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Antitrust – “You Can’t Penalize Success But Can Penalize Bad Behavior.” Former Ast AG Bill Baer, plus Manufactured Home Market Updates

June 3rd, 2019 Comments off

CNNmone6.3.2019ManufacturedHomeStocksMarketsReportsMHProNewsThe number of firms that are reportedly being identified as the subject of federal antitrust investigations is growing. Berkshire Hathaway has not yet been mentioned in this evening’s report, but some of the commentary in the video this evening suggests potential principles that could lead federal interests to do precisely that.  On a mixed day on the broader markets, but a generally up day for manufactured home industry connected stocks, all of this will be part of our featured report 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…

  • RIP iTunes
  • Apple is phasing out iTunes in favor of three apps. Here’s what will change – and what won’t
  • Everything Apple announced at WWDC, from Apple sign-in to dark mode
  • LIVE UPDATES Stocks finish mixed on worries about tech regulation and trade
  • Chipotle could raise burrito prices by 5¢ if Mexico tariffs become permanent
  • Big Tech could face US antitrust probes
  • Poland Spring water will be sold in recycled bottles
  • AT&T stock rises after Trump suggests a boycott
  • PERSPECTIVES Hollywood’s stance against Georgia isn’t as tough as it seems
  • Sephora will close all US locations on June 5 for diversity training
  • Why Goldman Sachs wants to fill your eyeglass prescription
  • ‘There is a business plan but it’s in Alex Jones’ head’: Court document sheds light on inner-workings of Infowars
  • Russia tells Tinder to share messages and pictures with its spy agencies
  • Quest Diagnostics says 12 million patients may have had their personal information exposed
  • Musk says Tesla’s pickup will cost under $50,000 and be better than the F-150
  • Daniel Chait and Megan Cunningham are both CEOs of their own companies.
  • CEOs in love: How power couples make their lives work
  • How long should you stay at a job if you aren’t being promoted?
  • Should you text with your boss?
  • How to recover from a bad job interview
  • Yes, you have to send a thank you note after your interview. Here’s what to say
  • How to look for a new job when you already have one
  • Tariffs on Mexican imports will ripple across the US economy
  • Outgoing White House economist says tariffs and deficits are bad for America
  • Businesses warn about the risks of Mexico tariffs
  • Tariffs on Mexico will hurt American business
  • How tariffs are hurting US lumber

Select Bullets from Fox Business

  • T-Mobile-Sprint $26B deal has Democratic lawmakers crying foul over potential approval
  • Antitrust probes of Amazon, Google could force industry shift even without legal action
  • Quest Diagnostics says nearly 12 million patients may have been affected by data breach
  • WATCH: Amazon unveils UK pop-up shops
  • Apple could face antitrust probe from Justice Department: Report
  • US manufacturing activity hits multi-year lows as trade tensions weigh
  • The costly retirement planning mistake most American workers are making right now
  • 9 money tips for 2019 college grads
  • Apple expected to shut down iTunes, announce new software updates at WWDC 2019
  • Ben Carson: Manufactured homes are no longer for trailer parks
  • Trump’s top economic adviser Kevin Hassett leaving post for all the right reasons
  • Trump calls for boycott of AT&T over CNN outrage
  • Matthew Martoma’s appeal over lucrative insider trading scheme denied by Supreme Court
  • German CEOs have US economy envy
  • Trump lifts year-round ethanol restrictions, could lower gas prices
  • Boeing 737 jets face new safety warning amid Max scandal
  • What is Elton John’s net worth? ‘Rocket Man’ singer among world’s richest artists
  • Amazon Prime members now eligible for free one-day delivery on more than 10M items
  • Trump’s Mexico tariffs will impact these US imports the most
  • Urgent solution to retirement planning challenges
  • Booming vs. bust retirements ahead: The choice is ours
  • Social Security benefits: 5 ways to increase your retirement checks
  • Continue to Retirement Planning
  • What Trump’s new China, Mexico tariffs mean for your portfolio
  • Legal CBD is good for you like Vitamin C, and is also good for the economy
  • Trish: Democrats should demand transparency in investigation of FBI spying on Trump campaign

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

9MarketIndicatorsYahooFinance6.3.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

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 –

AntitrustYouCantPenalizeSuccessButCanPenalizebadBehaviorAstAGBeillBaerAntitrustEnforcementDailyBusinessNewsMHProNews

According to CNBC:

  • The tech-heavy Nasdaq Composite index fell Monday after similar regulatory headlines dinged tech giants Google, Amazon and Facebook.
  • The possible Apple probe is linked to a potential Google probe, Reuters reported, and stems from meetings between the DOJ and the FTC.
  • The headlines together paint a daunting picture for Silicon Valley and the stock market’s most valuable companies.

