Posts Tagged ‘Wall Street’

Wall Street, Lesli Gooch – Manufactured Housing Institute EVP – Penetrating Scotsman Guide Interview Analysis

January 26th, 2019 Comments off



Timely information combined with money can move stocks and markets. Information may be legally or illegally used, as the growing storm clouds over Cavco Industries (CVCO) concerning certain trades by Joe Stegmayer and Cavco reminded the manufactured home industry and its investors.  But note that Stegmayer and Cavco are not directly tied into today’s analysis, though they will be the focus of a looming report.


There was an interview reported this past week by the Scotsman Guide with the Manufactured Housing Institute (MHI) Executive Vice President (EVP) Lesli Gooch, Ph.D. That publication has quoted MHI previously.

Before examining Gooch’s comments and their timing, one should pause and do a brief refresher on the award-winning Oliver Stone movie, Wall Street.  Some selected quotes from Wikipedia will serve to tee up the ball, by conveying plot-lines that convey fictional but still useful concepts.  Each bullet is a quote from the link here.

     Bud Fox is a junior stockbroker at Jackson Steinem & Co. in New York City. He wants to work with his hero, Gordon Gekko, a legendary Wall Street player.

     Bud provides him [Gecko] some inside information about Bluestar Airlines, which he has learned in a casual conversation with his father, Carl, leader of the company’s maintenance workers union.

     …Gekko offers Bud another chance, and tells him to spy on British CEO Sir Lawrence Wildman and discern Wildman’s next move. Bud learns that Wildman is making a bid for a steel company. Through Bud’s spying, Gekko makes money, and Wildman is forced to buy Gekko’s shares to complete his takeover.

     …Bud is promoted as a result of the large commission fees he is bringing in and is given a corner office with a view. He continues to maximize inside information and use friends as straw buyers to provide more income for him and Gekko. Unknown to Bud, several of his trades attract the attention of the Securities and Exchange Commission.

     …Bud devises a plan to drive up Bluestar’s stock before manipulating it back down…” 


The MH Evening Market Report 

Every evening for several years, the Daily Business News on MHProNews does a closing market recap of specific manufactured housing industry connected stocks after the closing bell. What years of observations have yielded helped forge an evolving evening market report. Every business news show or website is premised in part on the notion that news stories, data, headlines, and insights often move one or more stocks, or even the broader markets.

For balance, MHProNews uses bullets from CNN Money and Fox Business, to allow for the media’s evident left-right divide. We use closing market data from CNN, Yahoo, and Bloomberg too.



MHProNews looks at issues from a wide variety of perspectives.


That a mere statement can move stocks and/or the broader markets is beyond question. For example:

Warren Buffett, Jeff Bezos, and Jaime Dimon made a public announcement in 2017 on the day of President of the United States (POTUS) Donald J. Trump’s State of the Union (SOTU) Address. Healthcare stocks, and much of rest of the markets dropped that day, as an apparent result.  Prior to that, stocks had enjoyed a long, steady rise.

Words and ideas apparently matter to Wall Street and investors. Who speaks those words matters too.

With that backdrop, let’s consider what “Dr. Gooch” from MHI said to the Scotsman Guide, as well as what occurred. There are no specific allegation being made. But the facts, quotes, narrative, and the outcomes after the shutdown will be considered. 

Let’s next look at some selected items from Scotsman Guide (SG) Media’s About Us page.

Scotsman Guide, the leading resource for mortgage originators, is published nationally every month in separate residential and commercial editions


Our History

Scotsman Guide Media is privately held company that has served the mortgage lending industry since 1985

Mission Statement

Scotsman Guide Media’s mission is to be the leading provider of information, resources and tools for professionals in the mortgage industry —in both the residential and commercial markets.

Toward this goal, Scotsman Guide Media has been taking the following steps

         Publishing educational articles and in-depth news-based features that keep mortgage professionals apprised of market trends and developments…”

The Daily Business News on MHProNews now turns to the actual SG article, starting with the date, time stamp, and featured image as shown.



