be happy about this, there are thousands of small to mid sized manufactured housing professionals who would find it objectionable to understand the purported ties between MHI, Berkshire Hathaway, and the regulations that have hobbled the industry.

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While the Manufactured Housing Institute (MHI) paid for two pro-Clinton speakers in the closing days before the 2016 election, the Kovach family supported Donald J. Trump’s candidacy as the best for the industry, small business and hundreds of millions of Americans. One of those stories ended up on the president’s campaign website, and hundreds of conservative and pro-Trump websites.

The Masthead features an analysis of what’s happening in the run-up to the midterms, which are now only 4 weeks out.

Truth, Trump, Tragedy, Triumph, Affordable Housing, and Manufactured Homes

Four states, says MSNBC,  already have early voting underway.

With other forms of robotic, 3D printing, and other kinds of imported factory-built housing emerging, HUD Code manufactured housing professionals need to be thinking strategically in their votes for the midterm.  The polling shows that several races in the Senate are now tilting Republican. But the House is still considered a toss-up.

Turnout will decide, as it always does.  Trump supporters shocked the world in 2016.  Will they do so again in 2020? Will the de facto endorsement of people like Kanye West continue to move more minority voters into the Trump camp?

Risk Taking! Kanye West, Jim Brown, POTUS Trump Oval Office Meeting, Plus MH Market Updates

Every race is about not just money, but in the end, about votes.

Democrats have more money, as MHProNews has previously documented.  Democrats have more money because they have more and richer billionaire backers, including Warren Buffett and his buddy Bill Gates.

But voting for pro-Trump candidates is how the continuation of regulatory rollback and tax-cuts made permeant can take place.  It’s what organizations like the NFIB is working for with their manufactured housing, and 325,000 other small business members.  Do your home-work, help inform others, and vote. ICYMI, or need a refresher, check out the related reports, further below.

 

Non-Partisan MHARR

By contrast, MHARR is non-partisan.  They have no PAC.  But they have repeatedly supported the pro-growth, Trump agenda. A year ago, they gave the industry this heads up in this video interview.

 

Check out MHARR’s latest call to remove the barriers that harm our industry. 

MHARR Calls on HUD To Remove Zoning, Placement and Consumer Financing Barriers to Manufactured Homes

Editorially, MHProNews has formally supported the Trump pro-growth agenda since the spring of 2016.  MHProNews believes in working towards reforms that reduce the regulatory barriers and market manipulations that have harmed the small to mid-sized companies of our industry, that limits choices by consumers, and thus harms the nation.

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The comment above was said with respect to another recent topic, but relates to this issue too.

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Related Reports:

Performer Taylor Swift, HUD Code Manufactured Homes, Manufactured Housing Institute (MHI) PAC Donations, and 2018 Midterms

 

Warren Buffett Would be Okay With Clayton Homes Losing Money, Says Kevin Clayton – But Why?

President Donald J. Trump Visit to Manufactured Home Community, Video, Hurricane Florence Update

“A New Era of Cooperation and Coordination,” is Promised by HUD Secretary Carson, Saying “I Hear You”

Greener, Stylish Manufactured Homes – Hidden Facts in the Washington Post Manufactured Housing Narrative

 

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

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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.)

Related:

‘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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Decisions in CFPB Appeal

February 8th, 2017 Comments off
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Credits: Housingwire, CFPB.

A major blow was delivered to those who were working to defend the Consumer Financial Protection Bureau (CFPB) last week, when a federal appeals court denied their motions.

According to Pay Before, the same three-judge panel of the U.S. Court of Appeals for the D.C. Circuit that determined the CFPB structure was unconstitutional in October 2016, denied appeals in the PHH Corp. vs. Consumer Financial Protection Bureau case.

In the decision, which was covered by the Daily Business News here, the court determined the CFPB is controlled by a “single, unaccountable, unchecked director, Richard Cordray, who can only be removed for just-cause, which poses the risk of arbitrary decision-making and abuse of power compared to a multimember independent agency.

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Senator Sherrod Brown. Official photo.