Regarding some of the reasons to launch an antitrust probe, former Assistant Attorney General at the Justice Department, Bill Baer said the following: “You Can’t Penalize Success But Can Penalize Bad Behavior.”

 

 

The Daily Business News on MHProNews did a report early this morning on this topic, linked below.

 

Washington Leak – Justice Department Prepares Major Antitrust Investigation

 

Interviews like this are helpful in sorting out some of the things that antitrust regulators are looking for, and if ‘bad behavior’ that ‘greases the skids’ so others can follow as easily, then the report linked below must be part of the mix.

 

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.  Clayton, 21st, MHI and their attorneys have not commented on these allegations, despite repeated offers to respond, refute or clarify the issues, the most recent being just days ago. https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

 

One point of dispute for now, former assistant AG Baer said that politics doesn’t enter into this. Nonsense. It is Washington, D.C. Of course politics enters into this discussion.

Related Reports:

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

Brad Says POTUS Trump is Right: More than Facebook & Twitter, Google Threatens Democracy, Online Freedom

Mobile Home Militia – “Clayton [Homes] Wants Your Cornbread Too” “Join the Revolution” – ‘You Gotta Have Swagger’

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

Warren Buffett’s Moat, Understanding Manufactured Housing Requires Grasping Strategic Economic Moats

 

 

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).

 

YahooFinanceManufacturedHousingIndustryConnectedStocksClosingTicker6.3.2019MHProNews

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.

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

May 29th, 2019 Comments off

JohnGrissimGrissimGuidesPhotoManufacturedHome21stMortgageTimWilliamsLetterCuttingOffManufacturedHousingLendersMHProNews

Since its inception in 2003 this part of my web site has offered a mix of consumer news, excerpts of reports about manufactured homes, miscellaneous ideas and suggestions, Q&A snippets, updates, consumer alerts, and commentary from yours truly,” said John Grissim, author of the Grissim Guides in a Summer-Fall 2018 announcement.

 

Grissim notes he’s published 90,000 words in his various blog postings over the years, calling that book-length.  He’s perhaps best known for the research-volume aimed at consumer by that name, the Grissim Guide.

Grissim wasn’t necessarily praised by many professionals, as he was both pro-manufactured homes, but also tough on of HUD Code manufactured housing.

A quote from him dated February 2009, helps make the point why not all industry pros loved him.

After outlining a concern out of Utah, he said as follows: “Comment: With this story gaining momentum and national attention, once again HUD-ville takes a big hit to its image. It’s hard not to believe that its homes are nothing more than cheaply constructed, poorly designed housing for the working poor.”  Note to our growing numbers of new or first-time readers, MHProNews often turns quoted text bold and brown to make it pop, but otherwise the text is as in the original.

Grissim went on to say, Last summer the buzz was all about formaldehyde out gassing from travel trailers and single-section HUD-code homes used for temporary housing by hurricane victims. This is absolutely the last thing this industry needs to experience.”

It should be noted that Grissim’s audience was a blend of potential consumers and manufactured housing industry professionals. Part of his business model was selling his Ratings Guide, a book that purported to rate the quality of the various builders of HUD Code manufactured homes.

Industry purists, such as our publisher, frankly thought the very premise of the Ratings Guide to be problematic for manufactured housing. Why?

Because if a HUD Code manufactured home builder meets the construction, energy, safety standards, and all the relevant inspections, certifications, etc., that was Number One.  HUD Code homes have significant consumer protections, most notably since the Manufactured Housing Improvement Act (MHIA) of 2000.  That was the period Grissim was publishing such columns in.

So, of course there would be differences in fit and finish between entry level, mid-range and upscale or residential style manufactured homes. But Grissim, who could claim being an experienced journalist, was lawfully able to publish what he wished. That’s America and the right to free speech and freedom of the press.

The above tee’s up a sense of the author, because thousands of manufactured housing professionals today would otherwise be unfamiliar with Grissim. Having set the table, it’s the following quotes at length from that report of his that are the focus of this fact-check and analysis.

Let’s begin by noting that by Grissim covering this as he did, albeit incompletely, he did so well before others, most of whom to this day have ignored the topic all together.

What follows is word-for-word from his post – linked here. We’ve screen captured this page too, as a documentary reference should the site go down or be otherwise changed, which Grissim himself suggests he plans to modify his content. Following the content between the — lines, there will be an MHProNews analysis. Typos are in the original.

 

— start of extended quote —

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As recession deepens, MH plant closings mount. Industry production capability could shrink 30% by summer. What this could mean for home buyers.

Figures released early this month by the Institute for Building Technology & Safety (IBTS), the Washington, DC-based organization that tracks numbers for HUD, show a total of 169 production facilities around the U.S. are currently engaged in building HUD-code homes. That figure is down from 180 in October of last year.