Top Headlines 

Jan 22, 2019  16:50 ET.

Shutdown threatens manufactured-home industry

The government shutdown hasn’t widely affected the manufactured-housing industry yet, but a prolonged closure has the potential to stop deliveries of new manufactured homes all over the country, an industry trade group says. 

The U.S. Department of Housing and Urban Development’s (HUD’s) Office of Manufactured Housing, an agency that oversees the building code and certification process for manufactured homes, has been closed during what has become the longest government shutdown in U.S. history. This has only so far affected manufacturers producing homes that require letters of approval for alternative construction, according to the Manufactured Housing Institute (MHI), an industry trade group.  

HUD often opts to approve alterations in approved floor designs or other features in manufactured homes on a case-by-case basis.  Because of the shutdown, HUD’s office can’t do that, leaving some manufacturers in limbo, said Lesli Gooch, MHI’s senior vice president for government affairs.

“If you don’t have approval through the alternative-construction process, that house can’t be delivered because that house can’t receive the HUD code-certification label,” Gooch told Scotsman Guide News. “We have a lot of manufacturers.”

Gooch said one plant in Mississippi, for example, was awaiting approval last week from HUD to install an HVAC unit that isn’t on its approved list. That company is producing manufactured-home units for the Federal Emergency Management Agency (FEMA).

“Because HUD is closed, they are not going to get approval, which means the production of these FEMA units is on hold until they get approval,” Gooch said. She said the trade group is still investigating how many deliveries have similarly been disrupted.

“I don’t have a sense of how large a problem this is as far as production being halted because of the need to renew an alternative-construction letter or the need to obtain an alternative-construction letter,” Gooch said. “The Mississippi issue is one that I was contacted about just because it is one federal agency requesting homes, and they can’t be built because HUD is closed,” she said.

Gooch also said there is the potential for widespread problems should the shutdown drag on for another month. MHI believes there is a possibility that the supply of HUD tags could run out because of the closure and budget impasse.  

Every manufactured home that is built and delivered in the U.S. — roughly 8,000 per month — has to be inspected and certified as having met safety standards. Once inspected, the manufacturer is given a red-metal tag, which is affixed to the exterior of the building to verify that it meets the standard. The home can’t be delivered to a customer until it is tagged.

“Based on our research, the industry’s PIAs [primary inspection agencies] should have enough labels on hand to get through the end of February,” Gooch said. “If the government shutdown continues, early March is our first estimate of when a problem could develop.” 

For the duration of the shutdown, HUD has also stopped the Title 1 loan program, which backs a small number of chattel loans each year used by borrowers to buy manufactured homes that aren’t titled as real property.  

 ## End of SG article being reviewed ##

The original article from the Scotsman Guide is linked here, and a download of the screen capture of that article’s page as of the date of this Daily Business News on MHProNews post is linked here.

Now, let’s turn to two graphics from our evening market reports.  The first is from the evening of 1.23.2019.  This would be the day after Gooch’s quoted commentary, shown above.


Berkshire and MMI clearly have other interests, beyond manufactured homes, as is true of some of the other tracked stocks shown above. But Cavco is a factory-built housing focused firm. The majority of the tracked stocks fell on the day following Gooch’s comments.


The next graphic is from the evening of 1.25.2019, after the end of the partial federal shutdown was announced.


Virtually all tracked stocks moved up by the close of the market’s day following the partial federal shutdown. Next, look at what the broader markets did on 1.23.2019 and on 1.25.2019.


Note that there was already Washington, D.C. and media scuttlebutt that a deal to end the recent shutdown was already in motion at the time the Scotsman Guide article was published.  Note too what the broader markets did on both days, which largely closed up.



