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Rising Star – U.S. Senator Tina Smith Pressing Manufactured Housing Regulatory, Legislative Issues

June 19th, 2019 Comments off

 

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BuzzFeed News are among those in media that has described the freshmen U.S. Senator as a ‘rising star’ in her party.

 

That makes it all the more surprising that only the Daily Business News on MHProNews is essentially the only industry-focused trade media that has reported on the broader scope of issues that Senator Tina Smith (MN-D) has been involved with that directly relate to the manufactured housing industry.

Keep in mind that Smith’s state is one that has a bipartisan panel of legislators that have both agreed that manufactured homes are an important part of the solution to the affordable housing crisis.

 

 

There are good reasons to believe that Smith is serious about the broader use of manufactured homes, which is part of the aim of S. 1804, dubbed the HUD Manufactured Housing Modernization Act of 2019.” That said, as this MHProNews report and analysis will reflect, good intentions aside, there are warning flags that must be considered in the legislation she is supporting.

 

Senator Tina Smith, Manufactured Housing Regulations, Increased Use

As a reminder, or ICYMI, Smith was one of the Democratic Senate lawmakers who signed onto a letter to the Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger. That letter fingered Warren Buffett, Berkshire Hathaway, Clayton Homes and related lending, notably 21st Mortgage Corp and Vanderbilt Mortgage and Finance.  That report and the related letter from lawmakers is found in the linked text-image box below. As our report linked below reflects, that’s an important step. But why not ask DoJ to investigate Berkshire, Clayton, et al for allegations of market rigging?

 

Senate Democrats – Including 2020 Presidential Contenders – Ask CFPB Protect Consumers Against Predatory Lenders — Point Finger at Clayton Homes, Berkshire Hathaway Lending

 

Also, Senator Smith and other lawmakers is involved in efforts that they believe will promote manufactured homes. At this point in time, while acknowledging the potential for positive outcomes, in its current form, MHProNews is not on board with this legislation for a variety of reasons. 

That said, what follows is the full press release from Smith’s office. It includes two letters to the FHFA and other lawmakers as downloads.  All of those are important to be aware of, because Prosperity Now and the Manufactured Housing Institute (MHI) are reportedly ‘in agreement’ on the changes made to this pending legislation. By contrast, the Manufactured Housing Association for Regulatory Reform (MHARR) per our sources, is not yet on board with this bill.

These elements will all be spotlighted in upcoming MHProNews reports, fact-checks, and analysis. With that tee up, here is the release from Senator Smith’s office.

 

USSenatorTinaSmithMN-D-DailyBusinessNewsMHProNews

U.S. Senators Smith, Cortez Masto, Scott, Cramer, Young Introduce Bipartisan Bill to
Promote Manufactured Housing as Part of Solution to Affordable Housing Crisis

Senators’ HUD Manufactured Housing Modernization Act Would Ensure HUD Supports State and Local Governments
Wishing to Include Manufactured Housing as Affordable Solution When Applying for Federal Resources

WASHINGTON, D.C. [06/12/2019]—Today, U.S. Senators Tina Smith, (D-Minn.), Catherine Cortez Masto (D-Nev.), Tim Scott (R-S.C.), Kevin Cramer (R-N.D.), and Todd Young (R-Ind.) introduced bipartisan legislation promoting manufactured housing as part of the solution to America’s affordable housing crisis.

The HUD Manufactured Housing Modernization Act of 2019 would require the Department of Housing and Urban Development (HUD) to issue guidelines for including manufactured housing in state and local governments’ Consolidated Plans, which outline their housing and community development priorities, when applying for HUD funding. This legislation will ensure that manufactured housing, a significant source of affordable housing, is considered when jurisdictions develop their housing plans.

“We need to support the affordable housing market and increase housing availability in urban, rural and tribal areas,” said Sen. Smith, a member of both the Senate Banking and Indian Affairs Committees. “Manufactured housing is a critical source of affordable housing all over Minnesota, and our bipartisan bill would make sure that more communities across the country think of manufactured housing as a possible solution to their housing needs.”

“We’re in the midst of an affordable housing crisis in Nevada, and in communities throughout America. Home prices are rising fast, and Americans are spending a greater share of their paychecks to keep a roof over their heads. It’s unacceptable, and we must take immediate action,” said Senator Cortez Masto. “This bipartisan legislation recognizes that manufactured housing can be part of the solution.”

“Manufactured housing is an affordable housing option for over 22 million Americans, including one out of every five families in South Carolina,” said Senator Scott. “Ensuring that we keep this important option open to families puts them in a safer position and a path to affordable home ownership.”

“Nearly 25,000 North Dakota families live in manufactured houses, built for a fraction of the cost of a single-family site-built home. The HUD Manufactured Housing Modernization Act makes it clear that communities should consider if and how manufactured housing could fit into their affordable housing plans,” said Senator Cramer.

“Solving the housing affordability crisis for Hoosiers of all income levels is going to require bold and innovative changes to our nation’s housing policies,” said Senator Young. “With over 2.5 million Hoosiers already living in manufactured homes — and with Hoosier workers leading the way in construction of manufactured housing — I know it’s time to put greater emphasis on manufactured housing as a housing affordability solution.” 

Manufactured housing is a significant source of un-subsidized affordable housing, with nearly 22 million Americans living in manufactured housing. Manufactured homes also cost as little as $45,000, while a new single-family site-built home can cost $323,000. The quality of manufactured homes has improved dramatically in recent years; manufactured homes can also be more energy efficient and save families costs on utilities in the long-term.

This bill is supported by Prosperity Now, National Low Income Housing Coalition, Manufactured Housing Institute, and the National Association of Manufactured Housing Community Owners.

As Congress considers reforms to the nation’s housing finance system, last week Sen. Smith outlined her top priorities. In a letter to the nation’s top housing finance agency and leaders of the Senate Banking Committee—on which she serves—Sen. Smith pressed the officials to make sure any changes to the housing finance system support the affordable housing market and housing availability in rural areas, including on tribal lands. Following the Senate Banking Committee’s hearings on the housing finance system earlier this year and ongoing discussions about housing finance reform, Sen. Smith is fighting to preserve meaningful gains made in the housing finance system, especially those that support the housing market in low-income, rural, and Native areas. In her letters to leaders of the Senate Banking Committee and Federal Housing Finance Agency Director Mark Calabria, Sen. Smith highlighted the importance of the federal requirement to serve underserved rural areas and low-income communities, and other initiatives currently in place that aim to alleviate the affordable housing crisis.

 

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A prior ‘deeper dive’ report on MHI and their related surrogate’s posturing on this issue is linked below.

 

Dueling Statements, NAMHCO, MHI, MHARR, Weigh In On Controversial MH Bill, “George Allen Pawn Gambit”

 

It’s laudatory that this legislation has bipartisan backing, which is practically necessary in a divided federal government.  However, this bill ought to beg several questions.

·        Why isn’t a robust application of HUD’s authority under the Manufactured Housing Improvement Act (MHIA) of 2000’s Enhanced Preemption provision being demanded by these lawmakers?

·        Why aren’t lawmakers demanding the FHFA to fully and properly implement the Duty to Serve provisions of the Housing and Economic Recovery Act (HERA) of 2008, as it relates to manufactured home lending?

The intent behind this bill, and its House counterpart, seems to be authentically pro-industry and pro-consumer. That said, as the MHIA and DTS reveal, passing a bill doesn’t mean that it will be properly implemented. Furthermore, as Dodd-Frank revealed, good intention doesn’t always end up with the desired outcome.

In order to properly frame such a bill, Congressional lawmakers should hold hearings on:

·        Duty to Serve (DTS), and its lack of properly implementation in 11 years.

·        The MHIA 2000, with a specific focus on why Enhanced Preemption has not been fully implemented.

·        Clayton Homes and MHI, to see if they are involved in collusion to rig the marketplace in a fashion that leads to increasing consolidation of the industry’s independents.

Clayton, their related lenders – as the report linked further above and here reflects – and MHI are clearly on the radar of several Democratic lawmakers.  Rightly so. More GOP lawmakers need to scrutinize these issues. So too should more federal agencies.

As independents who are pro-industry and pro-consumer, we believe that rushing this bill in its current form could lead to several future problems. The goal may be positive, but the industry’s independents, homeowners, and renters who could be potential homeowners have been battered too many times by good intentions that remained practically unfulfilled.

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

So stay tuned to the manufactured home industry’s #1 most read, most trusted independent resource.  It’s all here at the home of “News through the lens of manufactured homes, and factory-built housing,” © where “We Provide, You Decide.” ©. ## (News, fact-checks, analysis, commentary.)

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SmokingGunEvidenceOfAntiTrustMonopolisticCollusionMoatClaytonHomesKevinClayton21stMortgageTimWilliamsWarrenBuffettMHLivingNewsMHProNews

In a series of direct quotes in context, a document from 21st Mortgage signed by Tim Williams, and video recorded comments by Kevin Clayton, these all line up to demonstrate how independent retailers, communities, and producers – among others – where purportedly harmed by action that could be deemed an antitrust violation. Why hasn’t Allen told his readers how that cost them money? https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

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MHARRCallsHUDSecretaryCarsonEndDiscriminatoryZoningHUDRegulatedManufacturedHomesCommodoreHomesCorpMHARR

Photo of Commodore Homes model, MHARR logo, are provided under fair use guidelines. See article and letter to Secretary Carson, linked here. https://manufacturedhousingassociationregulatoryreform.org/mharr-calls-on-hud-secretary-to-end-discriminatory-and-exclusionary-zoning-of-hud-regulated-manufactured-homes/

 

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What Congressional Representatives, Senators, and Industry Professionals Should Be Asking About Duty to Serve Manufactured Housing

June 18th, 2019 Comments off

 

WhatCongressionalRepsSenatorsIndustryProfessionalsShouldBeAskingGSEDutyToServeManufacturedHousingMHProNews

There are several ways to understand people and organizations. One method, is to listen to what they say.

 

Another is to see how what they claim compares to what they actually do. 

Yet another is the investigator’s method, which is “follow the money.”

A classic variation on the above is the question: Cui Bono? Who benefits?

Toadies and lemmings will simply follow mindlessly, even if they are following a ‘leader’ over a cliff.

ToadySycophantDefinedDailyBusinessNewsMHProNews

MHInsider, George Allen, others are arguably the current examples of toadies to the industry’s powers that be.

The Manufactured Housing Association for Regulatory Reform (MHARR) has been pushing, prodding, and calling for action, not words by the Government Sponsored Enterprises (GSEs) of Fannie Mae and Freddie Mac with respect to their congressionally mandated Duty to Serve (DTS) manufactured housing.

By contrast, the Manufactured Housing Institute (MHI) has taken money from the GSEs to sponsor events that have failed to deliver DTS.

Who benefits from that, other than the largest corporate players that are trying to consolidate manufactured housing into ever fewer hands?

With that introduction, let’s dive into MHARR’s release, which follows below. That will be followed by some additional comments, links, insights, and information. 

MHARRlogoMHARRNewsHeaderMHProNews

MHARR REITERATES CALL FOR DTS INVESTIGATION

 

Washington, D.C., June 18, 2019 – The Manufactured Housing Association for Regulatory Reform (MHARR), in a June 13, 2019 communication to Fannie Mae Vice President Jonathan Lawless (copy attached), has reiterated its call for a congressional investigation into the failure of both Fannie Mae and Freddie Mac to implement the statutory Duty to Serve Underserved Markets (DTS) in relation to manufactured home personal property (or “chattel) loans.  Those loans, which provide consumers with the most affordable access to the nation’s most affordable non-subsidized homes, comprise nearly 80% of the manufactured consumer lending market.  Nearly 11 years after the enactment of DTS as part of the Housing and Economic Recovery Act of 2008 (HERA), however, neither Fannie Mae nor Freddie Mac have purchased any manufactured housing personal property loans pursuant to that mandate – which expressly includes such personal property loans – let alone provided the type of market significant securitization and secondary market support that Congress envisioned.  Indeed, even an extremely limited and highly restricted “pilot program” for such loans has yet to materialize after nearly two years of empty promises, and is referred to by Fannie Mae as only a “potential” pilot program. 

Instead of providing such crucial support for the largest single segment of the manufactured housing consumer lending market and mainstream, inherently affordable manufactured homes, as MHARR’s communication notes, both Fannie and Freddie have instead prioritized pilot programs for much higher-cost manufactured homes, as well as a supposed “new class” of manufactured homes with retail purchase prices as high as $220,000.00 – as contrasted with an average purchase of $71,900.00 for all types of existing, mainstream, HUD Code manufactured homes. Consequently, instead of expanding access to the industry’s most affordable mainstream homes, as DTS was designed to do, both Fannie and Freddie continue to discriminate against mainstream manufactured housing and mainstream manufactured housing purchasers, effectively forcing them into higher-interest loans offered by the finance subsidiaries of the industry’s largest corporate conglomerates, while stifling the recovery and market growth of the manufactured housing industry during a prolonged affordable housing crisis.  Indeed, this type of sustained institutional resistance to the full and proper implementation of DTS and the resulting ongoing discrimination against lower and moderate-income consumers of manufactured housing is, in substantial part, an outgrowth of the continuing failure of the industry’s post-production sector – dominated by the industry’s largest corporate conglomerates – to demand full compliance with DTS for manufactured housing.