The circuit court ultimately ruled that the CFPB could continue operating, but that the director can now be replaced at will.

Recent motions filed by U.S. Senator Sherrod Brown (D-Ohio) and U.S. Rep. Maxine Waters (D-Calif.), argued that Congress wanted a single director for the agency, because lawmakers who drafted the Dodd-Frank Act, which established the CFPB, “understood that the nation needed a regulator that could respond quickly and effectively to new threats to consumers … and it knew that the CFPB’s effectiveness could be hampered by the delay and gridlock to which commissions are susceptible.

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Representative Maxine Waters. Credit: Wikipedia

Sixteen state attorney generals and the District of Columbia also filed a motion, defending the CFPB in its current incarnation.

As the representatives of millions of citizens across the country, the state attorneys general have used their express statutory authority to bring civil actions to enforce consumer financial protection laws and to pursue regulatory actions in coordination with the CFPB to protect consumers against unfair, deceptive and abusive financial practices,” the motion said.

The current ruling, if permitted to stand, will undermine the power of the state attorneys general to effectively protect consumers against abuse in the consumer finance industry.

Public interest groups, including the Americans for Financial Reform, Center for Responsible Lending, Leadership Conference on Civil and Human Rights, and Maeve Brown, chairperson of the CFPB’s consumer advisory board also filed a joint motion in support of the CFPB, which they decided to do after President Trump put the organization, and Dodd-Frank, in the crosshairs for major changes.

President Trump has voiced strong opposition to the Dodd-Frank reforms that created the CFPB,” according to the group’s motion.

IDontThinkThereWasEverMuchHighCostLendingInTheManufacturedHousingMarket-stillcreditCSPAN2--RichardCordrayCFPBdirector-Posted-MHLivingNews-com-

Still from an Inside MH video, reflecting how Richard Cordray himself said that there was never much high cost lending in the manufactured housing industry market. Click here or on the picture above for the full story.

President Trump started the process of dismantling Dodd-Frank in an executive order signed on February 3rd.

Following the court’s October panel decision that the CFPB structure is unconstitutional, the bureau filed a petition in November for a rehearing before the entire appellate court.

Had the circuit court granted the motions last week to intervene, the groups would have been able to submit briefs supporting the CFPB’s structure in the event of a rehearing of the case.

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President Barack Obama announces the nomination of Richard Cordray as the first director of the CFPB on July 18, 2011. Credit: Wikipedia.

According to one attorney, that would have been unprecedented.

In my entire career, I have never heard of someone trying to intervene at the Court of Appeals level related to a petition for rehearing,” said Alan S. Kaplinsky, partner, Ballard Spahr LLP.

PHH sued CFPB Director Richard Cordray after the agency issued an order against the lender for $109 million over an alleged kickback scheme around reinsurance payments. The CFPB accused PHH of referring customers to mortgage insurers who, in turn, bought reinsurance from one of PHH’s units.

The Daily Business News will continue to follow developments around the CFPB and update this story as information becomes available. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

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

Cordray Defiant, Says Trump Won’t Change Agency

January 28th, 2017 Comments off
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Richard Cordray walks into a Treasury hearing. Credit: LA Times.

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

And he’s not pulling any punches.

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

 

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

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

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

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A tweet from Senator Bob Sasse.

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

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

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

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

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

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

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

CFPB Dir. Richard_Cordray_c-span2__credit postedDaily BusinessNewsMHProNews

Credit: CSPAN2.

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

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

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Senator Sherrod Brown. Official photo.

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

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

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

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

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Representative Maxine Waters. Credit: Wikipedia

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

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

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

 

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

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

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

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

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

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

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

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

 

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

RC Williams, for Daily Business News, MHProNews.

Carson Approved by Senate Committee, Provides View on MH

January 24th, 2017 Comments off
CarsonApprovedbySenateCommitteeProvidesViewonMHcreditNewsMax-postedtothedailybusinessnewsmhpronewsmhlivingnews

Ben Carson taking the oath at his confirmation hearing. Credit: Newsmax.