But the worst may be yet to come. Some plants shut down over the holidays due to lack of orders, which are typically low during the winter months. With many retail dealerships struggling to make ends meet, and with sources drying up for so-called inventory flooring loans (loans to pay for lot models until they’re sold), orders from retailers for model homes may drop dramatically. This in turn could trigger a corresponding increase in plant closings.

One industry professional familiar with these trends told me he would not be surprised if by summer the total number of still-operating plants was in the 125 range, amounting to a roughly 30% contraction since last fall in the MH industry’s total production capacity.

Put another way, by this summer another 43 plants could be idle. For many companies, this will be catastrophic, forcing them into bankruptcy or sale. This is particularly true of builders that produce only HUD code homes, versus a mix of HUD and modular code dwellings. Unfortunately, the MH industry is generally weak, with very few players strong enough to buy their competitors, or even assume their debt.

Companies that are able to produce, in addition to HUD code homes, modular-code homes and RVs (especially park models), should fare better during the crunch, but the outlook is still grim. Adding to the challenge, some parts and materials suppliers to the RV and factory-built home industry are themselves in survival mode, and may go under.

In late January, Liberty Homes, the Goshen, IN-based builder, announced it was closing its Statesville, NC plant, laying off 90 workers. Patriot Homes, also HQ’ed in Indiana, has closed its Texas plant, and another facility in Indiana, and reportedly laid off its entire engineering staff before last Christmas. And Fleetwood, as reported last month, is closing seven of its plants.

For its part, industry stalwart Palm Harbor Homes reported company sales for the fourth quarter of last year were $89.6 million, down from $140.6 million during the same quarter a year previously. PH’s shipments to its most important markets–Texas, Florida, Arizona and California–were down nearly 38%. Larry Keener, Palm Harbor’s CEO said they expect this downward trend to continue through calendar 2009. The company is looking to free up some working capital by leveraging some of the more than $100 million in unleveraged assets on its books.

Also hanging in there is Cavalier Homes, a publicly held builder HQ’ed in Addison, AL. On January 27, 2009, Cavalier agreed to sell its in-house finance company, CIS Financial Services, Inc., to Jacksonville, FL-based Triad Financial Services, one of the industry’s oldest (and consistently successful) manufactured home lenders, for $750,000 cash plus CIS’s loan portfolio. According to the company’s CEO, “Bobby” Tesney, the transaction was in no way an indication of any change in Cavalier’s fortunes. “We think we will be here for the long run,” he explained in a subsequent phone call. In fact, Cavalier has excellent cash reserves and no long term debt, so the builder looks to be in good shape to weather a long downturn.

For home shoppers, the good news is this remains a buyer’s market with retailers bending over backwards to sell you a home, and at a very competitive price. But be certain the manufacturer from whom you’re contemplating buying is still in business and will be there to take care of your warranty needs. And don’t completely rely on your retailer for assurances. Verify all dealer claims. Visit this site for the latest news, and don’t hesitate to email me if you have any questions.

With some big banks moving to block mortgage brokers from offering their loans to consumers, home buyers may have fewer choices.

 

In its February 1, 2009 edition, the New York Times reported that some large national banks, such as JPMorgan Chase, are no longer accepting home loan applications processed by mortgage brokers. [See also the story that follows this item.] Ostensibly the reason is, during the go-go subprime home loan years, many independent mortgage brokers played fast and loose with the documentation criteria they used to qualify borrowers, allowing many to obtain loans way beyond their ability to pay. The banks in turn suffered the losses, not the mortgage brokers who pocketed their origination fees and incurred no further liability.

There is much truth in that argument, but regrettably a decrease in the number of reputable independent mortgage brokers (who typically offer a wider variety of loan products than the local bank) means home buyers will have less choices and may be obliged to borrow from local institutions who often charge higher interest rates.

For their part, the mortgage brokers counter that it was the lenders, not the brokers, who determined the submitted loan documentation was satisfactory and thus it was the banks’ sloppy standards that ultimately were the source of so many subprime loans going south.

The brokers certainly have a point. In my view both parties are to blame. For several years there, the banks were busy selling their brokered loans to Wall Street’s masters of the universe for big money and they, like the brokers, could have cared less how bad the loans were because they, too, were off the hook if the loans went south. But that’s another story.

This said, I recommend my clients talk to a reputable mortgage broker as part of the process of shopping for the money before shopping for a home. For more on working with mortgage brokers, please see the discussion on mortgage brokers in chapter 4 of The Grissim Buyer’s Guide to Manufactured Homes & Land.

 

Speaking of mortgage brokers, Clayton Homes’s subsidiary finance company, 21st Mortgage Corporation will cut them off as of March 1, 2009. But wait, there’s more….

Pity the nation’s independent MH dealers. As I reported in the Grissim 2009 Report, last month the Clayton-owned subsidiary finance company, 21st. Mortgage Corp., announced that due to lack of funds to lend, it was largely pulling out of the inventory flooring business for dealers who sold homes other than those built by Clayton and Clayton-owned subsidiary manufacturers. Then, on January 30, the other shoe dropped.