Based, therefore, on the lack of any significant progress toward the market-significant implementation of DTS with respect to the vast bulk of the manufactured housing consumer financing market and apparent diversion of DTS activity into new, higher-cost types of hybrid manufactured homes, MHARR has called for a congressional investigation of Fannie Mae, Freddie Mac and their federal regulator, the Federal Housing Finance Agency (FHFA), with respect to unconscionable and unnecessary delays in the implementation of DTS for mainstream, HUD Code manufactured housing.

The Manufactured Housing Association for Regulatory Reform is a Washington, D.C.-based
national trade association representing the views and interests of independent producers of federally-regulated manufactured housing.

 

Manufactured Housing Association for Regulatory Reform (MHARR)

1331 Pennsylvania Ave N.W., Suite 512

Washington D.C. 20004

Phone: 202/783-4087

Fax: 202/783-4075

Email: MHARR@MHARRPUBLICATIONS.COM

— 30 —

 

Think about what these MHI past and present members have said, and ask yourself, who side is MHI on?

MHCommunitiesOfAZNealTHaneyPresidentWhyTheyQuitManufacturedHousingInstituteMHIDailyBusinessNewsMHProNews600

What Haney’s statement reflects is the lack of credibility and effectiveness of MHI in their claims.

KennyLipschutzQuotePoorJobOfLobbyinginMHIndustry-postedMHProNews48thMHINCClist

2018-10-03_1018ManufacturedHousingInstituteHILogoCavcoFleetwoodPalmHarborFannieMaeFreddieMacLogoDailyBusinessNEwsMHProNEws

Marty Lavin advises, “Follow the Money” and “Pay More Attention to What People Do Than What They Say.” The GSEs are praising manufactured home quality, but then created a special class of manufactured homes, with key MHI member input, that is aimed at funneling that lending, per informed sources.

SoTheAssociationMHIIsNotThereFortheIndustryUnlesstheinterestsoftheBigBoysJointheIndustry'sMartyLavinMHIAwardWinnerQuoteMHProNews

 

FollowThe MoneyPayMoreAttentionToWhatPeopleDothanwhatTheySaySpySea72MartyLavinYachtManufacturedHousingINdustryProMHProNews

Then, ask yourself, why hasn’t MHI done what MHARR is doing?

That’s tonight’s final installment of manufactured housing “Industry News, Tips, and Views Pros Can Use,” © here “We Provide, You Decide.” © ## (News, commentary, and analysis.) ##

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MHARRCallsHUDSecretaryCarsonEndDiscriminatoryZoningHUDRegulatedManufacturedHomesCommodoreHomesCorpMHARR

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https://manufacturedhousingassociationregulatoryreform.org/time-to-investigate-fannie-and-freddies-mishandling-of-dts/

 

 

 

 

 

 

It’s Your Money, Your Future – 2020 Democratic Presidential Debate Line Up, Plus Manufactured Home Stock Updates

June 14th, 2019 Comments off

CNNmone6.14.2019ManufacturedHomeStocksMarketsReportsMHProNewsWhatever your political viewpoint – left, right, center, or meh – the upcoming 2020 presidential, congressional, and state races will have a serious impact on your business and investments.  So it pays to be in the know. Tonight’s spotlight report will follow our left-right headline review. On a day when many stocks rose, that will be our featured report.

 

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.

 

The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.  Headlines – at home and abroad – often move the markets.  So, this is an example of “News through the lens of manufactured homes, and factory-built housing.” ©

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

This is an exclusive evening or nightly example of MH “Industry News, Tips and Views, Pros Can Use.” © It is fascinating to see just how similar, and different, these two lists of headlines can be.

Want to know more about the left-right media divide from third party research?  ICYMI – for those not familiar with the “Full Measure,” ‘left-center-right’ media chart, please click here.

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Today’s markets and stocks snapshot, at the closing bell…

9MarketIndicatorsYahooFinance6.14.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

 

Today’s MH Market Spotlight Report –

FirstDemocraticDebateNight1WedJune262019DailyBusinessNewsMHProNews

Still from video, below.

Did you watch right-of-center Fox News’ town hall with former HUD Secretary Julian Castro last night?  We did.

 

The video report from left-of-center MSNBC provides the lineups for each night of the first 2020 Democratic debates as announced. Steve Kornacki breaks down what to watch for each evening.

As a reminder to readers, the plan here on campaign coverage for 2020 looks like this. We will cover Democrats, Republican, and any independents – such as Howard Schultz, or a stronger minor party – in the run up for the next several months, amidst other industry reports.

FirstDemocraticDebateNight2ThuJune272019DailyBusinessNewsMHProNews

Still from video, above.

We know that several 2020 candidates have already taken aim at manufactured housing industry issues.

Indeed, if you ponder former GOP presidential hopeful, and now HUD Secretary Ben Carson, plus others in Congress, there have been strong signals sent from both sides of the political aisle that manufactured housing could be a campaign topic.

We plan to lay the groundwork and cover it.

As we get into the early primary states, at some point we will underscore those candidates that we believe will be the best for the industry in our ‘We Provide, You Decide’ © fashion.

Then, once the candidates are finalized, we’ll ponder formal endorsements.

It’s your money. If you thought 2016 was a wild ride, our sources tell us to expect 2020 to make it look tame. So stay tuned.

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Yahoo Finance Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

 

YahooManufacturedHousingIndustryConnectedStocks6.14.2019DailyBusinessNewsMHProNews

Updated:

Berkshire Hathaway is the parent company to Clayton Homes21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.

LCI Industries, Patrick, UFPI, and LP all supply manufactured housing.

AMG, CG and TAVFX have investments in manufactured housing related businesses.

Your link to industry praise for our coverage, is found here.

For the examples of our kudos linked above…plus well over 1,000 positive, public comments, we say – “Thank You for your vote of confidence.”

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RE Focused Economist Says, ‘Millions of Housing Units’ Needed

June 14th, 2019 Comments off

 

REFocusedEconomistsaysMillionsofHousingUnitsNeededManufacuredHousingIndustryMHProNews

Mark Fleming, Ph.D serves as the chief economist for First American Financial Corporation.  He’s been popping up more on various business news shows, so the Daily Business News on MHProNews decided to share the flavor of Fleming’s economic and housing insights.

 

It ought to be one of those rally points for manufactured housing professionals who are thirsting for growth.

About Fleming, “Before joining First American, he developed insights and analytical products for CoreLogic, and property valuation models at Fannie Mae. Fleming graduated from the University of Maryland with a Master of Science and a doctorate in agricultural and resource economics and holds a Bachelor of Arts in economics from Swarthmore College. He lives and works in the Washington, D.C. area,” per his company’s website.

As the posted videos reflect, he’s telling business news sources on both sides of the left-right media divide that ‘millions of housing units’ are needed.

 

 

In that, he says some points that longer time-readers of MHProNews are familiar with.  The National Association of Realtor’s Chief Economist Lawrence Yun has said similarly.

 

 

More recently, HUD Secretary Carson has pointed specifically to manufactured homes, along with other forms of prefab and innovative housing techniques.

 

 

So, while Fleming hasn’t been laser focused on manufactured housing, the industry’s professionals and investors must think of themselves as broader ‘housing’ members.  In that context, the needs are tremendous.

Only factory building can achieve that, is what tech gurus – who are increasingly entering the factory-built housing market – have decided.

Why does Warren Buffett and Charlie Munger love housing? Because they know which way the market is going.

In this context, one must ask. How is it possible, with the needs so great, that manufactured housing is still selling at a lower level than 15 years ago?

 

BloombergShipmentProductionDataManufacturedHousingMHProNews2019-05-16_1057

 

Logic says there are only a few possibilities.

·        The industry’s ‘big boy’ leaders don’t know what they are doing. While we disagree with them on many things, we don’t buy that option, but it is a logic possibility.

·        The industry’s ‘big boy’ leaders and their puppet association are lazy, and are not willing to do what it takes.  Again, it’s a possibility, but not one that we think fits the facts.

·        The industry’s leaders want the industry to perform at a low level, intentionally. If so, why? A common concern is that underperformance allows big companies to acquire smaller firms at a discounted price.

 

Is there evidence for this?

One might start with the words of Richard ‘Dick’ Jennison, Manufactured Housing Institute (MHI) own statement on camera, arguing for slow growth. 

 

 

What? During an affordable housing crisis?

It was such an outrageous comment that our publisher brought it to the attention of then MHI Chairman, Tim Williams, who is also the President and CEO of 21st Mortgage Corp. Williams told MHProNews that he would ‘talk to Dick.’

The following Louisville Show, Jennison then said – also capture on video – that the industry could achieve 500,000 new homes. That’s arguably true. But what has MHI done to achieve that level of production?

 

MHI CEO Dick Jennison’s Pledge – 500,000 New Manufactured Home Shipments

 

NAMHCO, cited in a report earlier today, broke from MHI, precisely because of a lack of performance.

 

MHCommunitiesOfAZNealTHaneyPresidentWhyTheyQuitManufacturedHousingInstituteMHIDailyBusinessNewsMHProNews600

What Haney’s statement reflects is the lack of credibility and effectiveness of MHI in their claims.

 

Frank and Dave,” controversial in their own right, nevertheless told their readers 2 weeks ago not to look to MHI for support for community owners, using these words.

 

 

In peeling back the layers of the onion in manufactured housing, in hindsight, the insight of Marty Lavin makes sense when he said the following.

 

FollowThe MoneyPayMoreAttentionToWhatPeopleDothanwhatTheySaySpySea72MartyLavinYachtManufacturedHousingINdustryProMHProNews

Ask yourself objectively. Do these Marty Lavin dictums apply with respect to MHI?

 

More pointed was Lavin – who is an MHI award winner – when he made the following statement.

 

SoTheAssociationMHIIsNotThereFortheIndustryUnlesstheinterestsoftheBigBoysJointheIndustry'sMartyLavinMHIAwardWinnerQuoteMHProNews

MHProNews looks at the facts, considers the sources, and follows the evidence. MHI earlier last year, and for years before, MHI routinely replied promptly to all inquiries. But since we’ve spotlighted the problems and concerns, they’ve gone silent. Why? If the facts are on their side, why not make offer a cogent explanation?

 

MHI has purportedly engaged in what Mark Weiss, the President and CEO of the Manufactured Housing Association for Regulatory Reform (MHARR) who referred to the industry’s post-production sector – which is MHI’s turf – as the “illusion of motion.”

 

“THE ILLUSION OF MOTION VERSUS REAL-WORLD CHALLENGES” – Spotlighted by Manufactured Home Industry Leader

 

That comment sent our publisher laughing at the apt, penetrating insight.  Keep MHI members busy, keep them going to meetings that are profit centers for MHI, per their own IRS Form 990s.  Feed them ‘housing alerts’ that led them to believe that they are making progress…

…but the acid test is the sales, shipment and production of new manufactured homes.  Those numbers don’t lie.

 

ManufacturedHousingAssocRegulatoryReformMHARRApril2019ProductionShipmentReportDailyBUsinessNewsMHproNews

 

Inept? Lazy? Or head fake with the goal of consolidating the industry into ever fewer hands?

 

 

Let’s not forget the 21st letter, Kevin Clayton video, and Warren Buffett letter, linked below.

 

SmokingGunEvidenceOfAntiTrustMonopolisticCollusionMoatClaytonHomesKevinClayton21stMortgageTimWilliamsWarrenBuffettMHLivingNewsMHProNews

In a series of direct quotes in context, a document from 21st Mortgage signed by Tim Williams, and video recorded comments by Kevin Clayton, these all line up to demonstrate how independent retailers, communities, and producers – among others – where purportedly harmed by action that could be deemed an antitrust violation. Why hasn’t Allen told his readers how that cost them money? https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

 

It makes the most logical case. Clayton, 21st, MHI, and MHI’s outside attorney – asked to address these concerns and allegations – routinely makes no on the record comment. 

Instead, they’ve put George F. (F?) Allen up as their purportedly incentivized attack dog and distraction surrogate.

When asked about claims from his own followers that have said Allen’s being compensated and rewarded by the big boys, Allen has no comment.

Millions of housing units are needed. Publicly traded MHI member companies own IR packets state that the industry is underperforming by historic standards.

Voices in Congress, per our sources, are wising up to the Omaha-Knoxville-Arlington ploy.

Voices in Congress, are already on the record going after high profile MHI members, including Clayton, 21st, and several large so-called ‘predatory’ community operators.