The Senate Banking, Housing and Urban Affairs Committee has unanimously approved Dr. Ben Carson for Secretary of Housing and Urban Development (HUD.) His nomination now heads to the full Senate for a vote.

Manufactured housing also took center stage, as the Manufactured Housing Institute (MHI) tells MHProNews that Senator Dean Heller (R-Nevada) asked Dr. Carson to describe in writing his view of the role of manufactured housing in the provision of affordable housing in rural areas.

 

I do see manufactured housing playing an important role in providing affordable housing in rural areas. I think it’s important to ensure HUD’s policies promote access to this valuable resource,” said Carson.

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Senator Dean Heller. Official photo.

After the vote by the senate, Carson will inherit an agency with 8,300 employees and a budget of about $47 billion.

According to WWLP, Committee Chairman Michael Crapo of Idaho praised Carson and his impressive career.

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Senator Michael Crapo. Credit: Wikipedia.

HUD will benefit from having a secretary with a different perspective and a diverse background,” said Crapo.

The committee advanced Carson’s nomination in a simple voice vote without major opposition from Senate Democrats, who are fighting other appointees of President Trump.

Senator Sherrod Brown of Ohio, the leading Democrat on the panel, said he was supporting Carson because of his commitments to address lead hazards, uphold fair housing laws and advocate for rental assistance, despite his reservations.

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Senator Sherrod Brown. Official photo.

I would not have chosen him because of his lack of experience and his often troubling public statements over the last three years,” said Brown.

But despite my reservations and my disagreements with some of his positions, I’ll give Dr. Carson the benefit of the doubt.”

Prior to the vote, Brown proposed unsuccessfully that the committee begin requiring Cabinet-level nominees to submit three years of tax returns before confirmation hearings.

Republicans opposed the change.

Our extensive coverage on the nomination and confirmation of Dr. Ben Carson includes four former HUD Secretaries endorsing Carson and an open letter from MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach.

The letter from Kovach is linked here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

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

The Hill-Bankers Sigh-but it’s not the “Iced Tea Party”

May 26th, 2014 Comments off

While the Tea Party can trace its origins to anger over the Wall Street bailouts in 2008, the sharp edge for that movement of the Republican Party to the right has been dulled at the polls recently, much to the relief of the banking industry, which sees the shift as a better chance for the establishment Republicans to retake control of the Senate. Representative Mike Simpson (R-ID) was taken to task for supporting the bailouts, but handily bested his conservative opponent, while Senate Minority Leader Mitch McConnell (R-KY) did the same to primary challenger Matt Bevin who highlighted the Wall Street rescue (for which McConnell voted) as a central theme of his platform.

The financial industry was not pleased with the conservative-led shutdown of the government nor the skirmish over the debt limit, preferring to not rock the boat of a shaky economy, but at the same time knows its bread is not best buttered by the Democrats either. While recent elections have seen conservative challengers win primaries over centrist Republicans and then lose to Democrats in the general elections, according to thehill.com, that is less likely to happen with more mainstream candidates on the ballot. Sen. Sherrod Brown (D-OH) is a frequent critic of Wall Street, and while he is not up for re-election until 2018, he is the heir apparent to head the Senate Banking Committee when Sen. Tim Johnson (D-SD) retires, making a Republican-controlled Senate more desirable for the banking industry.

Francis Creighton, head of government affairs for the Financial Services Roundtable, tells MHProNews, “As an industry, we have to look at every member of Congress independently, we can’t just assume that there’s going to be one party for us and one party against us.” While the economy remains in an iffy gear, Wall Street is prepared for more criticism on the presidential campaign trail, hoping a viable Republican contender will step forward and pull the debate to the right.