These 12 indicators are published every evening on the Daily Business News on MHProNews market summary and related featured report. Note that the markets generally rose both days, but on the 1.23.2019, the manufactured housing industry’s connected tracked stocks largely fell. It could be a coincidence. But what if Gooch’s article – intentionally or not – was used by traders and investors to reconsider some of their positions in manufactured home businesses?


Then consider this point.  There are arguably few manufactured home industry professionals, much less stock market watchers and investors, who would have even considered the notion that a partial federal shutdown could impact manufactured housing at all.

So why make did Gooch make those comments in the first place?

As was noted at the top of this column, Joe Stegmayer is under the cloud of an SEC subpoena. He stepped down as Chairman and CEO of Cavco, and the stock plunged as a result. A follow up report on that topic is pending, as there are new developments learned about that fiasco, which will be reviewed in the days ahead by MHProNews. 

But for now, we will simply note the obvious. Stegmayer is still MHI’s Chairman. He is an ex-division president of Clayton Homes, a Berkshire Hathaway company. Since the time that Triad Financial Services CEO Don Glisson, Jr was briefly their chairman, MHI apparently has had no problem with keeping someone on as chair that has come under a cloud of legal or media suspicion. Consider these three. 

   Better Business Bureau (BBB) “F rated” SSK Communities’ partner Nathan Smith

   Tim Williams, President and CEO or Berkshire Hathaway owned 21st Mortgage Corp, and

   Joe Stegmayer of Cavco Industries (CVCO) have all come under a cloud of legal, media, regulatory, and/or some other combination of suspicion. 

None of those 3 bothered to step down as MHI Chairman.   Although MHI has postured efforts for growth for years, the industry has steadily been consolidating. Sales have been moribund, in spite of overall quality and satisfaction that third party research has documented. One such example of their party praise is linked here.


Questions, Questions…

There ought to be some open questions from investigators that seek honest answers as to why Gooch would make these statements in the first place.

  • Who did or might have benefited from Gooch’s odd statements?
  • Who did this potentially impact – or which firms might have been harmed – by Gooch’s statements?
  • Were her arguably misguided comments merely foolish? Or where they a page out of the MHI play book – namely, actions and/or inactions that harm independents – that also fits loosely with a plot-line of the movie Wall Street?

What is certain is that Congressional hearings and an SEC investigation ought to be conducted related to several issues connected to the Manufactured Housing Institute. But it won’t be only about the article reviewed above. It should also be about the facts and evidence from articles linked below the bylines and the notices that follow.

We opened this with the words, “Timely information combined with money can move markets. Information may be legally or illegally used…”  There’s an affordable housing crisis.  Yet, manufactured housing is snoring instead of roaring.  MHI claims to be promoting the industry.  How did Gooch’s comments promote confidence?



See MHI President Richard ‘Dick’ Jennison’s comments, linked below the byline. Also see what MHI’s prior president said at this link here.


Corruption, waste, fraud, and other abuses in the Washington, D.C. metro are not new.  But that doesn’t mean that they should be tolerated.

Something has smelled in certain offices in Arlington, VA for some time. And it’s not a flowery aroma.  Rather, it’s arguably the stench of a string of troubling incidents and concerns connected to MHI that has made them worthy of suspicion, which our coverage and analysis of such #nettlesome things have made this pro-manufactured housing growth publication the most widely read trade media in this industry today. 

That’s MH “Industry News, Tips, and Views Pros Can Use” © where “We Provide, You Decide.” ## © (News, analysis, and commentary.)



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War Talk Worries? How Is It Impacting Markets?

June 20th, 2017 Comments off

Credit, WSJ. Posted on the Manufactured Housing Industry’s Daily Business News – research, data, reports, analysis –

A longtime mantra inside newsrooms has been, “If it Bleeds, it Leads.” While professionals readily connect with that point with regard to murder or terrorism, that’s also demonstrably true about manufactured housing too, as:

  • tornadoes,
  • hurricanes,
  • dramatic fires,
  • crime or

other fatality/injury and ‘drama’ stories prove.