It’s not a pretty picture as to why the industry is underperforming. But the historical data – and the research by economists like Dr. Mark Fleming and others say that millions of homes are needed.

Tim Williams said it to MHProNews, and we’ve repeated it many times, because it was the truth – that they’ve arguably not followed. Every misleading report needs to be robustly responded to, as he said below.

 

TimWilliams21stMortgageCorpGoodArgumentsQuoteRespondEveryStoryDailyBusinessNewsMHproNews

 

MHI needs to push for enhanced preemption, a full implementation of the Duty to Serve mandated by law, and put the black hat behavior actors on notice.

Sources say, MHI can’t do it.  They’d lose Clayton and several big boy members, per those sources if they ever did such a thing.

Thus the need to expose the problem and the realities. Then the need for multiple layers of independent investigations, as publicly as possible.

There’s more in the links below.

 

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That’s today’s third episode of News Through the Lens of Manufactured Homes, and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Dueling Statements, NAMHCO, MHI, MHARR, Weigh In On Controversial MH Bill, “George Allen Pawn Gambit”

Investigating Fannie Mae, Freddie Mac Over Duty to Serve Manufactured Housing

 

 

 

 

 

 

 

Dueling Statements, NAMHCO, MHI, MHARR, Weigh In On Controversial MH Bill, “George Allen Pawn Gambit”

June 14th, 2019 Comments off

 

NAMHCOlogoMonopolisticManufacturedHousingInstituteLogoMHARRlogoGeorgeFAllenPawnNAMHCOMHIMHARRWeighInOnControversialBillGeorgeAllenPawnGambitMHProNews

Stung by recent critiques and fact checks of MHI [Manufactured Housing Institute] before, during, and after the recent Innovative Housing Showcase – for which they have no good response – MHI had to try to change the narrative.”

 

A source with long, ongoing ties to MHI said the above in response to MHProNews inquiries about the Arlington, VA based trade group’s release to MHI members and followers that is published herein further below.

You only have to look at the timing of the MHI statement and look at George’s [Allen] follow up to his readers to know that Dick [Richard ‘Dick’ Jennison, MHI President and CEO] coordinated with his compensated pawn. From the perspective of MHI and the [MHI] Executive Committee, Allen is seen as a useful surrogate – a tool that they think they can’t lose with.”

Why? How so?

Allen, per, that source, helps MHI continue to continue their manufactured home industry consolidation campaign with Allen’s help as a masking cover. Allen can be sacrificed like a pawn at any time. But unlike an actual game of chess, MHI can replace Allen any time they want to, once his usefulness to them is done. “The perfect example of that is Suzanne Felber,” of whom that source said that MHI “…tried to use [her as a surrogate in attacks] against MHProNews, but it proved ineffective, so they simply moved on to others like Allen.”

It should be noted that Felber, who is also “compensated,” is still used by MHI for minor event-related tasks.

MHI’s Executive Committee, senior leadership, and outside law firm hired to deal with MHProNews were contacted in response to questions about their statement on 6.13.1.2019 to MHI’s members and followers. Cincinnati based Graydon, MHI’s outside law firm that has an office in MHI board member Nathan Smith’s home town of Fort Mitchell, KY, confirmed receipt of the inquiries.

But they have not yet made any formal response.

No official response was made by MHI.

Here is the MHI statement to their readers, which was described by one source as “their latest head-fake,” for purpotedly factual reasons that will be noted afterward. MHI’s statement – with all of their legal threats and warnings not to share this with publicly – follows below. Let’s note that MHProNews does not at this time support this bill as it stands. Nor should publishing this be construed in any way as an endorsement of MHI, for reasons long-time readers understand. As a stating the obvious disclaimer to longtime readers, MHI and their ‘big boy backers’ used to be a sponsor of this site, until questions from this pro-growth trade media apparently became to difficult for them to respond to. Our track record reflects that banner ads or sponsorship doesn’t change our editorial stance, which perhaps explains why we are the most read trade media in the industry by far.

 

— start of MHI release —

HOUSING ALERT

June 13, 2019

MHI Protects Industry and Manufactured Housing Land-Lease Communities from Attack

MHI was able to successfully combat efforts to have anti-industry language included in a bill that would require the U.S. Department of Housing and Urban Development (HUD) to issue guidelines for localities to consider manufactured housing in their use of federal funds. Nestled within a broader proposal to gain support of localities for manufactured housing, the original language would have actually sought to establish congressional intent that certain manufactured homes and land-lease communities are harmful for consumers.

The original version included language that disparaged the energy efficiency of HUD Code manufactured homes and also criticized all manufactured housing land-lease communities that are not resident-owned. Thanks to MHI’s efforts, the bill that was ultimately introduced on Wednesday, S. 1804, did not include any of the negative language. Instead, the language supports the inclusion of manufactured housing in jurisdictions across America.

MHI was the only association representing the industry to identify the threat and fight for removal of the language prior to Senate introduction. Other associations that claim to represent the industry actually supported the provisions that disparaged manufactured housing. In contrast, MHI worked to have that language removed so that the bill only promotes the industry’s goal of having localities support more manufactured housing in their jurisdictions.

This anti-industry attack was timed during last week’s MHI Homes on the Hill Legislative Fly-In, when policymakers were seeing first-hand the quality and beauty of manufactured housing. MHI appreciates our champions in Congress who worked with us to remove the negative language and ensure the final legislation that was introduced on Wednesday genuinely helps promote manufactured housing. The bill now makes the following positive points about manufactured housing:

(1) Manufactured housing is a significant source of unsubsidized affordable housing in the United States.

(2) Nearly 22,000,000 people in the United States live in manufactured housing, which opens the door to homeownership for families who, in many housing markets, cannot afford to buy a site-built home.

(3) Manufactured housing is the only form of housing regulated by a Federal building code, which includes standards for health, safety, energy efficiency, and durability, and is found on land owned by the homeowner and land leased by the homeowner in communities owned and operated by private entities, nonprofit organizations, or resident owned communities.

(4) Manufactured homes can open the door to homeownership for millions of families; they can appreciate in value and be an effective long-term affordable housing solution for some families and communities across the United States.

If passed, HUD will issue guidelines to states and localities relating to the appropriate inclusion of residential manufactured homes in their comprehensive housing affordability strategies and community development plans, called the Consolidated Plans. HUD requires these Consolidated Plans, which are designed to help states and local jurisdictions assess their affordable housing and community development needs and market conditions, as a part of applications for funding under any of the Community Planning and Development formula grant programs, including the Community Development Block Grant Program, HOME Investment Partnerships Program, and Housing Trust Fund.

S. 1804 was sponsored by Senator Cortez Masto (D-NV) and cosponsored by Senators Scott (R-SC), Smith (D-MN), Young (R-IN) and Cramer (R-ND).

MHI will continue our consistent and constructive presence on Capitol Hill and cultivation of strong bipartisan relationships to ensure that manufactured housing is a part of federal efforts to address the nation’s affordable housing challenges.

 

— End of the body of MHI’s release —

 

 

MHI’s Factual Misses

It should be noted that MHI, for all of their posturing above, did not mentioned that the House and Senate versions of the bill are not identical. Thus, their own claim of fixing the language of the bill is not accurate.

The House version has one or more factual errors, which also arguably undercuts MHI’s posturing, above. For proof, see both versions of the bill, linked below.

Questions were sent to the “MHI compensated surrogate, George Allen,” who has not formally denied nor confirmed that he is “rewarded” – per sources that claim knowledge – for being MHI’s “pawnand “attack dog.”

One source noted with humor the prior reference on MHProNews of Allen as the roaring, but cowardly lion – which helped suggest the featured image at top, with Allen’s head on the pawn.

But more than one Allen follower copied in messages had things to say to the Daily Business News on MHProNews.

For example, the National Association of Manufactured Housing Community Owners (NAMHCO) provided a detailed on-the-record statements last night to MHProNews, which will follow below.

That source said they understood why MHProNews did articles that included mentions and or does fact-checks of Allen, but the new trade group official saw no value in commenting on “George” at all.

Another source with NAMHCO previously said that Allen’s usefulness to them was mainly for recruiting new members into their association who distrust MHI.  There is apparent ongoing communications.

Another source reminded MHProNews of NAMHCO’s prior statement about MHI [shown below], and said that Allen’s missives and flip-flops were too “self-contradictory” for him to have “any credibility.” Further, the public scandals and purported controversies attached to Allen are known by too many to give him use behind his own die hard followers. Ouch.

 

MHCommunitiesOfAZNealTHaneyPresidentWhyTheyQuitManufacturedHousingInstituteMHIDailyBusinessNewsMHProNews600

What Haney’s statement reflects are the apparent track record of a lack of credibility and effectiveness of MHI in their claims. 

 

The NAMHCO source who spoke to MHProNews yesterday likewise saw no value in commenting about MHI or their motivations.

That said, it was noteworthy, per that caller, that HUD officials took a “narrow view” of “enhanced preemption” even though the evidence provided by MHARR reflected a much broader power. That source said that MHARR was correct in pressing the matter. Rephrased, at least one party at NAMHCO sees enhanced preemption as MHARR and MHProNews do. For those readers not yet aware of that issue, see the related report, linked from the text-image box below.

 

MHARRCallsHUDSecretaryCarsonEndDiscriminatoryZoningHUDRegulatedManufacturedHomesCommodoreHomesCorpMHARR

Photo of Commodore Homes model, MHARR logo, are provided under fair use guidelines. See article and letter to Secretary Carson, linked here. https://manufacturedhousingassociationregulatoryreform.org/mharr-calls-on-hud-secretary-to-end-discriminatory-and-exclusionary-zoning-of-hud-regulated-manufactured-homes/

 

 

Here is the formal NAMHCO statement to MHProNews.

We are pleased with the introduction of S.1804, the “HUD Manufactured Housing Modernization Act of 2019.”  Beyond the findings sections, this bill actually does something quite important.  It requires HUD to issues guidelines to include manufactured housing to states and localities as they develop their comprehensive plans to address affordable housing.  This means, manufactured housing could be considered in state and local grant applications for Community Planning and Development grants, HOME investment grants, and the Housing Trust Fund.   This bill puts manufactured home communities at the table at both the federal and the state and local level, and presents and opportunity for state and local agencies to support and strengthen the affordable homeownership that communities provide.”

Additionally, I also attached the House version of the Bill, H.R. 926 introduced by Norma Torres, which NAMHCO did not endorse.”

The post-production, manufactured home community focused trade group also provided the text of the NAMHCO release on the issue, which is found linked here as a download.

 

 

The View from MHARR

MHARR had no formal comments about the matter.  But a source with the Washington, D.C. based trade group noted that Allen was misguiding his readers because they collect no dues from post-production companies.

Indeed, that fits with their routine statement that MHARR is a Washington, D.C.-based national trade association representing the views and interests of independent producers of federally-regulated manufactured housing.

It was purported and ongoing failures of MHI to address financing, placement, and zoning issues – among others – that has motivated MHARR and their members – who produce HUD Code manufactured homes – to go beyond their core mission.  In that respect, the trade group is arguably doing more than those who are paid by the post-production sector.

A MHARR source also observed that MHI’s statement – cited above – was not accurate, as they spoke in person with more than one party in Congress connected with the pending bill.

To that point, the questions put to MHI and their outside law firm – which were sent by MHProNews prior to hearing from a contact with MHARR – are worth noting.

 

RequestForCommentEmailtoManufacturedHousingInstituteMHI2019-06-14_0619DailyBusinessNewsMHProNews600

 

Ladies and Gentlemen,

No doubt you’ve also seen the email from your purported surrogate, George F. Allen that followed this email from MHI.

MHProNews would like to see:

1) the original language of the bill,

2) evidence that others in the industry failed to address the matter.

3) the revised language.

4) all communications relative to this bill.

Perhaps more to the point, instead of this legislation, how do you explain MHI’s failure promote enhanced preemption?  What evidence can you provide that you’ve asked HUD to fully enforce enhanced preemption?

We are on deadline.  While you are welcome to respond now, or later, we’d prefer your on-the-record reply via email asap, so it can be included in our planned report.

Thank you.

Tony

LATonyKovachMHProNews2019-06-14_0741

 

 

 

 

What Third Party Legislation Monitoring GovTrack Says

GovTrack, pointing to Skopos Labs research, is giving the MHI supported bill a 3 percent chance of becoming law.

 

HR926GovTrackSkoposLabsHUDManufacturedHousingModernizationAct2019DailyBusinessNewsMHProNews

 

That was similar to the odds GovTrack gave for the MHI backed Preserving Access to Manufactured Housing Act at various times.

Preserving Access never passed. To learn more about that, see the deeper dive, linked below.

 

Rope-a-Dope – Preserving Access to Manufactured Housing Act, Mom, Dad, & You

 

Given low odds of passage, this new controversial MHI supported bill – whatever its merits may or may not be – appears to be a moot point.