Tim Williams, 21st’s president, sent an email “to all MH retailers and mortgage brokers” announcing that due to the bank’s inability to find money to lend indie dealers to finance retail home sales, effective March 1, 2009 the bank will limit its financing programs to the following (I’m quoting here):

  1. We will no longer offer any of our programs to Mortgage Brokers.
  2. We will offer FHA Title I financing for any brand home subject to retailer meeting FHA requirements.
  3. All other finance plans will only be offered for sales of the following homes:
  4. 21st Mortgage repossessions
  5. New homes built by Clayton Homes, Karsten Homes, Southern Energy or any other Clayton Homes subsidiary. The dealership must be a 21st Mortgage approved retailer.
  6. For any brand of home floor planned with 21st Mortgage prior to March 1 2009
  7. For any brand of home sold from a retailer’s inventory provided the retailer replaces the inventory with a home built by a Clayton Homes subsidiary.

 

Williams’s letter went on to say:

“We will continue to seek adequate funding so we can once again become an active lender meeting all your needs. You need to take appropriate action to apply for financing with alternative lenders, including CU Factory Built Lending, Triad Financial, and US Bank. Many retailers have found the FHA a viable alternative and I urge you to talk with your credit manager and become familiar with the terms available.”

This announcement was directed to independently owned MH dealerships that have long used 21st Mortgage’s lending programs for homebuyers. But Clayton Homes’ also owns a second finance company, Vanderbilt Mortgage, which offers similar loan programs exclusively through Clayton Homes-owned dealerships. If 21st. is having difficulty raising capital to lend, it would make sense that Vanderbilt is also dealing with the same problem.

At this writing, there has been no change in Vanderbilt’s program. However, I have learned from a reliable source that an executive at one of the alternative lenders mentioned above recently received over a two week period calls from the credit managers of 18 Clayton-owned dealerships asking about the availability and terms of both his company’s chattel and home mortgage programs. Do they know something we don’t?

The above developments will not impact homebuyers who intend to pay cash or otherwise obtain financing from their local bank or credit union. The rule here is: dealer arranged financing for your home purchase should be absolutely your last resort. The interest rates are almost always higher than you will find elsewhere in the private sector. Shop carefully for the money before you begin shopping in earnest for the home of your dreams.

— end of extended quote from Grissim website —

JohnGrissimGrissmGuideRainshadowPublicationsManufacturedHousingProfessionalMHProNews

Collage by MHProNews, provided under fair use guidelines.

 

That statements and views by Grissim are interesting on several levels.

  • First, not that it was every doubted, it nevertheless reaffirms that the 21st Mortgage Corp document signed by Tim Williams and previously published by MHLivingNews and MHProNews reads as the copy of an original that we’ve published, which is hereby reposted again, below.

 

21stMortgageCorpLogoLetterheadJan302009TimWilliamsRetailersBrokersCutSpecifiedLendingMonopolisticPloyConcernManufacturedHomeDailyBusinessNewsMHProNews

This document was provided as a news tip to MHProNews. 

 

  • If there is any record of Clayton’s ‘captive’ lender Vanderbilt Mortgage and Finance (VMF) having any such issues funding issues, we are unaware of it at this time. Clayton, VMF, and 21st have all been repeatedly invited to respond to our published articles, and at each turn, they have declined.  The same invitation has been given to the Manufactured Housing Institute (MHI), which is widely seen as dominated by Omaha and Knoxville.  The Arlington, VA based MHI has declined to respond or comment as well to the concerns surrounding the 21st letter and related
  • Grissim says those messages were sent out by email, and we have sources that say it was sent by U.S. mail too. That’s significant for reasons that attornies at Berkshire, Clayton, 21st, MHI and possibly others should understand the ramification of legally.
  • Grissim published this prior to the video interview published by MHLivingNews at the link below, wherein Kevin Clayton says in a past-present-and-future sense, that “Warren” assured them they have ‘plenty of money.
  • Grissim published that prior to the Warren Buffett annual letter, which seems to directly contradict they key claim made by Williams, namely, that they were cash strapped, and that is what allegedly forced their cutback.

The most complete report on this topic is found at the link below, which includes the quotes from Warren Buffett, and the complete video interview with Kevin Clayton, where he lays out the Buffett vision for the strategic “moat” and being a ‘tough competitor.’

 

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.  https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

 

Restated, while there is more analysis that could be done on what Grissim wrote, the above is sufficient to reaffirm concerns that Berkshire Hathaway owned brands purportedly colluded in a fashion to rig the marketplace, tipping manufactured home retailers and more producers out of business.