But what about the news and how it impacts the broader markets?

Everyday people tend to be more impacted than professionals.  Investors ‘factor in’ what’s driving the news, and as the Daily Business News has previously reported, the markets have risen in spite of a nearly non-stop media and political onslaught of the new administration.

International News – What’s Really Going On?

China and Russia are an obvious part of the global business markets.  Great powers – and those that are trying to become great – may posture on the world stage, sometimes like a petulant child, teen or adult striving to gain attention.


The Wall Street Journal (WSJ) informs MHProNews this week that the “Fear Index” is near all-time lows here in the U.S.


Globally, the WSJ says volatility are also at or near all-time lows.  They point to Asian markets as an example.


Snapshot of the U.S. and the Rest of the World’s Economy

It’s timely to note just how dominant the United States still is in the global marketplace.


Knowing that the U.S. dominates the global markets, gives President Trump a unique ability to influence events via a prudent use of economics and policies. The chart above also suggests why foriegn nations want to invest in the U.S., and why repatriation of some 2.5 (+/-) trillion dollars overseas would be possible with the proper tax and regulatory policies. See recent NFIB report, linked here.

Wikipedia says the U.S. has about 4.4 percent of the world’s population.  Yet, the U.S. had nearly 1/4 of the earth’s GDP, per the resources shown in these graphics/charts.

One could take the number two GDP of China – and often bellicose Russia – combine them, and they would still not equal the U.S. GDP, per the data revealed in the chart on this page.

The Daily Business News has been laying out, step-by-step, the actual impact on the marketplace of President Donald J. Trump’s policies (see link above).


The U.S. existing home sales data has shown some slippage, but this is due to a lack of affordable housing, per NAR’s own reporting. That potentially is a golden opportunity for manufactured housing, if – as MHARR’s leadership has suggested – the industry pursues the correct policies in Washington D.C., vs. the problematic ones that have impacted so many in the past.

While we’re just under the first six months of this administration, jobs are looking rosier.

The U.S. stock market has gained about 4 trillion dollars in economic value.

Huge arms and other international – as well as domestic deals – have been announced.

The president has teased more good news, and the recent meeting with tech CEOs – many of whom were his political opponents – were praised by those in attendance.

So while war – notably with radical jihadi groups – is ongoing and more is possible, the WSJ report of the domestic and global market indicators suggest that the odds are against it, thus the ‘fear index’ and volatility are low.


It’s the Economy…

It was Democratic strategist James Carville who popularized the slogan, “It’s the economy, stupid.” While his fellow Dems, anti-Trump and RINOs have been hyperventilating about almost any tweet or topic that points to the president, the economic realities have overall been positive for American workers and businesses alike.

It’s the economy, and it is improving.

It shows in the various confidence indexes that the Daily Business News – alone among manufactured housing publishers – tracks and reports for industry professionals and investors.


Click the image above to see why manufactured housing is poised to advance robustly, so long as various missteps are avoided.

While certainly surprises or the unexpected can happen – and thus it pays to stay informed – the early realities of the Trump presidency have been positive, even if the headlines have often sounded like the opposite.

When bankers, investors, and others take a good, long honest look at the manufactured home industry, they are pleasantly surprised, as the video below illustrates.

Additional reports are planned on some presidential initiatives as they relate to home building, and manufactured housing specifically. Watch for those in the days ahead. ## (News, Analysis.)

(Editorial Notice: news, analysis and perspectives are those of the writer, and may or may not represent the views of sponsors or others.)

(Image credits are as shown above.)

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Star Parker, Draining the Dodd-Frank Swamp

June 16th, 2017 Comments off

StarParkerCUREdrainingDoddFrankSwampFMNT97PostedDailyBusinessNewsMHProNews647Wikipedia says that, “Star Parker is an American syndicated columnist, Republican politician, author, and conservative political activist. In 1995, she founded the Center for Urban Renewal and Education (CURE), originally the Coalition on Urban Renewal and Education. In 2010, she was the unsuccessful Republican nominee for the United States House of Representatives in California’s 37th District.”