But that doesn’t mean that the language of the bill in its current – MHI supported – form is without risks. The controversy exists precisely because the bill, per sources, has several possible land-mines. Even without passage, the bill may cause harm to the industry.

 

 

Starting with the Title, Reasons Why MHProNews Says Bill is Flawed As Is

First, it should be realized that the Senate version of this bill is supported by Prosperity Now and MHI.  Put differently, that means that Buffett’s fingerprints are on it from two sources. That’s the first red flag, IMHO,” said publisher, consultant, and multiple award-winning L. A. ‘Tony’ Kovach.

Next, whoever the geniuses at Prosperity Now and/or MHI were that gave this bill its name, that too is arguably flawed. Think about the title: “HUD Manufactured Housing Modernization Act of 2019’’. For those who will never read beyond the title, that implies that manufactured homes need to be ‘modernized.’ It’s poor marketing, and factually inaccurate,” said industry expert Kovach.

How is it that MHI keeps taking positions that undermine the industry’s image? Or why do they back steps that seem to derail or reroute access to more capital, financing, and placement of the industry?” Kovach asked. “Why doesn’t MHI just back a full throated use of Enhanced Preemption? Or the GSE’s Duty to Serve all new HUD Code manufactured home sales, not only those new class of homes that Clayton Homes and MHI wants to sell?”

Beyond the fact that MHI is using this as a purported dodge over their recent misses, he pointed in that last comment to the problematic use of a phrase that is looked at in more depth, below.

DuckDodgeDismissDistractDetractDefameFromIssueTacticsByThoseWithNoGoodAnswersMHProNews-768x609

 

Problematic New Class of Homes Angle?

What NAMHCO and Allen have apparently missed is a problem with MHI’s language – quoted above, and recapped below – that could be a reference to the Clayton Homes/MHI backed ‘new class of homes.’ New readers are reminded that MHProNews often takes a direct quote and makes the text bold and brown so it ‘pops,’ but otherwise leaves the quoted statement unaltered.

Quoting from MHI’s email: “If passed, HUD will issue guidelines to states and localities relating to the appropriate inclusion of residential manufactured homes in their comprehensive housing affordability strategies and community development plans,” with the underscoring editorially added.

Sources tell MHProNews that “residential manufactured homes” is not language used in federal legislation already in effect on HUD Code manufactured housing. It may be a possible end-around way of promoting ONLY the Clayton/MHI backed ‘new class’ of homes, or one more ‘Trojan Horse.’

As MHI themselves admit, “If” the bill is passed, which is low odds, per GovTrack. Which brings industry professionals and advocates back to the issue of the lack of consistent enforcement of “enhanced preemption,” which MHI seems unwilling to support, per prior reporting that MHI has not challenged.

 

Manufactured Housing Professionals, HUD Secretary Ben Carson, Must Promote These Two Words

 

Thus, posturing by MHI and their surrogate Allen on this issue yesterday, and repeated red-herring style head-fakes by both ought to be seen for what it is.

Meanwhile the industry:

  • is now into 8 consecutive months of year-over-year declines in new home shipments during an affordable housing crisis.
  • MHI continues to put up fig leaf videos and statements, which get very little visibility beyond industry members, which are their apparent target audience. How does that help increase industry shipments?  Isn’t it the public that needs persuasion?
  • Despite MHI saying they invite questions – “If you have any questions, please contact MHI’s Government Affairs Department” – they continue to exercise their Fifth Amendment protected right to remain silent when asked by MHProNews, even though they routinely replied promptly until questions by MHProNews apparently became to difficult for them to navigate.  That fits the pattern of Rick Robinson, SVP and General Counsel, and MHI’s Richard ‘Dick’ Jennison, ducking questions in public for 2 years when asked by MHProNews. 

 

Downturn Harming Independents, Would-Be Consumers 

Independent manufactured home industry members have been telling MHProNews that they are personally impacted by the downturn in new HUD Code manufactured home sales, which only makes sense based upon the statistics.

Meanwhile, MHI, while claiming “clout,” uses that for photo opportunities – or even nice videos – but demonstrably continues to miss at what matters most to businesses, investors, and professionals.  Namely, the bottom line of more sales.

One of the most insightful phrases this year in describing MHI is theIllusion of Motion,” said Kovach. “Their controversial bill is arguably an example of how MHI is running around the block to do what full implementation of Enhanced Preemption and better lending demanded by DTS would achieve.  If they had clout, what this bill claims to do could be done by administrative fiat. It’s almost pointless.”

If they really care about growth instead of consolidation, MHI, NAMHCO, and others should join MHARR and MHProNews in calling for full enforcement of the industry’s good, existing lawsWe consistently pushed for enforcing existing laws before, while we were MHI members, and since. Everything else is a dodge, distraction, and delay that is costing our industry billions of dollars collectively every year.”

He added, “Its a disgrace that MHI and Allen aren’t robustly promoting enhanced preemption and the good news that Secretary Ben Carson has made available, instead of this latest head fakeThey are arguably deceptive cowards, unwilling to face in public and debate the issues that are costing this industry billions, and are leaving millions who could benefit from manufactured homes with a false perception — shame on their disgraceful behavior.”

See the related reports, below the byline and notices for more.

RememberThisQuoteIrPrettyPicturesMHIndustryWillOnlyAchieveItsGoalsByResovingItsCoreIssuesLATonyKovachMHProNews

The quote above is about a year old, and is standing the test of time. 

 

That’s today’s second installment of News Through the Lens of Manufactured Homes, and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Positive Congressional Reactions – Innovative Housing Showcase, HUD, MHEC, MHI, and Other Insights

Secretary Ben Carson’s, Julian Castro’s Manufactured Housing, “Trailer,” “Mobile Home” Revelations, 2020 Battles Ahead

“Monopoly” in Manufactured Housing Alleged by George Allen, MHI Defender’s Turn by former Community-Investor, Self-Claimed EducateMHC Blogger

Conquest Capitalism – Thoughts of Chairman Warren Buffett – Billionaires Campaign to Control Trillion Dollar Affordable Housing Market

 

George Orwell, All Issues Are Political Issues, Manufactured Housing Challenges, and You

Joe Stegmayer, Cavco Industries, MHI Chairman, Insights from Innovative Housing Showcase

 

 

 

 

 

Investigating Fannie Mae, Freddie Mac Over Duty to Serve Manufactured Housing

June 13th, 2019 Comments off

 

InvestigatingFannieMaeFreddieMacOverDutytoServeManufacturedHousingDailyBusinessNewsMHproNews

Facts are stubborn things.”

 

Assuming that the meaning of “new” hasn’t changed recently, “new” means “not done before.” And, if “new” still means “new,” then it also means, by definition, that there is no pre-existing loan performance data for that “new” class of home – because it’s … well … “new.” – Mark Weiss, J.D., President and CEO of the Manufactured Housing Association for Regulatory Reform (MHARR).

 

Wit is the soul of wisdom, goes an old maxim.

With that pull quote above from his full message below, Weiss exposes the apparent contradiction of providing Duty to Serve (DTS) lending for the Clayton Homes/Manufactured Housing Institute (MHI) backed ‘new class of homes.’

Attentive industry readers will recall that Fannie Mae and Freddie Mac have said that a ‘lack of data’ caused them to not dive deeply into manufactured home lending, especially on home only or ‘chattel’ personal property loans.  Yet they do have data on those loans. They also have the obvious example of several lender sustainably performing personal property loans.  That’s inferred performance.

By contrast, as Weiss said, the GSEs have no data whatsoever on this Clayton/MHI backed new class of homes.

An outraged MHI-only member producer told MHProNews in 2018 his disgust over how the GSEs snubbed the vast majority of manufactured housing by Fannie and Freddie with this phrase: “What are we chopped liver?”

 

“What Are We, Chopped Liver?” MHI Member December 2018 Reactions

 

Another MHI-only member producer told MHProNews about the same time that the new class of homes makes no sense. Per that source, the GSEs already did lending on par with conventional housing for modular homes.  Why establish this new class of HUD code manufactured homes, when modular housing already exists, and the same producers routinely do both? In a sense, it is arguably like doing nothing at all for manufactured housing, unless it is much the same as an on-frame modular unit.

 

Insider Insights from GSEs

The Daily Business News on MHProNews asked a consultant to a GSE, prior to the roll out of their ‘new class of homes,’ program the following.  Had the GSEs considered what the impact would be on the rest of manufactured housing? And if the ‘new class’ of homes was successful, what if it undermined confidence in the balance of all other manufactured housing?

The reply was stunning. Per that consultant, if a negative impact on other manufactured homes occurred, the GSE could always take that into consideration after a year or so of data was collected.

Rephrased, the consultant said the GSE was willing to risk undermining the value and confidence in all manufactured homes, in order to roll out the new Clayton/MHI backed project as they envisioned it.

Outrageous, but there it is.  Other consultants to GSEs told MHProNews equally stunning revelations.

 

But the focus of this report is the newest edition of MHARR ISSUES AND PERSPECTIVES.  It is being reproduced below in its entirety.  It will be followed by additional insights and commentary by MHProNews.

 

TimeToInvestigateFannieFreddieMishandlingofDutyToServeDTSMHARRissuesPerspectiveManufacturredHousingAssocRegulatoryReformLogo

“TIME TO INVESTIGATE FANNIE AND FREDDIE’S MISHANDLING OF DTS”

By Mark Weiss 

JUNE 2019

It’s been more than ten years since Congress enacted the Housing and Economic Recovery Act of 2008 (HERA) and its “Duty to Serve Underserved Markets” (DTS) mandate.  DTS directs both Fannie Mae and Freddie Mac to “develop loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes for very low, low and moderate-income families.” Insofar as it expressly authorizes programs for both real estate and personal property (chattel) manufactured housing consumer loans, DTS was – and always has been – aimed at increasing the availability (and lowering the cost) of purchase-money financing for mainstream, affordable manufactured homes by providing securitization support for lenders, which would lower their credit risk, while promoting greater market competition, which would also result in lower borrowing costs for consumers. That laudable objective, however, has not been achieved, and with the industry now in an eight-month sustained production decline, DTS remains a nearly empty shell, leaving the 80% of the manufactured housing consumer finance market that relies on personal property loans totally unserved, while scarce – and badly needed – DTS resources are diverted to programs that do nothing for mainstream manufactured housing consumers, but do benefit a handful of the industry’s largest corporate conglomerates. This “hijacking” of DTS, with the knowledge and support of both Fannie Mae and Freddie Mac, deserves a thorough investigation by Congress and full accountability for those involved.

 

Put simply, DTS was never designed to be a corporate welfare program for the industry’s largest conglomerates. But that is exactly what it’s becoming, as a result of its botched implementation by Fannie Mae and Freddie Mac (with a “wink and a nod” from their federal regulator, the Federal Housing Finance Agency – FHFA), and its diversion away from the mainstream, affordable manufactured homes produced by all HUD Code industry manufacturers, in favor of high-dollar, hybrid-type homes that are produced by only one or, at most, just a handful of manufacturers.  As usual, the winners in this fiasco (thus far) are certain well-heeled, well-connected industry conglomerates that play to the pre-existing prejudices of Fannie and Freddie, while the “losers” are the rest of the HUD Code industry and the millions of lower and moderate-income American families that could otherwise be helped by DTS to purchase and own a home of their own.

 

The factual analysis leading to these conclusions is, in actuality, simple, straightforward and fundamentally undisputed.  Start with a basic undisputed fact, as confirmed by federal government data.  That is — as shown by U.S. Census Bureau housing market data — that some 76% of all HUD Code manufactured housing placements in 2017 (the most recent year for which such data is available), were titled as personal property (i.e., chattel). While not necessarily representing a one hundred-percent direct correlation, this data effectively means that something close to three-quarters of the manufactured homes purchased in 2017 were financed as personal property, while only 17% of all manufactured homes that year were titled – and presumably purchased and financed – as real property. This division between personal property-based placement and financing on the one hand, and real estate-based placement and financing on the other, has remained relatively constant in recent years, moreover, with the proportion of personal property placements varying between 76% and 80%, while real estate placements varied between 13% and 17%.  Thus, there can be no actual or legitimate dispute that the vast bulk of the manufactured homes purchased by lower and moderate-income American families, are served by personal property-based chattel financing.

 

Nor is this – or should this — be a surprise to anyone.  While manufactured housing personal property loans generally carry a higher interest rate than real estate-based loans, due, in part, to the absence of land as security for the lender, personal property loans, using the home itself as the sole security for the lender, cost less overall than real estate loans which include the purchase cost of the land underlying the home.  As a result, personal property loans have tended to be favored by lower and moderate-income consumers, including consumers who might otherwise be unable to afford a home of their own. That is, with an average sales price of $48,300.00 without land (in 2017) a single-section manufactured home would cost far less to purchase and finance than either an average site-built home with land (with an average combined sales price of $384,900.00) or a single-section manufactured home with land, which, according to the same data, could add something on the order of $90,000.00 to the structural price of the home itself.  Consequently, even with higher borrowing costs for chattel loans (resulting from higher interest rates), such loans on HUD Code manufactured homes nevertheless represent – and have always represented – the most affordable route to homeownership for any American anywhere in the United States.