Newer industry readers, investors, public officials, and other researchers should keep in mind that some who received that 21st letter from Tim Williams – and survived – recall the document, and have confirmed having received it.  Several of those have thanked MHProNews for not letting this topic slide, as they knew some put under by that document, and they recognize that if it happened before, something like that can occur again.

In the light of more recent revelations published in MHProNews and MHLivingNews, there are numerous reasons for Congress to investigate in a public setting what occurred, why, and how that impacted thousands of independent businesses that may have been marginal, but had survived up until that point in time.

The role of MHI, if any, in the matter also bears scrutiny.

If their paid staff grasped the reality, and hid it, what liability or legal exposure do they have?  One might wonder, why former MHI President and CEO Chris Stinebert left as and when he did, – well prior to the events related to these 21st financing cut-off letters – and why he waited until leaving to publish a letter that politely chided his own MHI trade association on issues, including financing.  See that at the link from his name, above.

To learn more about or review the related macro issues – all of which must be grasped to understand why manufactured housing is underperforming – see the related reports, further below the byline and notices.

 

That’s this predawn hump-day edition 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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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:

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

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“Game On” – “Fighting Discriminatory Zoning” “Moral Obligation” Fix “Worsening Nightmare” – State Associations Entering Spotlight

Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance – Investor Lessons Learned

“Mobile Home Militia,” Retail/Production Sources, Sound Alarm Against Clayton Homes, CMH, New “Anti-Competitive Practices” Allegation

Clayton Homes and 21st Mortgage’s Manufactured Housing “Spies”

 

Warren Buffett, Charlie Munger Video Interview at Berkshire Hathaway Annual Meeting on GSEs Lending for Affordable Manufactured Housing and Clayton Homes

Prosperity Now, Nonprofits Sustain John Oliver’s “Mobile Homes” Video in Their Reports

 

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

“Lead, Follow … Or Get Out of The Way”

“The Illusion of Motion Versus Real-World Challenges”

HUD Code Manufactured Home Production Decline Continues, May Updates

 

 

 

 

 

 

 

 

Triad Financial Services, ECN Result$, plus Manufactured Housing Industry Stock Updates

May 21st, 2019 Comments off

CNNmone5.21.2019ManufacturedHomeStocksMarketsReportsMHProNewsAs longtime readers of this evening report know, this report has evolved from the early days of our daily reporting. In more recent years, we not only provide readers with the closing tickers for manufactured home industry-connected equities, but we also give a snapshot of the broader markets. Furthermore, in our spotlight, we look at issues that may be political, economic, or industry specific which move investors.  Tonight’s focus report is very industry specific, ECN Capital, the parent company to one of the most enduring firms in all of manufactured housing, Triad Financial Services (Triad, or TFS).

 

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…

  • Kroger and Walgreens go green
  • Shoppers in a handful of states will soon be able to reuse these common household goods
  • What did Huawei do to land in such hot water with the US?
  • Huawei could be the first big casualty of China’s clash with America
  • The US-China trade war hurts American families
  • LIVE UPDATES Dow jumps 197 points; Kohl’s plunges 12%
  • Tampax introduces its first organic tampon
  • Why American steel stocks plummeted in the past year, despite tariffs
  • BP resists calls to match Shell’s climate change goals
  • For the first time, Amazon faces an enormous slate of shareholder proposals
  • Despite a bold approach, Kohl’s struggles to escape department store woes
  • Fresh out of office, former Chicago Mayor Rahm Emanuel jumps from politics into media
  • Why Corporate America’s mountain of debt matters
  • Fox News host privately encouraged Trump to pardon servicemen accused of war crimes
  • Meet the 31-year-old CEO trying to revolutionize real estate investing
  • LONDON, ENGLAND – APRIL 29: A general view of Jamie Oliver’s restaurant chain Jamie’s Italian near the Angel on April 29, 2018 in London, England.
  • Celebrity chef Jamie Oliver’s restaurant chain collapses
  • Nike and Adidas to Trump: Tariffs on shoes would be ‘catastrophic’
  • Rent the Runway investor: VCs should back more woman-led firms
  • Dressbarn is going out of business
  • Kohl’s stock sinks after sour earnings
  • JCPenney lost $154 million last quarter
  • Discount chain Fred’s is closing 104 more stores
  • Payless is closing all its 2,100 US stores
  • Coca-Cola is bringing back New Coke
  • Coke launches first new flavor in years: Orange Vanilla
  • These new Coke bottles look like Star Wars droids
  • PepsiCo’s latest green product is a high-tech water cooler
  • How Coca-Cola plans to help fix recycling