The manufactured home industry and its consumers are widely seen as having suffered since the enactment of the so-called Dodd-Frank reforms.  While the Seattle Times and CFED were among those who have defended Dodd-Frank as it is currently being enforced by the Consumer Financial Protection Bureau, the industry’s lenders have all had to pay a price for this well-intended, but nevertheless harmful regulation.

U.S. Bank, several other smaller lenders, UMH Properties and others have been among those who were forced out of the lending arena, not because they weren’t successful.  Rather, they say, it’s because the regulatory risks were too great for the relatively low volume of loans being done. See the interview and article, linked here.


As one of our sources in Washington, D.C. tells MHProNews, Dodd-Frank isn’t the only problematic issue that faces the industry.  There is also to this point a failure by the Government Sponsored Enterprises (GSEs) to do a meaningful level of chattel or other lending on manufactured homes.

Nevertheless, Dodd-Frank has driven up costs, said Triad Financial Services President, Don Glisson, Jr. While they were able to adapt, consumers and businesses alike suffer from an otherwise depressed level of sales.

Against that backdrop are the thoughts of columnist and conservative pundit, Star Parker.

Parker on the Dodd-Frank “Swamp”

“…The 2,300-page Dodd-Frank Act was passed to fix what supposedly was broken in our financial system that led to the massive financial collapse in 2007,” says Parker, in a new column published on sites like GOPUSA and many others.

The potential economic impact of the sweeping reforms of the Financial CHOICE Act are as far reaching as anything going on in Washington today. But you probably haven’t heard about it.

The press is filled with news about Russia, James Comey, Jeff Sessions. Yet hardly anything about this. Why?”

What Parker doesn’t mention is that there is no evidence for collusion between the Trump campaign and the Russians, as several Democrats and every intelligence service head has stated, on the record.

Instead, she points to an article on the Wall Street Journal, and then says, “Guess Who’s Defending Dodd-Frank? The answer is the nation’s biggest banks.”


Star Parker, credit, Wikipedia.

She continues, “The full title of the Dodd-Frank law is The Dodd-Frank Wall Street Reform and Consumer Protection Act. The website of the Obama White House explained the law as “Holding Wall Street Accountable.

It attributed the crisis to the major financial institutions in New York,” states Parker.


You would think those same institutions, the nation’s largest banks, would be unhappy about all the new regulations that they now have to live with.

But, as the Wall Street Journal points out, these same banks are defending Dodd-Frank and opposing the Republican reforms.

This is really about the “swamp” that this new Republican administration is supposedly now in Washington to drain.

The “swamp” is about Washington business “special interests” working with Washington political “special interests” to make law that makes them both happy.”

Parker points to another expert, and then tosses a thunder-bolt, “As American Enterprise Institute scholar Peter Wallison points out, the Dodd-Frank Act was not produced after a serious investigation about what really caused the crisis. It simply was an opportunity for Democrats to take advantage of the crisis for major expansion of government.


In news, commentary, and analysis, MHProNews was alone among industry news sources saying weeks before the U.S. Bank closure of their MH Lending program, that low volume sales were a risk factor for the industry, along with the regulatory burdens caused by Dodd-Frank, and other federal, state and local policies.

Given this reality, Wall Street gladly worked with Democrats to build a new regulatory structure that would provide them a nice, new feathered bed.”

She draws to a close saying, “Unfortunately, the small community banks, whose market share is now shrinking because of the Dodd-Frank regulations, have always been a major source of loans to small business. The arteries carrying capital to the grass roots of America have been clogged. According to Wallison, and other economists, this is a major reason why our economy is growing so slowly.

The House has done its work to fix this problem with the Financial CHOICE Act.