 

Given this basic, undisputed data, the most direct route to fulfilling the promise and mandate of DTS – i.e., putting more lower and moderate-income American families into homes that they can truly and legitimately afford – would be for Fannie Mae and Freddie Mac to provide market-significant securitization and secondary market support for the manufactured housing personal property consumer lending market, as MHARR has always maintained. This is where the vast majority of manufactured housing purchasers are, and where the vast majority of lower and moderate-income manufactured housing purchasers are. And, not to overstate the point, these are the very people that Fannie and Freddie should be serving and, in fact, were created to serve, and are directed to serve by their respective charters and authorizing legislation.

 

But Fannie Mae and Freddie Mac have no interest in serving the type of housing consumers served by mainstream manufactured housing. Thus, they have no interest in providing securitization and secondary market support for mainstream, chattel-financed manufactured housing.  If they did have such an interest, and had been serving the mainstream manufactured housing market all along, DTS would not have been necessary and would not have been enacted by Congress.  What need would there be for a remedy – such as DTS — if there was no problem to begin with?  Conversely, the fact that Congress felt the need to enact a remedy shows that there was, in fact, a problem with Fannie and Freddie’s treatment of manufactured housing consumers. But Fannie Mae and Freddie Mac, aided by FHFA and some within the industry, have worked overtime to circumvent that remedy, while they continue to discriminate against lower and moderate-income manufactured American families that seek to purchase a truly affordable, mainstream manufactured home. At the same time, Fannie and Freddie talk about support for the mainstream manufactured housing market while, in fact, doing no such thing.

 

How do we know this?  Again, “facts are stubborn things.”  To start with, the reality is that neither Fannie Mae nor Freddie Mac has yet to implement even a “pilot program” for manufactured home chattel loans, some 11 years after the enactment of DTS.  A May 23, 2019 letter from Fannie Mae Vice President Jonathon Lawless to MHARR thus refers only to a “potential” manufactured housing personal property “pilot” program. And forget any kind of market-significant support for the predominate type of manufactured home consumer lending in the United States. In fact, according to sources, Fannie and Freddie have yet to provide market support for any manufactured home consumer personal property loans under DTS – a point effectively confirmed by Mr. Lawless, whose May 2019 letter states that Fannie Mae’s DTS Plan “has never called for [the] immediate purchase and securitization of these [personal property] loans.”

 

And what are Fannie Mae and Freddie Mac doing instead?  Rather than providing the type of market support that is desperately needed to expand the availability and affordability of mainstream manufactured homes for lower and moderate-income purchasers – what they should be doing under DTS – Fannie and Freddie instead, are offering support for the types of “manufactured homes” that they want to see and promote; not mainstream, affordable, HUD Code manufactured homes, but “manufactured homes” that are more like the far more costly site-built homes that Fannie and Freddie are accustomed to dealing with. Thus, in a January 14, 2019 article entitled “Delivering on Our Affordable Housing Mission Under Duty to Serve” (and there are many more such examples), Fannie Mae Executive Vice President Jeffrey Hayward refers to “manufactured homes” constructed in accordance with Fannie’s “MH Advantage” program – for manufactured homes titled as real estate (not chattel) – as being “similar to site-built homes.”  And, of course, this is – and remains – Fannie and Freddie’s central criterion in providing support for “manufactured homes” – i.e., they cannot be mainstream (and therefore affordable) manufactured homes but, instead, must be “similar to [the] site-built homes” that Fannie and Freddie are used to dealing with, and thus are within their pre-existing “comfort zone.”

 

It’s the same thing with the so-called “new class” of manufactured homes.  These homes are described (and specified) as being more like site-built homes – or a hybrid between site-built homes and manufactured homes.  As a result, they are projected to cost significantly more than an “average” mainstream manufactured home – up to approximately $220,000.00 as compared with an “average” (2017) price of $71,900.00 for all mainstream manufactured homes (i.e., both single and multi-section) — and are simply not the type of affordable, non-subsidized affordable housing resource that is provided by mainstream manufactured housing; meaning, again, that they would appeal – and be marketed to – the more “upscale” consumers that Fannie and Freddie would prefer to deal with.

 

And just as long as we’re on the subject, what type of loan performance data exits to support the creation of a special program for this supposed “new class” of manufactured home (or “MH Advantage” homes for that matter)?  For more than a decade, Fannie and Freddie have refused to provide any type of DTS support for mainstream manufactured housing personal property loans, citing a lack of “performance data” to justify entry into that market. So, if the availability of “performance data” is thus a prerequisite for market support from Fannie and Freddie under DTS, what type of “performance data” do Fannie or Freddie have for an entirely “new class” of home?

 

Assuming that the meaning of “new” hasn’t changed recently, “new” means “not done before.” And, if “new” still means “new,” then it also means, by definition, that there is no pre-existing loan performance data for that “new” class of home – because it’s … well … “new.” So, for the 80% of the existing, mainstream manufactured housing market financed through chattel loans, no performance data means no DTS support. It means not even a measly “pilot program” after 11 years. But for a “new” class of higher-cost home, being pursued by just a few of the industry’s largest conglomerates (if that many), no performance data means a ticket to instant Fannie and Freddie support – even though there is not one word about a “new class” of manufactured homes or a pilot program for a “new class” of manufactured homes in the DTS implementation plans filed by Fannie and Freddie and approved by FHFA in 2018.  And all of this comes to you courtesy of the same people who nearly crashed the world economy by backstopping trillions of dollars in “subprime” loans on homes that borrowers could not legitimately afford.

 

The reality is that DTS is in the process of being “hijacked” by special interests. It is being diverted from its primary, essential and crucial mission with regard to manufactured housing – to expand the availability of consumer loans for mainstream manufactured housing; to bring more lenders into the market; and to lower the (interest) cost of mainstream manufactured home consumer loans through increased competition and risk reduction for lenders. Fannie and Freddie’s treatment and botched implementation of DTS is an ongoing farce for the industry and an ongoing tragedy for lower and moderate-income Americans who simply wish to purchase a home of their own, but continue to be subjected to flat-out discrimination, in open defiance of Congress and with a knowing, and apparently intentional pass from FHFA. The time has come, therefore, for Congress to re-involve itself in this matter, to conduct a thorough and probing investigation of DTS with respect to manufactured housing, and see to it that the DTS directive is enforced and implemented now, not “honored” in the breach.

 

Mark Weiss

 

MHARR is a Washington, D.C.-based national trade association representing the views
and interests of independent producers of federally-regulated manufactured housing.

 

— ## —

MarkWeissJDPresidentCEOManufacturedHousingAssocRegulatoryReformDailyBusinessNewsMHProNews

 

Disclosure

Stating the obvious, let’s nevertheless note as a disclosure that MHARR is a banner advertiser, thus a sponsor of this publication. That noted, Berkshire Hathaway subsidiaries – Clayton Homes, 21st Mortgage Corporation – and the Manufactured Housing Institute (MHI) were also banner advertisers/sponsors of this site – which is the industry’s largest and most read manufactured home trade media by far. Our fact-checks of MHI, et al began while they were advertisers. Our fact-checks began years before MHARR became a sponsor.  Therefore, we have a clearly established record of covering matters as we see them.

It must also be noted that while we were doing such fact-checks and analysis, that MHI’s elected and staff leaders were publicly praising MHProNews.

 

 

 

TimWilliams21stMortgagePublicationDailyBusinessNewsMHProNewsMHLivingNews

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Our publisher – L. A. ‘Tony’ Kovach – has also stated several times in ‘digital print’ that in hindsight, he now sees the disconnects.  For example, there was Warren Buffett’s very public support of candidates who signed into law and worked to protect from any changes the Dodd-Frank legislation that gave birth to the Consumer Financial Protection Bureau (CFPB). Meanwhile, Clayton Homes, 21st Mortgage, other Berkshire Hathaway brands, and MHI all spent years and millions of dollars ‘opposing,’ lobbying, and fighting to modify. A detailed review of that ‘Rope-a-Dope’ is linked here. That fact-check and analysis includes this following stunning admission by a former MHI SVP who could not have been clearer. The years of efforts that lied ahead were a waste of time and money.

 

JasonBoehlertManufacturedHousingInstituteSeniorVPLogoMHIlogoQuoteMHProNews

WarrenBuffettPhotoPresidentBarackObamaPhotoMemeCartoonManufacturedHousingIndustryMHProNews

Satirical cartoons can illustrate meaningful points.

WarrenBuffettPresidentBarackObamaPhotoMemeManufacturedHousingIndustryMHProNews

 

The Common Threads?

The common thread between DTS and the never-enacted Preserving Access to Manufactured Housing Act are access to financing. Our publisher stressed that the principle behind Preserving Access – or DTS – are fine. In the case of Preserving Access, while it was a ‘good idea,’ it was also all but guaranteed to fail. There was no practical logic in pursuing it.

What has been occurring with DTS is similar. So Weiss’ points are timely.

An MHI-only member connected source that’s worked with the GSEs has told MHProNews that part of what caused Fannie and Freddie from not implementing DTS in the aftermath of the passage of the Housing and Economic Recovery Act (HERA) 2008 was the relatively poor performance of 21st Mortgage Cop and Vanderbilt Mortgage and Finance (VMF) lending.

Now, given the mainstream housing mortgage/credit meltdown, that ‘relatively poor’ has to be considered in the broader context.  After all, lending did return to conventional housing, despite the scandals that occurred.  Manufactured homes had negligible impact on the 2008 housing/mortgage crisis that trigged the so-called ‘great recession’ that rippled through the world’s economy.

As a former MHI connected executive has said, manufactured home lending and past losses were a “pimple on an elephant’s ass” compared to what happened with conventional housing.

 

“An Elephant Ass,” Understanding GSEs, Duty to Serve, Manufactured Home Lending

 

Let’s recall that the 2008 housing/mortgage crisis was not the first such event.  The S&L crisis was smaller by comparison, but had an estimated $160 billion finance impact.

 

SavingsLoansCrisisWikiDailyBusinessNewsMHproNews

 

Within that context, what’s noteworthy is that per various sources, Berkshire owned lenders de facto helped derail the use of DTS early after its passage and were a source of an excusing DTS now on virtually all but this new class of homes.

21st, Clayton, and Warren Buffett de facto revealed their responsibility for their harmful impact on manufactured home lending which caused thousands of retailers and some producers to go out of business.

SmokingGunEvidenceOfAntiTrustMonopolisticCollusionMoatClaytonHomesKevinClayton21stMortgageTimWilliamsWarrenBuffettMHLivingNewsMHProNews

In a series of direct quotes in context, a document from 21st Mortgage signed by Tim Williams, and video recorded comments by Kevin Clayton, these all line up to demonstrate how independent retailers, communities, and producers – among others – where purportedly harmed by action that could be deemed an antitrust violation. Why hasn’t Allen told his readers how that cost them money? https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

 

That in turn also arguably kept lending from flowing back into the manufactured housing space.

 

DTS Manufactured Home Lending Committee Member Says MHI in “Unholy Alliance” to Divert Needed GSE Support Away from Manufactured Housing

 

The aftermath and outcomes were many. These incidents contributed to the tidal shift that hit not only manufactured home retailers, but also communities, occupancy, and thus their values were impaired too.

 

Manufactured Home Community Case Study, UMH Properties, Lessons for Independent Community Owners, Investors

 

There is also an element of self-fulfilling prophecy in this matter. A lack of lending naturally harms resale values of manufactured homes, much like it did with conventional housing during the housing/mortgage crisis.

Furthermore, as was reported last year, it was the Federal Housing Finance Agency (FHFA) that said that manufactured homes demonstrably appreciated in value. Given the various ways that lending to manufactured homes have purportedly been artificially limited, that factoid is a pleasant surprise.

It should be noted that virtually all of what Weiss has recounted occurred prior to the Mark Calabria becoming Director of the FHFA.

 

MHARRMarkWeissIfCongressHadMeanttheDutytoServeToBeOptionItWouldNotHaveCalledItADutyDefintionofDutyIsMandatoryResponsibilityDailyBusinessNewsMHProNews

 

In a previous comment to MHProNews, Weiss made the previous statements above and below about Duty to Serve (DTS).

 

MarkWeissDTSQuoteManufacturedHousingAssocRegulatoryReformMHARRDailyBusinessNewsMHproNews

Additional points that bears mention is that the GSEs have been sponsoring MHI events. How is that not a conflict of interest?

 

2018-10-03_1018ManufacturedHousingInstituteHILogoCavcoFleetwoodPalmHarborFannieMaeFreddieMacLogoDailyBusinessNEwsMHProNEws

Marty Lavin advises, “Follow the Money” and “Pay More Attention to What People Do Than What They Say.” The GSEs are praising manufactured home quality, but then worked with Clayton Homes and MHI to create a so-called ‘new class’ of manufactured homes, per sources.