Select Bullets from Fox Business

  • Trump prepares another round of farmer aid as US-China trade tensions escalate
  • GM, Ford are shrinking their workforces. Here’s why.
  • Apple’s stock is having its worst month of the year. Here’s why
  • Huawei founder: US government ‘underestimated our power’
  • California sues Trump administration for pulling high-speed rail funds
  • Bill Gates suggests you read these five books this summer
  • WATCH: Mini Ocasio-Cortez impersonator is a viral sensation but hasn’t earned a single dollar, she says[overlay type]
  • WATCH: Mini Ocasio-Cortez impersonator is a viral sensation but hasn’t earned a single dollar, she says
  • Trump’s Pennsylvania rallies are a better indicator than polls: Former GOP pollster
  • 10 best beach towns to retire in the US
  • Tesla stock slashed from $97 to $10 in worst-scenario, Morgan Stanley says
  • Trump still wants to end carried interest tax benefits
  • IRS to auction off hundreds of gold, silver coins seized from tax evader
  • Retail apocalypse? US-China tariffs could cause 12,000 stores to close: UBS
  • Bad reasons to claim Social Security early
  • Economic war with China about to go to ‘another level,’ Steve Bannon says
  • ‘Fight for $15’ protesters file sexual harassment charges against McDonald’s
  • Bernie Sanders to attend Walmart shareholders meeting, call for employee representation on board
  • Bird strike reportedly suspected of having role in deadly Ethiopian Airlines Boeing 737 Max crash
  • Coca-Cola is bringing back New Coke thanks to Netflix’s ‘Stranger Things’
  • Urban Outfitters announces new monthly clothing rental service
  • Californians ‘very stretched economically,’ significant numbers fleeing: survey
  • Trump doesn’t want a war with Iran, Admiral William McRaven says

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

9MarketIndicatorsYahooFinance5.21.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

 

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 –

TriadFinancialServicesECNResultsPlusManufacturedHousingIndustryStockUpdates

From their investor package the reported their 1st quarter results, are the first three bullets below.

  • Following its inception in 2016, ECN Capital transitioned from a balance sheet lender to a manager of balance sheet light lending services.
  • Over the last 2+ years, ECN has divested or wound down its legacy lending assets and acquired three asset light services companies.
  • Today, ECN is an asset manager that owns business services providers operating fee-based, asset-light models through which it originates, manages and advises on prime credit portfolios for its bank customers.

From the Triad Financial Services portion of their investor relations, first quarter results published May 8, 2019, we see this.

q12019TriadFinancialServicesECNManfuacturedHomeIndustryDailyBusinessNewsMHProNews

Manufactured Housing Industry positioned for increasing shipment rates as an affordable housing solution.”

That’s arguably true, but in fact the industry is in a 7-month downturn.  The MHProNews/MHLivingNews analysis based upon news tips, fact-checks, and background research reveals that many of the industry’s struggles are internal ones.

Nevertheless, Triad/ECN has managed to achieve growth during a time when other outside of the communities’ sector have struggled with.  That’s to their credit.

BloombergECNTriadFinancialServicesDailyBusinessNewsMHProNews

It should be noted that since Don Glisson, Jr. Triad’s president, stepped down as the Manufactured Housing Institute (MHI) chairmanship, each of the next three MHI chairman have had one or more legal, regulatory and other clouds of them and/or their firms.

Local Knoxville metro media are among the sources that revealed multiple federal investigations into Clayton Homes and their related lenders. MHProNews is aware of other federal investigations. Cavco’s former president stepped down after an SEC subpoena. There are so-called ‘black hat’ behaviors by prominent MHI member firms. Then there are MHI firms that are ‘white hat’ firms. Membership should not be construed automatically be viewed as an ethically led firm.

By contrast, Triad has seemingly been squeaky clean.  They are an apparent white hat firm in a trade group that has several high-profile ‘black hats.’

Back to the ECN presentation, we see:

Floorplan initiatives showing progress on increased core MH market share,” per Triad/ECN.

TriadFinancialServicesECNCapitalOriginationsMay82019Q12019ReportDailyBusinessNewsMHProNews

Also: “Servicing penetration continues to rise leading to increased ongoing revenue streams.”

BetterBusinessBureauBBBTriadFinancialServicesA-DailyBusinessNewsMHProNews5.21.2019

The entire ECN May presentation is linked here as a download.  A prior ECN/Triad report is below.

Triad Financial Services Recent Reporting on Manufactured Home Lending

MHProNews has no position in the firm, nor others in the evening market report.  These are reports and industry insights found published by no one else in manufactured housing.  Maybe that’s why we are the runaway #1?