Now its [sic] up to the Senate, including the 11 Democrat senators up for re-election in states carried by Donald Trump in 2016, to step up and do the nation’s business and pass these critical reforms.” ##

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

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Warren Buffett Billions Richer, Check His Huge Gains After Trump Win

November 23rd, 2016 Comments off
Credit: Getty Images.

Credit: Getty Images.

Even though the candidate that he backed lost the election, Warren Buffett has still made out in a major way.

According to CNBC, the multi-billionaire chairman of Berkshire Hathaway has seen his investment portfolio explode in the days since Trump’s stunning upset on November 8th.

Buffett has benefited particularly well from the many financial holdings he has in the company’s portfolio. Bank stocks have surged since Trump’s win, on anticipation of higher rates and less regulation from Wall Street.

When factored together, six of Berkshire Hathaway’s financial holdings have delivered $4.3 billion in profits to Buffett since November 9th. With a rise in bank related stocks, Berkshire’s Class B shares were up 8.6 percent through Monday’s close and have jumped more than 20 percent year to date.

The rise of the stock since Election Day has added $3.8 billion to Buffett’s personal wealth, bringing his total since Trump’s victory, between his company and himself, to more than $8.1 billion.

There’s more.

Warrants that Buffett purchased in 2011 gave him the rights to buy 700 million Bank of America shares for $7.14 each. Those warrants have seen a surge in value, as BofA stock has jumped 15 percent.

The total increased value is about $3 billion, putting Buffett’s total haul after the election at more than $11 billion.


Kevin Clayton, left, Warren Buffett, right, standing in a Clayton Homes model. Credit, TodayOnline.

Berkshire Hathaway is the parent company to many of the industry’s suppliers, lending and producers, which are tracked on the MHProNews business daily market report.  For last night’s report, which reflects a record close on all three major U.S. markets, click here.


Paul Krugman, credit News-Site.

What is being called the “Trump Rally” on Wall Street is a response to the pro-growth policies of the president-elect, because Republicans now control the House, Senate and the White House once Donald J. Trump is sworn into office on Friday at about noon Eastern time, on January 20, 2017.

Not all economists thought that this Trump rally would occur. New York Times columnist and economist, Paul Krugman, wrote this in the wee hours of November 9th;  “It really does now look like President Donald J. Trump, and markets are plunging. … If the question is when markets will recover, a first-pass answer is never.”

As Daily Business News readers are aware, we reported on a recent Warren Buffett interview, where he said that people should give President-elect Trump a chance. That story is here. ##

(Image credits are as shown above.)


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, 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)

Eugene Landy and Samuel Landy will discuss UMH in Jan. 2014

December 23rd, 2013 Comments off

UMH Properties, Inc. (UMH) will be presenting at the 2014 Sidoti & Company’s Annual New York Micro-Cap Conference, Monday, Jan. 13, 2014. Held at the Grand Hyatt in New York City, UMH’s Chairman of the Board Eugene W. Landy and President and CEO Samuel A. Landy will offer an overview of UMH followed by a question and answer session. The presentation will be available on the company’s website afterwards, according to Sidoti is a Wall Street provider of equity research specializing in companies with a market capitalization under $3 billion. UMH is a public equity REIT (real estate investment trust) that owns and operates 74 manufactured housing communities comprised of 13,400 developed homesites in seven states east of the Mississippi. MHProNews knows the stock gained +0.65% in trading today to close at 9.30.

(Photo credit: UMH Properties, Inc.)

Zell Reduces Investment in Commercial Real Estate

September 12th, 2013 Comments off

One of the biggest investors in U.S. real estate in the ’90s and early part of the century, only 30 percent of Sam Zell’s personal investment portfolio is in real estate, compared to 50 percent in the 1990’s. According to the, billionaire Zell told The Wall Street Journal, “We’re dealing with a world that’s dramatically more volatile, and that requires more caution and care than before. I’m not singing ‘Kumbaya’ like other people.” Following the market collapse in 2008, he shifted his interest to natural gas, international real estate investments in emerging markets including Columbia and India, and a distressed-debt fund. As MHProNews knows, Zell is Chairman of the Board of Equity LifeStyle Properties, Inc., (NYSE:ELS) the largest owner of manufactured housing communities in North America with 380 properties comprised of over 140,000 homesites.