MHProNews publisher L. A. ‘Tony’ Kovach suggests that any who think the the GOP’s right wing is dead has misread the tea leaves. “It’s not the ‘Ice Tea Party,’” Kovach quipped. “That movement is maturing and is backing more candidates who can win in the general elections. It’s still the hot Tea Party for millions who see endless scandals, a weak economy and foreign policy reversals as goads to do more to fix DC politics, not less.” ##

(Image credit: Tea Party)

Both Parties in Congress Favor Revising Dodd-Frank

April 24th, 2013 Comments off

MHProNews has learned from the Wall Street Journal there is rare bipartisan support in Congress to roll back a provision in the Dodd-Frank Act that could produce a decline in manufactured home lending, thereby hurting builders, lenders, and owners. A part of Dodd-Frank sets a threshold for interest rates beyond which loans are considered “high cost” by the Consumer Financial Protection Bureau (CFPB) and do not offer legal protections. Many of the loans for manufactured homes fall into this category because they carry interest rates above ten percent, and since purchasers of manufactured homes generally have lower incomes, they are more likely to default. In addition, manufactured homes may lose value over time in some scenarios, and if the home goes into foreclosure the lender will recover less money. Tim Williams, CEO of 21st Mortgage, the largest lender to MH buyers, says a third of his loans from 2010 to 2011 would have landed beyond the CFPB’s threshold. He says the bureau’s restrictions will harm those of modest means in rural areas and will also make it more difficult for individuals to sell their homes. House and Senate lawmakers are working on legislation to make fewer loans “high cost.” Sen. Sherrod Brown (D-OH), noting manufactured homes represent a different consumer base than buyers of traditional homes, says the measure he will introduce would “bring regulations for manufactured housing in line with their place in the market.” Joe Stegmeyer, CEO of Cavco Homes, Inc., the second largest producer of manufactured and modular homes, noting companies are already having tough time, says, “If we see that financing dwindle…it certainly will mean closure of a number of plants.”

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Senator Brown to CFPB: Relax High Cost Mortgage Rules

January 10th, 2013 Comments off

HousingWire reports Sen. Sherrod Brown’s (D-OH) letter to Consumer Financial Protection Bureau’s (CFPB) Director Richard Cordray asserts manufactured homes may become less attainable under the newly defined CFPB’s regulations that deal with high-cost mortgages. For mortgages on properties under $50,000, a high-cost mortgage is now defined as a first mortgage with interest rates of 6.5% (or 8.5% or more). Since MH mortgages are often low value and have more compliance requirements and penalties, lenders will be less likely to offer these loans, he said. “While these disincentives will help alleviate bubbles in the general housing market, they could also prove devastating to low-income families looking to purchase manufactured housing,” Sen. Brown asserted in his letter. Noting the new rules may smack of abusive lending practices, he asked Cordray to alter the high cost mortgage regulation, MHProNews has been informed. Last year, Kevin Clayton, president of Clayton Homes, testifying at the U.S. House Financial Services committee, noted, “The ability for lenders to securitize manufactured home loans in the secondary market, particularly those secured by personal property, has been very limited.”

(Photo credit: Deer Valley Homes)

Democratic Senate Candidate Donnelly Skips Charlotte

September 6th, 2012 Comments off

In his political blog, Jim Shella of Indianapolis notes U.S. Senate candidate Joe Donnelly chose to tour a vocational school in Indianapolis instead of attending the Democratic National Convention in Charlotte, NC this week. Responding to Republican opponent Richard Mourdock’s attack ads aligning him with President Obama, Shella notes it is a good way for Donnelly to distance himself from the president. Says Donnelly, “I’ve got better things to do than go down there. I’ve got a chance to be here in Indiana.” In his exclusive interview with MHProNews, Donnelly did not align himself with Obama when given the opportunity. A longtime supporter of manufactured housing, Donnelly co-sponsored the Preserving Access to Manufactured Housing Act (H.R. 3849) in Jan. 2012. A source suggests to MHProNews that Donnelly was helpful in getting Democrat Sherrod Brown with S. 3484. In response to Mourdock, Donnelly says, “You know if Richard Mourdock wants to run against Barack Obama, he ought to run for President. I’m running for Senator for the state of Indiana so we can create jobs here, create opportunity here and that’s what this election’s about.”

(Photo credit: MHProNews)