Related Reports:

New Investigation, Insider Trades, Hedge Fund Dumps Cavco Industries (CVCO)

Skyline Champion (SKY) Hedge Fund Dumps Shares, Value Declines

Nobility Homes Annual Report – New, Illustrated Investor’s Corporate Snapshot of Manufactured Modular Home Producer

Deer Valley Homebuilders Release w/Video Underscores Surprising Clayton Homes, Berkshire Hathaway Connections

Andy Gedo, Partner at ManageAmerica, Raises Clayton Homes Monopolistic Practices Debate; Manufactured Housing Institute Related Issues

 

Antitrust Heats Up With Supreme Court Ruling, Monopolization Legal Experts Weigh In, Clayton-Related Comment Connection

 

Manufactured Housing Institute Housing Alert! “On Capitol Hill…MHI Advances Manufactured Housing Finance Reform,” Redux

http://mhmarketingsalesmanagement.com/industry-news/hot/why-richard-dick-jennison-and-lesli-gooch-at-mhi-should-resign-or-go

Bloomberg 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).

5.21.2019DailyBusinessNewsManufacturedHousingConnectedMarketReportsBloombergMHProNews

 

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.

Facebook CEO Sheryl Sandberg Discusses Antitrust Breaking Up, What Kevin Clayton, Joe Stegmayer, MHI Can Learn, plus Manufactured Home Market Updates

May 17th, 2019 Comments off

CNNmone5.17.2019ManufacturedHomeStocksMarketsReportsMHProNewsBrookfield, Blackstone, ELS, and Sun Communities are all near the peak value of their stocks for the last year.  It’s an interesting backdrop to a day when the major markets and many other manufactured home industry connected stocks have fallen. That noted, our focus tonight is Facebook CEO Sheryl Sandberg’s one on one interview, where she tried to make the case why their company should not be broken up. That will be our focus this evening, viewed through the lens of what she could teach manufactured housing’s ‘powers that be.’

 

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…

  • Luckin jolts Wall Street
  • Starbucks’ big rival in China soared nearly 50% in its market debut
  • Luckin Coffee CFO says technology will help it quickly become profitable
  • LIVE UPDATES US markets close lower, snapping three-day winning streak
  • Quickly catch up on today’s business news
  • Haven, the Amazon-Berkshire-JPMorgan health care company, has already lost its No. 2 executive
  • Losing Huawei as a customer could cost US tech companies $11 billion
  • Minecraft AR game could be the next Pokémon GO phenomenon
  • John Deere’s stock dented by trade war fears
  • Why selling in May and going away is a silly thing to do
  • The WhatsApp attack didn’t target you. But here’s why you should still care
  • Goldman Sachs makes biggest acquisition in nearly 20 years
  • Pinterest stock falls 15% after revealing bigger loss than expected
  • Baidu posts its first loss in 15 years
  • The ‘Jurassic Park’ computer company just got sold for $1.3 billion
  • Samsung’s first 5G phone is out for Verizon customers
  • Grumpy Cat found quick success. Other celebrity pets might have it harder
  • In recent years, Aldi has expanded its produce and organic offerings to draw in more customers.
  • SPECIAL REPORT A cheap, brutally efficient chain is reshaping the American grocery industry
  • EXCLUSIVE Bernie Sanders: Banks have been ripping off Americans for too long. I have a plan to end it
  • Electric and self-driving cars are still a good investment
  • This startup is planning a flying taxi service
  • This 26-ton truck is driving itself on Sweden’s public roads
  • See Boeing’s autonomous flying car take flight
  • Self-driving cars are now on the streets of Hamburg
  • Fiverr, another gig-economy startup, files to go public
  • WeWork parent company continues spending spree
  • Here is what Uber needs to do to win over Wall Street
  • Analyst: Uber is at beginning of its growth in US
  • The TJMaxx of supermarkets is going public

Select Bullets from Fox Business

  • Stocks fall in choppy session, despite trade progress
  • US, Canada, Mexico lift steel, aluminum tariffs pressuring China
  • What is Pete Buttigieg’s net worth?
  • Ocasio-Cortez makes Bible joke to peddle interest rate cap bill
  • Chicago becomes first major city to collect ‘Netflix tax’
  • Social Security COLA for 2020: What to know now
  • In-N-Out Burger managers’ salaries ‘eons above’ competitors: How popular fast food chains compare
  • These are the major US cities retirees are fleeing
  • Meet Gary and Mary West: Kentucky Derby lawsuit looms over Preakness Stakes
  • How much was Grumpy Cat worth?
  • Queen Elizabeth is hiring a social media manager — here’s how much it pays
  • ‘Game of Thrones’ finale: 10.7M Americans to skip work Monday
  • San Diego offering courses with no upfront costs, as a student loan alternative
  • Ex-MillerCoors vice president sentenced to prison over fraud charges
  • Top 10 best and worst US states for economy
  • Bayer to reportedly appeal $2B Roundup ruling with preemption argument
  • Memorial Day weekend expected to have nearly 43M American travelers
  • Barr will expose Brennan, Comey blame game, former federal prosecutor says

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

9MarketIndicatorsYahooFinance5.17.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

 

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 –

FacebookCEOSherylSandbergDiscussesAntitrutBreakingupWhatKevinClaytonJoeStegmayerMHICanLearnPlusMHMarketUpdates

Before we turn to Sandberg’s interview, let’s draw a parallel between what she has done, and what Kevin Clayton, Joe Stegmayer or Clayton Homes have – or more to the point, have not – done.