 

Furthermore, well prior the Calabria era beginning and before the new Congress being seated in 2019, Jeb Hensarling pointed to what he felt was improper lobbying by GSEs. One of several possible references to that is linked via the text-image box below.

 

Update on Fannie Mae Lobbying, and Manufactured Housing Controversy

 

 

Conclusions

There is a quilt-work of items that are causing the slowdown and underperformance of manufactured housing. Financing must rank high on that list, for the reasons noted herein.

But at the core of these concerns ought to be the common threads.

  • Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and Finance, and Berkshire Hathaway have their finger prints on these matters.
  • Clayton and their related Berkshire lenders has been spotlighted by several Democratic lawmakers, including 2020 presidential hopefuls.

 

Senate Democrats – Including 2020 Presidential Contenders – Ask CFPB Protect Consumers Against Predatory Lenders — Point Finger at Clayton Homes, Berkshire Hathaway Lending

 

  • The Manufactured Housing Institute (MHI) held closed door meetings with the GSEs, that none of the parties involved have released meeting minutes on.  They should be part of any Congressional or other investigation.
  • The Seattle Times, and Clayton’s hometown local news media – besides MHProNews – has reported on numerous federal investigations relative to Clayton that purported involve MHI connections.

 

 

 

One of the posted comments on the video above, from ‘Tobz4uhuni ItsMyName’ posted this, with typos in the original:

Clayton aka Vanderbilt is a horrible place. I have been in mine since 07. They placed it on the wrong land and it sets off by 3 acres. They know they did this and refuses to move it and correct the problem. They also have been offered a deed to the piece of land where it sits providing they quit claim the other piece of land that sits 3 acrea off and they refuse to move. Yet these unethical people, predators, illegal subhumans expect for me to pay for this mobile home when it isnt attached to the acre its suppose to. It sits on someone elses land and he will be moving it soon bc he is building a home where the mobile home sits. Clayton can make it right, but refuses. Plus they sell someone whose credit scores are 500 and 525 mobile homes with a price tag of 63k, an interest rate of 10.5% and make only 9 dollars an hr. Make complaints with your attorney generals office, the state of Tennessees attorneys office and the consumer protection bureaus office. These people need to be stopped.”

These may well rise to the level that merit Congressional investigation, but also Department of Justice (DoJ) investigation.  In a recent statement, DoJ’s top antirust person made statements that if applied to Clayton et al could be seen as a warning sign. See the link here, and the related reports, further below.

RememberThisQuoteIrPrettyPicturesMHIndustryWillOnlyAchieveItsGoalsByResovingItsCoreIssuesLATonyKovachMHProNews

That’s today’s second episode of News Through the Lens of Manufactured Homes, and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Shocking, True State of the Manufactured Housing Industry, plus Solutions for Profitable, Sustainable Growth – May 2019

Secretary Ben Carson’s, Julian Castro’s Manufactured Housing, “Trailer,” “Mobile Home” Revelations, 2020 Battles Ahead

 

 

 

 

 

Highlights Of Consumer Financial Protection Bureau Director Kathleen Kraninger’s First Six Months, What’s Next?

June 12th, 2019 Comments off

HighlightsConsumerFinancialProtectinBureauDirectorKathleenKathyKraningerDailyBusinessNewsManufacturedHousingMHProNews

Retailers. Communities. Have you noticed how relatively quiet word from the Consumer Financial Protection Bureau (CFPB) has been in the past 6 months?

 

Yesterday, June 11, marked the first six months of Director Kathleen L. Kraninger taking the helm from acting director Mick Mulvaney. 

Mulvaney has since moved on to the role as acting chief of staff for President Donald J. Trump.

The federal agency is still enforcing laws, but is striving – per their statement below – to do so in a more thoughtful manner, where business has a better sense of what it can or can’t do.  That increased certainty should be good for business over the long haul. In the video interview that follows below, she makes it clear that protecting and educating consumers matters to her.

 

KathyKraningerDirectorCosumerFinancialProtectionBureauWikiDailyBusinessNewsMHProNews

 

Here is her most recent, perhaps first, mainstream news video interview on the topics that follow. By the way, this interview with Bloomberg – a left-of-center media outlet – exemplifies a balance that some may not realize can exist in the mainstream.  There are weaponized interviews, ‘fake news,’ and balanced reports.  This is arguably fair and balanced.

 

 

 

The CFPB news release to the Daily Business News on MHProNews will be followed with some additional details about the new director, plus manufactured home industry related material.

 

HighlightsDirectorkraningersFirst6monthsConsumerFinancialProtectionBureauLogoImmediateReleaseMHProNews1

 

WASHINGTON, D.C. – June 11th marks the first six months of Director Kathleen L. Kraninger leading the Consumer Financial Protection Bureau.

“It is an honor and privilege to serve American consumers. As Director, my focus is to prevent harm to consumers by using all the tools Congress gave us, including education, regulation, supervision and enforcement. I look forward to building on the efforts and progress of these first six months,” said Director Kraninger.

Under Director Kraninger’s leadership, the Bureau:

Educated consumers about financial products and money management

• Launched an initiative, Start Small, Save Up, to increase emergency savings among consumers;
• Expanded the Misadventures in Money Management financial education tool for active-duty servicemembers;
• Educated consumers about mortgage closing scams;
• Educated consumers on debt collection, including steps they can take to resolve a debt, telling the difference between a legitimate debt collector and scammer, and top debt collection questions answered;
• Performed an extensive analysis and report on what suspicious activity reports reveal about elder financial exploitation;
• Provided technical assistance to VITA (Volunteers in Tax Assistance) sites in how to support the people who they serve in making choices about saving part of the tax refund;
• Issued a set of reports for use by state and local leaders working to set up child savings programs;
• Released an education page on financial preparedness for a disaster;
• Received and handled 170,000 consumer complaints;
• Released a financial well-being practitioner toolkit for use by financial educators;
• Provided consumers a list with contact information on specialty credit reporting companies;
• Educated servicemembers and other consumers on new credit freeze protections, jointly with the FTC;
• Released an action booklet on building and managing credit for consumers as part of the Your Money, Your Goals;
• Continued to provide the Your Money, Your Goals guide to service providers to use as they inform individuals transitioning from incarceration on financial information and tools to manage their financial lives;
• Released two snapshots focused on mortgage and servicemembers complaints;
• Facilitated the training of over 1,700 social services staff with information and action steps in money management that they can share with the people who they serve; and
• Reached 25 million publications distributed and 25 million hits on its web service, AskCFPB, over the life of these services.

“Congress charged the Bureau with conducting financial education programs and ensuring consumers receive timely and understandable information to make responsible decisions about financial transactions. We will continue to look for ways to release innovative financial education tools and partner with public and private sector entities engaged in consumer financial education to maximize the reach of these tools,” said Director Kraninger.

Examined to Promote Compliance and Enforced the Law

• Took action against one of the 10 largest HMDA reporters for violating HMDA and Regulation C;
• Took action against a mortgage servicer for violating the Consumer Financial Protection Act; RESPA; Regulation X; the Truth in Lending Act; and Regulation Z;
• Filed a law suit against a debt collection firm for violating the Consumer Financial Protection Act and the Fair Debt Collection Practices Act;
• Filed a law suit against a credit repair company and several related entities alleging that they violated the Consumer Financial Protection Act and also the Telemarketing Sales Rule;
• Took action against a student loan servicing company that engaged in unfair practices that violated the Consumer Financial Protection Act;
• Took action against a company that violated the Consumer Financial Protection Act; the Gramm-Leach-Bliley Act; Regulation P; the Truth in Lending Act; and Regulation Z;
• Took action against an online lender that extends unsecured payday and installment loans for violating the Consumer Financial Protection Act;
• Took action against an individual who brokered contracts offering high-interest credit to veterans for violating the Consumer Financial Protection Act;
• Took action against a company for violating the Consumer Financial Protection Act, the Truth in Lending Act; and Regulation Z;
• Took action against a federally chartered savings association for violating the Consumer Financial Protection Act; the Electronic Fund Transfer Act; and Regulation E;
• Sought to enhance protections for servicemembers;
• Secured over $12 million in redress for consumers and $22 million in Civil Money Penalties; and
• Announced changes to policies regarding Civil Investigative Demands (CIDs) to ensure they provide more information about the potentially wrongful conduct under investigation.

“Enforcement is an essential tool Congress gave the Bureau – particularly because education, rulemaking, and supervision will not prevent every violation. We will use enforcement against bad actors who don’t comply with the law. Ensuring that justice is served in the public interest – that is our goal in using the enforcement tool. Further, a purposeful enforcement regime can foster compliance, help prevent consumer harm, and right wrongs,” said Director Kraninger.

Modernized, clarified, and reduced burden of rules

• Issued the first proposed rulemaking to implement the requirements and prohibitions applicable to debt collectors under the Fair Debt Collection Practices Act since it was passed in 1977;
• Became a coordinating member of the Global Financial Innovation Network (GFIN), a world-wide effort to promote financial innovation that benefits consumers;
• Published a request for information concerning the need for and scope of exceptions under the Remittances Rule;
• Issued an Advance Notice of Proposed Rulemaking to commence developing proposed regulations addressing PACE financing, a relatively new form of financing of home improvements for environmental purposes;
• Issued new written guidance to clarify the TRID Rule and thereby promote mortgage firms’ compliance with the rule;
• Issued new standards the agency will use to meet its obligations under Section 610 of the Regulatory Flexibility Act to conduct reviews of certain rules to evaluate their burden on small businesses;
• Issued comprehensive assessment reports evaluating the effectiveness of the ATR-QM and Mortgage Servicing (Regulation X) Rules to comply with Section 1022 of the Dodd-Frank Act;
• Published proposed rules to delay implementation of and to reconsider the Mandatory Underwriting Provisions of the small dollar rule;
• Published proposed rules to reconsider the mortgage reporting thresholds in the 2015 HMDA Rule and published an advance notice of proposed rulemaking to obtain information to assist in the development of proposed rules to reconsider data points in the 2015 HMDA Rule.
• Issued final policy guidance explaining how the Bureau will modify publicly disclosed HMDA data to protect the privacy of consumers; and
• Commenced implementation of measures to streamline and improve the Bureau’s rulemaking process, such as providing materials to the public that are easier to understand, receiving more feedback from small businesses on proposals, planning to release SBREFA panel reports earlier in the process, maximizing public engagement by generally using a 90 day comment period for complex proposals, and posting all comments submitted in rulemakings to the public docket.

“I am committed to improving the Bureau’s rulemaking process as it will lead to better policy outcomes,” said Director Kraninger. “Improving the rulemaking process will ensure we have clear rules of the road that protect consumers and more effectively execute the Bureau’s mission. This process will increase transparency, public engagement, and thorough, data-driven analysis. To further improve our regulatory process we are developing a way to obtain input from state and local officials, as well as an initiative to ensure that outdated, unnecessary, or unduly burdensome regulations are identified and addressed.”

During her first six months, Director Kraninger has also visited all of the Bureau’s regional offices throughout the country and engaged with regional staff, as well as participated in an on-site exam. In this time, Director Kraninger has engaged with over 600 consumer groups, consumers, state and local government officials, military personnel, financial institutions, academics, non-profits, and former and current Bureau advisors, and traveled to 10 states. Lastly, Director Kraninger announced enhancements to the Bureau’s advisory committees and announced a symposia series aimed at stimulating a proactive and transparent dialogue in the policy development process.

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives.

###

KatherineKathyKraningerDirectorConsumerFinancialProtectionBureauWashingtonDCLinkedInProlifeDailyBusinessNewsManufacturedHousingMHProNews

 

When manufactured housing professionals think of the CFPB, a common thought is about the Preserving Access to Manufactured Housing Act.  A fresh, deep review of that can be accessed via the hot-linked text-image box below.  Note that the following covers a timeframe prior to the new director, thus, is no reflection on her either way.

 

Rope-a-Dope – Preserving Access to Manufactured Housing Act, Mom, Dad, & You

What’s next at the CFPB?  That will depend in good measure on what occurs on Election Day, 2020, and the runup to that event.  Stay tuned.

That’s this hump day morning’s first installment of News Through the Lens of Manufactured Homes, and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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In a series of direct quotes in context, a document from 21st Mortgage signed by Tim Williams, and video recorded comments by Kevin Clayton, these all line up to demonstrate how independent retailers, communities, and producers – among others – where purportedly harmed by action that could be deemed an antitrust violation.  https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

 

U.S.-Mexico, Tariffs, and Border Crisis Talks, plus Manufactured Home Stock Updates

June 6th, 2019 Comments off

CNNmone6.6.2019ManufacturedHomeStocksMarketsReportsMHProNewsThe markets rallied on word that a deal may be close to done between the U.S. and Mexico on the issue of controlling the flow of illegal immigrants through their country that are coming to the United States.  Vice President Mike Pence said in the last hour that there’s progress, but no deal.  For those unexcited about the notion of a tariffs tiff between the U.S. and Mexico, on a day that the markets rallied, this evening’s report is for you.