(Photo credit: Equity LifeStyle Properties, Inc.–Lake Haven, Clearwater, Fla.)

Barnes blasts blackest comedy of Dodd-Frank, signals retreat toward “common sense”

September 2nd, 2013 Comments off

tight-credit-shutter-stock-inman-posted-daily-business-news-manufactured-housing-professional-news-mhpronews-com-Writing in Inman, mortgage broker Lou Barnes laments that “six years after mortgage misbehavior stopped cold, we still do not have a national understanding of what happened, laboring in ignorance, score-settling, and the entirely successful effort by Wall Street investment bankers to dodge accountability.” Barnes notes that, “Pre-bubble, every mortgage bank and broker was contractually obliged to repurchase any loan with deficient underwriting, whether it defaulted or not.” and that, “The Wall Street banks did not just buy bad loans 2000-2007; they designed and vacuumed them.” The broker lampoons, “The containment of QM/QRM damage is not an easing of currently overly tight standards, just turning away from more tightening. In blackest comedy, the regulators cited as a principal reason to retreat that credit is already far too tight.” Lobbing a few Tomahawks, Barnes says, will only cause a pause in the rate adjustments. What will make a difference for mortgages? “Six regulators agreed that the central mortgage provisions of Dodd-Frank are bad ideas.” ##

(Image credit: Inman/Shutterstock)


Modular Homes becoming a new Jersey Shores thing

August 22nd, 2013 Comments off

image-credit-totalmortgage-modular-home-under-construction-posted-daily-business-news-manufactured-housing-pro-news-Updating the recent story on Scranton PA based Westrum Development is installing a two story Cape Cod modular home on the post hurricane Sandy Jersey shore the firm built in just 28 days. Cost for Westrum’s three-bedroom modular home, says totalmortgage and the Wall Street Journal, is $179,000. 10 homeowners in Breezy Point, Queens are applying for permits for modular homes. Westrum’s goal is 3,000 more modular homes, targeted mostly for locations in New Jersey and Long Island, NY. Meanwhile, Jeffrey T. Evans, Executive Director Government & Corporate Relations of Benchmark Worldwide, LLC – a prefab builder using metal Structural Insulated Panel (SIP) – says “What do I think of these modular homes? The answer is “not much.” compared to his building process. As MHProNews knows, system builders are all-too-often busy disrespecting each other’s product rather than pulling together to promote the kind of positive factory built housing vision found on or the GoRVing campaign. ##


(Photo credit: totalmortgage)


Execs Depart Zell’s Equity International

May 24th, 2013 Comments off

The Wall Street Journal informs MHProNews three senior executives at Sam Zell’s Equity International (EI) real estate company resigned this week on the heels of the head of capital markets departure, as well as co-founder of the fund and CEO Gary Garrabrandt, who left last Sept. Chief Operating Officer Ira Chaplik, General Counsel Brian Richter, and Executive Vice President in Charge of Tax Structuring Cheryl Engle are all leaving EI, although Engle and Richter will become outside consultants and Chaplik will be an advisor to the company. The departures allegedly stem from disputes over compensation and the firm’s direction. Zell is chairman and owns the majority of EI, receiving over half of the profits, and is also chairman of Equity LifeStyle Properties (ELS). Tom Heneghan, who replaced Garrabrandt, had been CEO of ELS, the owner/operator of 380 manufactured housing and recreational vehicle communities in the U. S. and Canada.

(Photo credit: Equity LifeStyle Properties, Inc.— ELS country club in Calif.)