 

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further belowafter the newsmaker bullets and major indexes closing tickers.

 

The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.  Headlines – at home and abroad – often move the markets.  So, this is an example of “News through the lens of manufactured homes, and factory-built housing.” ©

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

This is an exclusive evening or nightly example of MH “Industry News, Tips and Views, Pros Can Use.” © It is fascinating to see just how similar, and different, these two lists of headlines can be.

Want to know more about the left-right media divide from third party research?  ICYMI – for those not familiar with the “Full Measure,” ‘left-center-right’ media chart, please click here.

 

Select bullets from CNN Money…

  • Relief from robocalls
  • Carriers can now block the unwanted calls by default for everyone. But it may come at a price
  • LIVE UPDATES Stocks close higher, Dow logs fourth day of gains
  • Who’s hungry? These 10 food and drink stocks hit a record high today
  • Fiat Chrysler lost Renault. It needs to find another partner fast
  • Worried about an economic slowdown? Keep an eye on these indicators
  • This ETF promises to protect your money from the trade war
  • Wall Street is clamoring for rate cuts. Banks not so much
  • Huawei wariness is helping this American company
  • Spotify strikes deal with Barack and Michelle Obama to produce exclusive podcasts
  • Vox Media websites go dark as hundreds of employees stage walkout to demand union deal
  • Apollo 11 astronaut Michael Collins mocks Trump’s knowledge of Mars
  • This startup brings birth control to your doorstep, with or without insurance
  • College grads earn $30,000 a year more than people with just a high school degree
  • The 2019 stock market is starting to feel like the 2008 stock market
  • Starbucks will open its first store in Provo, Utah, near coffee-free BYU campus
  • Walmart is getting rid of its blue vests. Here’s what the new ones look like
  • America’s minimum wage is ‘too low,’ Walmart CEO says
  • Its new plan to recruit high school students
  • The trade war comes to Walmart, Target and Macy’s
  • Walmart says it will raise prices because of tariffs
  • FAST FOOD ON THE MOVE
  • Jamba Juice drops ‘juice’ from its name
  • Can anything stop Chipotle?
  • Taco Bell will open 600 restaurants in India
  • KFC is looking into plant-based chicken alternatives
  • Dunkin’s latest breakfast creation turns up heat on McDonald’s

Select Bullets from Fox Business

  • Economic warfare threats highest in history: Chuck Hagel
  • FCC empowers telecom firms to automatically enroll customers in call blocking services
  • US weekly jobless claims unchanged, point to labor market strength
  • IMF bullish on US economy, but warns of trade war wildcard
  • Warriors part owner Mark Stevens banned from NBA games after shoving Kyle Lowry
  • AOC says Americans’ right to a home trumps workers’ ‘privilege’ to earn profit
  • Tennessee moonshine maker concocts high-proof liquor, battles consumer demand
  • The magic ingredient in Impossible Foods meatless burgers sparks feeding frenzy
  • Top 10 states with the cheapest gas prices
  • Used cars being bought more than new ones, study shows
  • Freddie Mac reports dip in long-term mortgage rates, says 30-year average hit ‘lowest level’ since 2017
  • New York seizes 46 ice cream trucks in sting dubbed ‘Operation Meltdown’
  • AOC, Warren closer to goal of IRS doing your taxes for you
  • Billionaire John Paul DeJoria buys McDonald’s campus in Illinois
  • Trump threatens China with tariffs on another $300B of goods
  • Callaway robot improves golf swing, helps pros win 18 tournaments
  • Wealthy Illinois residents could see taxes spike
  • Steve Moore floats Art Laffer as Trump’s next top economist
  • ‘Bar Rescue’ star Jon Taffer: The restaurant of the future won’t have chefs cooking
  • Walmart adds more than 120 electric vehicle charging stations to US stores
  • Green Bay Packers quarterback Aaron Rodgers co-founds $50M venture capital fund
  • Tom Brady calls ‘Tom Terrific’ trademark backlash ‘unfortunate,’ has no plans to sell gear
  • May jobs report released on Friday: What you should expect

Today’s markets and stocks, at the closing bell…

9MarketIndicatorsYahooFinance6.6.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

Today’s Big Movers

For all the scores and highlights on tracked manufactured home connected stocks today, see thBloomberg graphic, posted below.

Today’s MH Market Spotlight Report –

USMexicoTariffsBorderCrisisTalksManufacturedHomeStockUpdates

Still from video, posted below.

This left-of-center CBS News video from earlier today sets the stage for the topic.

 

 

As noted, the talks adjourned, but per CNBC, they should be resuming soon, if not already tonight.

·        Talks between U.S. and Mexican officials, which began Wednesday and resumed earlier Thursday, were poised to continue at 5:30 p.m. ET at the State Department, according to a key Mexican government negotiator.

·        Ambassador Martha Barcena said that the Mexican delegation “explained to [the U.S.] all the enforcement measures that Mexico is taking” to address immigration issues.

·        But the talks aren’t over yet, Barcena said: “We are still talking about all the legal aspects of the cooperation that we are having on migration.”

Smart money says that there will be a deal soon, but it may or may not be by the Monday deadline set by President Trump.  The smart money also bets that the Mexican government will step up and act in an effort to please the Trump Administration so as to avoid impacting their own economy. Stay tuned.

What is certain is that there is danger, death, and drugs crossing into the U.S. Migrants are among those being harmed.  As someone who came to the U.S. legally, its unjust and dangerous to let people not vetted walk into the country. 

Our Related Reports covers the background facts in more details, including the various ways this directly impacts manufactured housing.

Related Reports:

Facts Aren’t Partisan – Southern Border & Immigration Reality Checks, plus Manufactured Housing Stock Updates

 

Borders, Tariffs, and Looming Antitrust – plus Manufactured Home Market Updates

Fed Hikes Blamed for Housing Slowdown, per Chan, former Chase Chief Economist, plus MH Stock Updates

Yahoo Finance Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

YahooClosingTickerManufacturedHousingIndustryConnectedStocks662019MHProNews

 

Berkshire Hathaway is the parent company to Clayton Homes21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.

LCI Industries, Patrick, UFPI and LP all supply manufactured housing.

AMG, CG and TAVFX have investments in manufactured housing related businesses.

Your link to industry praise for our coverage, is found here.

For the examples of our kudos linked above…plus well over 1,000 positive, public comments, we say – “Thank You for your vote of confidence.”

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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

FHFA’s Mark Calabria, Ph.D., Address at HUD, NAHB’s Innovative Housing Showcase

June 6th, 2019 Comments off

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The Daily Business News on MHProNews recently spotlighted the video interview with Mark A. Calabria, Ph.D., the new head of the Federal Housing Finance Agency.

 

That report with a video interview with him is linked below.

 

Dr. Mark Calabria, FHFA Director Interview, Front Lines of GSE Reform, Manufactured Housing Impacts Ahead

 

As the director of the FHFA, Dr. Calabria has an opportunity to help shape how the Government Sponsored Enterprises (GSEs) of Fannie Mae and Freddie Mac implement the Duty to Serve (DTS) manufactured housing, and other underserved markets. He’s known as a critic, as the above linked report makes clear, and is now has the opportunity to impact change. 

While the comments below don’t specify manufactured homes, it was delivered in the context of the same event that HUD Secretary Ben Carson actively participated and promoted, which included 3 HUD Code manufactured homes.  More on that in the related reports, below.

To help read the tea leaves for what might be ahead at FHFA, here are the unedited comments by FHFA Director Calabria, per their media release to the Daily Business News on MHProNews.  There are some similar themes between Director Calabria’s and Secretary Carson’s observations about the importance of addressing the supply side of the housing equation, among other points.

 

Prepared Remarks of Dr. Mark A. Calabria, Director of FHFA, at HUD and NAHB’s Innovative Housing Showcase

6/3/2019

​​Remarks as Prepared for Delivery

Dr. Mark A. Calabria, Director

Federal Housing Finance Agency

HUD and NAHB’s Innovative Housing Showcase

National Mall – Washington, DC 

 

“Building a Mortgage Finance System that Supports Innovation In Housing”

 

Good morning! Thank you, Maren [Kasper], for that kind introduction.  

It is an honor to be here at what I hope will be the first of many Innovative Housing Showcases. Let me thank the teams at HUD and the National Association of Homebuilders for putting together this inaugural event. 

I have had the honor of working at both HUD and NAHB over the course of my career.  Being here is like being with family.  I cannot think of two better partners to come together to promote housing innovation and to tackle the challenge of housing affordability.

So, let me thank Secretary Ben Carson and the Homebuilders’ CEO Jerry Howard for their leadership. 

Let me also congratulate the exhibitors of this showcase and thank all of you for being here. It is not every day that I can find a group of people large enough to fit on the National Mall who like talking about home building and home financing – especially on a warm summer morning.

This event brings together two things that Americans have always been good at – building and innovating – both of which depend on a strong and resilient housing finance system. And that is what I am focused on.

The Federal Housing Finance Agency oversees Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. And as Director, one of my top priorities is to make sure our housing finance system is strong enough to keep lending through the cycle, not just when the economy is booming like it is right now. 

I also know how hard it is for you to make long-run investments in building and innovating when house prices ebb and flow with the housing cycle. 

And part of my job is to try to make sure that lenders of all sizes have enough capital to keep functioning during a downturn when it is needed most – especially the community banks that are the lifeblood of construction financing. 

To do that, I will be working to bring the same level of innovation on display here today to the financing side of the housing industry.  

Housing is a basic necessity for all of us. But it also has a major impact on every aspect of our lives. 

Where we live and make our homes determines the people we know and interact with every day – our neighbors and friends. It affects our health, our education, and our careers. 

And for many families, homeownership is the cornerstone of building wealth and pursuing the American Dream. 

I believe homeownership is one of the fundamental planks of a free society. 

Having a place to call home and to invest in making our own has always been a driving force of what makes America great.

And that’s why it is so important for all of us to work together to tackle our housing system’s affordability challenges for builders, for buyers, and for renters.

You can see the affordability problem in the history of two key housing indicators: Housing prices and housing starts. 

Typically, the number of new homes that are built at any given point in history tracks closely with changes in housing prices. As house price appreciation picks up, the number of housing starts increases too. 

And then as housing prices fall, the pace of building new homes slows down. 

But in recent years, we’ve seen this relationship start to break down. Housing prices have risen steadily, but the number of housing starts has not kept up.  

Since 2012, across the country, we have seen average housing prices appreciate nearly 6 percent per year. Despite this pressure, housing starts for single-family homes are currently stuck nearly 15 percent below historical averages.

And the average house in America today is 35 years old, the highest it has been in nearly a century.

So, that’s the affordability problem in a nutshell: Housing prices keep rising, but the supply of housing isn’t keeping up. 

For too many Americans, wages aren’t keeping up either. And even though the economy has been booming the past two years, the cost of housing is still increasing faster than most people’s paychecks. 

This means that the lowest-paid workers can’t find affordable rental options. And it means many middle-class Americans are locked out of homeownership. 

We see this especially in workforce housing for nurses, teachers, plumbers, electricians, carpenters, firefighters, law enforcement officers, and all those who earn too much to qualify for government housing assistance but not enough to live in the communities where they work.

Part of the solution is simply to build more housing of all kinds. We need more single-family homes and more multi-family properties. And I know everyone here can support that. 

To build more houses, we need more builders.  

In the past 2 years, we’ve seen roughly 600,000 new construction jobs across the country. That’s definitely a good start to tackling the labor shortage that the industry has faced recently. But more work remains.

NAHB is invested in growing the homebuilding workforce of the future through your Home Builders Institute and your support of Job Corps. And we’re seeing new efforts in the Administration to expand job-training and apprenticeship programs.  

These are all welcome changes.  

America needs more bricklayers, carpenters, painters, iron workers, plumbers, and roofers – not just to build our houses, but to build our future. 

These are high-paying jobs. And they are highly rewarding jobs. 

In the building trades, hardworking Americans find the dignity of work and the satisfaction of making what a family will someday call home. 

We need to lift up these careers. And we need to make sure the next generation sees them as viable and rewarding opportunities to earn a good living and help others pursue the American Dream.

But it’s not just about labor. 

One of the biggest factors driving prices up and dragging supply down is the accumulation of burdensome government mandates and fees, zoning and land-use restrictions, environmental regulations, building codes, and permitting requirements. 

This is a problem that homebuilders deal with every single day. And NAHB has studied it extensively over the years.  

In fact, they estimate that the many layers of government red tape account for nearly a quarter of the price of a new single-family home and nearly one-third of the development and building costs of new multi-family properties.

And those are just the homes that actually get built. In many cases, steep regulatory costs prevent the construction of new housing in the first place. 

This is a national problem with local roots.

The most burdensome regulations come from local governments. And typically, it is the wealthiest communities that hike up the regulatory costs of homebuilding the highest. 

States like California are a case study of this problem. Almost half the country’s homeless population with no shelter whatsoever live in California. And many cities are making it even worse.

We saw this recently in Berkeley, where officials made it illegal for people to live in their R.V.s and campers, even though the city’s homeless population has risen by more than 40 percent over the past two years.

Tackling our affordable housing shortage requires organizing nationally and acting locally.

That’s exactly what NAHB does so well. And I encourage you to keep up your efforts across the country to reform local regulations so that our housing system meets the needs and financial situation of all Americans.

We have seen the power of de-regulation at the national level the past two years in everything from energy to health care to infrastructure. Now, we need to apply those lessons to the homebuilding industry in localities across the country. 

But as Americans, we have never really liked waiting on government to solve problems – especially when the problems are caused by the government in the first place. 

We have always been a nation of industrial pioneers, innovators, and problem-solvers – and that’s exactly what we are seeing in the housing sector right now. 

Across the country, and right here at this event, we are seeing the power of innovation to tackle our shortage of affordable housing.

The cutting-edge technologies and housing prototypes on display all around us are revolutionizing the homebuilding industry. 

The new materials, equipment, designs, and construction systems represented here will make it easier to build high-quality and high-density homes quickly and efficiently, while minimizing the environmental impact. 

They will make housing more resilient during natural disasters. And they will demonstrate the power of innovation to solve problems and make housing in America more affordable. 

To support that innovation on the building side of our housing industry, we need innovation on the financing side as well.  

For instance, it is often difficult in today’s mortgage market to find financing for smaller, less expensive homes.  Of course, such is all too often the result of fixed compliance costs that make small mortgage lending prohibitive.

Fannie Mae, Freddie Mac, and the Federal Home Loan Banks exist to help make housing accessible.  They do so by supporting lenders of all sizes.

But this does not mean our work is done. 

To truly meet the needs of people in underserved areas, we need to open up our mortgage finance system to more competition – because competition drives innovation. 

One way to do this is for Congress to authorize FHFA to issue more GSE charters so more players can enter the industry and compete with one another. 

There is already evidence that this kind of reform would succeed if enacted. Today’s reemergent private mortgage insurance industry shows a strong appetite and capacity for private capital to bear mortgage credit risk. 

And as more competitors enter the mortgage market, as a regulator, my job is to create a level playing field and subject everyone to the same set of rules. 

Fannie and Freddie should be successful because they have the best management, the best execution, the best business practices – not because they have the rules and regulations stacked in their favor. 

To be fair to everyone else in the emerging marketplace, no one is going to get any special favors. 

So, I will be taking administrative action where I can. And I will be consulting with Congress, the Administration, and other regulators wherever necessary. 

It is going to take all of us working together to build a mortgage finance system that is strong and resilient enough to continue lending through an economic downturn. 

And now is the time to act.

To paraphrase President John F. Kennedy, the time to repair the roof is not in the middle of a downpour, but when the sun is shining. 

And right now, the sun is shining on our economy and our housing market. 

We know economic booms will eventually be followed by busts, just as housing prices go up and they go down. 

And it is during these boom moments that we must prepare for the inevitable downturn.

That will be my focus during my 5 years as FHFA Director.  I look forward to working with all of you to build a stronger, more secure housing market for all Americans.

Thank you for the opportunity to address you today. ​

###

InnovativeHousingShowcaseNationalMallJune1-5DailyBusinessNewsMHproNews

Photo credit, MHProNews.

 

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $6.3 trillion in funding for the U.S. mortgage markets and financial institutions.

 

That’s News Through the Lens of Manufactured Homes, and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP or Comments or Letter to Editor in the subject line.

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Related Reports:

Pushing Back Against NIMBYism, HUD Secretary Ben Carson, NAHB Innovative Housing Showcase, Schedule

8 Months of Declining Year-Over-Year HUD Code Manufactured Home Production – When Will Manufactured Housing Institute Act?

 

Key to Unlocking Door for More Manufactured Home Sales, Professor Lisa Tyler’s Valuable Research

Tent Cities, Homelessness, Crime, Disease, Affordable Housing, and Manufactured Homes

HUD Secretary Ben Carson tours Innovative Housing Showcase on National Mall in Washington, D.C.

https://manufacturedhousingassociationregulatoryreform.org/mharr-launches-fighting-discriminatory-zoning-mandates-manufactured-housing-project/

 

 

 

 

 

 

 

Borders, Tariffs, and Looming Antitrust – plus Manufactured Home Market Updates

June 5th, 2019 Comments off

CNNmone6.5.2019ManufacturedHomeStocksMarketsReportsMHProNewsFrom President Donald J. Trump’s vantage point, as he has said before, he’s “playing with the bank’s money.” The market and the economy are miles ahead of where they were 2½ years ago. It appears that part of his strategy is to get as much as he can get done to keep advancing his promised campaign agenda to get the structural fixes long needed by the economy.  The flip side is that his political enemies are using what to them is ammunition for fueling their seemingly incessant attacks. Several items are coming into sharper focus this week, including the border battle, the Trump Administration’s love for the tool of tariffs, and the long-awaited start of antitrust moves, which initially are focused on big tech.  On a day when the markets rose, these will be our highlight for this evening.

 

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further belowafter the newsmaker bullets and major indexes closing tickers.

 

The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.  Headlines – at home and abroad – often move the markets.  So, this is an example of “News through the lens of manufactured homes, and factory-built housing.” ©

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

This is an exclusive evening or nightly example of MH “Industry News, Tips and Views, Pros Can Use.” © It is fascinating to see just how similar, and different, these two lists of headlines can be.

Want to know more about the left-right media divide from third party research?  ICYMI – for those not familiar with the “Full Measure,” ‘left-center-right’ media chart, please click here.

 

LeftRightMediaDivideInfGraphicSharylAttkissonMHProNews

Select bullets from CNN Money…

  • US jobs on the line
  • A new report finds tariffs on Mexico could cost 400,000 American jobs
  • LIVE UPDATES Dow posts third day of gains
  • Tech’s antitrust problem has been out in the open for years
  • Alphabet is betting big on moonshots but so are startups
  • Michelin and GM are working on a puncture-proof tire
  • China slaps Ford’s joint venture with fine
  • Amazon’s new futuristic drone will soon deliver packages
  • Carnival Cruise Lines paid $40 million for polluting and trying to cover it up. Now it has to cough up another $20 million for violating its probation
  • Fitness startup Peloton files to go public
  • GM won’t be getting tariff relief for its Buick SUVs made in China
  • Indian startup Zomato gives employees 26 weeks paid parental leave and $1,000 per child
  • Walmart is getting rid of its blue vests. Here’s what the new ones look like
  • Seven years after Sandy Hook, YouTube will ban videos denying it happened
  • Hasbro and Mattel are making toys matter again
  • The real reason you aren’t getting promoted at work
  • How long should you stay at a job if you aren’t being promoted?
  • Minority employees are often asked to work ‘double duty’
  • How to handle a slacker at work
  • What happens when women mentor men
  • The video game sales slump is killing GameStop
  • Topshop is closing all US stores
  • Dressbarn is going out of business
  • Planet Fitness is moving into Toys ‘R’ Us and Sears stores
  • American retailers already announced 6,000 store closures this year. That’s more than all of last year

Select Bullets from Fox Business

  • GM CEO Mary Barra: Mexico tariff impact is ‘really hard to tell’
  • Private sector adds just 27,000 jobs in May, missing Wall Street’s expectations
  • Dow jumps 207 points as rate cut fever gains momentum
  • Top 2020 Democrats offering health care to campaign staffers
  • MLB legend Pete Rose: I’m totally over the Hall of Fame
  • Trump tells Mexico to ‘step up’ after top trade advisor casts doubt on new tariffs
  • Walmart CEO may fire up federal minimum wage debate
  • Nucor once thwarted a Chinese attempt to steal its technology
  • Kawhi Leonard, other Toronto Raptors stars’ tax bills among worst in the NBA
  • Bill Gates, Warren Buffett’s Dairy Queen shift draws laughs from customers
  • Amazon’s Jeff Bezos buys 3 New York City condos for $80M: report
  • Amazon says Prime Air will begin delivering packages via drones ‘within months’
  • Under fire from opponents, FCC poised to advance robocall proposal
  • Medical marijuana pioneer: One ‘crazy’ money-making pot stock you need to own
  • LabCorp says 7.7 million customers may have been affected by data breach
  • UK trade chief: Brexit delaying a very big deal with US
  • What investors need to know about SEC’s new broker standards
  • Edgar Allan Poe’s pocket watch could snatch 6-figure sum at auction
  • At Amazon event, Robert Downey Jr. reveals plan to use ‘robotics’ and other tech to clean up earth
  • Kate Spade foundation accomplishes $1M pledge toward mental wellness organizations
  • Fitness company Peloton confidentially files to go public
  • Wells Fargo pledges $1B for affordable housing
  • Good vs. terrible bosses: What to know
  • Urgent solution to retirement planning challenges
  • The costly retirement planning mistake most American workers are making right now
  • Social Security benefits: 5 ways to increase your retirement checks

Today’s markets and stocks, at the closing bell…

9MarketIndicatorsYahooFinance6.5.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

Today’s Big Movers

For all the scores and highlights on tracked manufactured home connected stocks today, see thBloomberg graphic, posted below.

Today’s MH Market Spotlight Report –

BorderTariffsLoomingAntitrustPlusManufacturedHomeMarketUpdatesDailyBusinessNewsMHProNews

Congressman Doug Collins, R-GA, on the antitrust probe of tech companies and the battle over border security, is featured in an interview earlier today by Maria Bartiromo of right-of-center Fox Business.

 

 

Investors who ‘move’ have faced a daunting set of challenges in the last year or so.  Political events have often overshadowed economic realities.

In recent days, the following issues have boiled to the surface in more urgent ways:

·        The revelation that antitrust probes are targeting big tech companies

·        The border crisis has sparked a threat by the 45th president of tariffs on Mexico, if they don’t control the flow of migrants across their country coming to cross the U.S.-Mexican border illegally.

·        Right or wrong, the Federal Reserve has been under fire for their handling of rate hikes and the unwinding of their Obama era QE buys to prop up the markets.

·        The Chinese trade and tariff tussle is to a serious degree also motivated by their communist government’s calculus about U.S. domestic politics.

The mantra that investor crave certainty is as true now as before, but D.C. politics is arguably deliberately targeting the tax and regulatory policy changes in 2017, with the aim of cooling an economy that otherwise will propel the 45th president to reelection.

As this is going to press, Mexican and U.S. talks are underway.  Mexico’s border with their neighboring Central American countries is less than 10 percent that of the U.S. Mexico border.  Resolving that issue could be a useful step in addressing a growing backlog of international and domestic challenges in a highly partisan Washington.  More will be known in the hours and days ahead.

The final point ought to be manufactured home specific.  HUD Secretary Ben Carson is arguably doing more about promoting manufactured homes as an important part of the solution to the affordable housing crisis as the nation has seen in a good two decades.  But there are evidence-based reasons to believe that he’s not getting all the facts about two words that if understood and enforced by HUD could make the difference. Those two words?  Enhanced preemption.

In this raucous market and investment environment, what ought to be a continual bright spot is manufactured housing.  Learn more why it is underperforming at the report linked below.

Related Reports:

HUD Secretary Ben Carson, Affordable Housing, Obscuring the Truth, Innovations in Housing, and Manufactured Homes

Ultimate, Proven Contrarian Investing – Ethical vs. Unethical, Legal vs Illegal Manufactured Housing Industry Strategies

Manufactured Home Communities’ Dodd-Frank Moment Looms, Senator Elizabeth Warren Takes Aim at Several Manufactured Housing Institute Community Members

 

John Grissim Guides Author Finger Pointed at 21st Mortgage Corporation, Notorious Tim Williams Letter Cutting Off Retailers

Senate Democrats – Including 2020 Presidential Contenders – Ask CFPB Protect Consumers Against Predatory Lenders — Point Finger at Clayton Homes, Berkshire Hathaway Lending

Shocking, True State of the Manufactured Housing Industry, plus Solutions for Profitable, Sustainable Growth – May 2019

Yahoo Finance Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

 

YahooFinanceManufacturedHousingConnectedStocksDailyBusinessNewsMHProNews

 

Berkshire Hathaway is the parent company to Clayton Homes21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.

LCI Industries, Patrick, UFPI and LP all supply manufactured housing.

AMG, CG and TAVFX have investments in manufactured housing related businesses.

Your link to industry praise for our coverage, is found here.

For the examples of our kudos linked above…plus well over 1,000 positive, public comments, we say – “Thank You for your vote of confidence.”

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsWe Provide, You Decide.” © ## (News, analysis and commentary.)

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

Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.