For some years, MHProNews – politely at first, and mostly behind the scenes for some time – raised concerns about how the Manufactured Housing Institute (MHI) was being operated.  That Arlington, VA based trade group claims to be representing the interests of all segments of manufactured housing.  But they ducked third-party accountability. They gave arguably false or misleading information to their own members.

For a time, there was give and take, back and forth, question and answers.  But as the answers were proven to be false, misleading, or deceptive too, MHI’s staff ‘leaders’ finally stopped answering MHProNews, after years of answering promptly. That in hindsight should be a red flag.

Instead of dealing with concerns about false or misleading information being given to members by MHI, then MHI Chairman Tim Williams defended MHI President and CEO Richard ‘Dick’ Jennison via a staged ‘vote of confidence.’ Where was the investigation?  Where was the accountability?  That made the concerns more urgent, not less so.  It also had the impact of pointing to Berkshire Hathaway involvement, because Williams was and is President and CEO of Berkshire Hathaway owned 21st Mortgage Corp.

For some three years, MHProNews invited MHI and/or the Berkshire brands to publicly discuss the issues that began with Preserving Access but spread to other topics.

  • Dick Jennison cancelled his own address to the industry in Louisville in 2018, shortly before the meeting, in an apparent move to avoid 12 questions from the audience provided by MHProNews.
  • At Deadwood, MHProNews publisher L. A. ‘Tony’ Kovach asked MHI Vice President and General Counsel Rick Robinson a question, which he declined answering in public, in front of dozens of industry professionals who witnessed it.

RickRobinsonManufacturedHousingInstituteMHIDailyBuisnessNewsMHProNews

While Tim Williams and Kevin Clayton used to reply promptly to MHProNews inquires – as did Joe Stegmayer, Nathan Smith, or other MHI corporate leaders – as if on cue, about 2 years ago, they all stopped doing so.  Silence is a constitutionally protected right.  We respect their right to remain silent.

But their silence – in the face of serious concerns, evidence, and allegations – raises more questions, not less.

Their silence must be seen in the following light. They have not one, not two, but three different attorneys directly or indirectly connected to MHI send threatening ‘cease and desist’ style letters/messages to MHProNews.  Which begs the question, what are they hiding from?

Manufactured housing industry investors who grasp what is arguably occurring ought to be outraged. The industry is underperforming during an affordable housing crisis.  It is interesting to note that two HUD Code manufactured home producers that are publicly traded are witnessing their stocks trading lower than they were some 6 months ago.  The ones that are trading marginally up or higher yet are those who are bucking the trends that the so-called MHI leader firms set.  Interesting?

Cavco Industries Announces Latest Executive Level Changes

Yes, but picture those investors in the firms that have declined in value.

Skyline Champion (SKY) Hedge Fund Dumps Shares, Value Declines

 

While community stocks connected to MHI member firms are not yet impacted, that doesn’t mean that they won’t be.

On the plus side, MH Communities enjoy a far more recession or market resistant business model. But when communities are ordering homes mostly for rental than sale, that should furrow brows.  While rental manufactured homes can be quite profitable, it fails to address the underlying question.  Why aren’t more manufactured homes being sold?

When rental orders going into manufactured home communities are factored out, MHIndustry HUD Code producers – in MHI, MHARR or independent of either of those national trade groups – have told MHProNews that the overall sales of HUD Code manufactured homes remains near flat.

Some states have declined, others have grown, but the national average is a lower growth rate than the data suggests.  Thus, the reports linked below.

 

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

What the Manufactured Housing Institute (MHI) Said About March 2019 Shipment and Production Data

Declining Manufactured Home Shipments More Serious Than Retailers, Communities Being Told

 

To sum up the tee up of the Sandberg interview, Manufactured Housing industry ‘leaders’ like Kevin Clayton, Tim Williams, Joe Stegmayer, Richard ‘Dick’ Jennison, or Lesli Gooch would be wise to sit down for a video discussion with MHProNews’ L. A. ‘Tony’ Kovach. If the powers that be in MHVille are right, they have nothing to hide.  If they are wrong, then that may explain why they continue to duck, run, hide, and play arguably diversionary games.

 

Now, let’s pivot to Sandberg.

The interview shows Sandberg’s responses. If there were hard-hitting follow up questions, they are not shown in this interview.

But at least Sandberg made her case publicly. Per CNBC:

  • Sandberg said breaking up Facebook does not address the underlying issues people have with tech companies.
  • “You could break us up, you could break other tech companies up, but you actually don’t address the underlying issues people are concerned about,” Sandberg said.
  • While there is talk of breaking up Facebook, Sandberg highlighted that China’s own tech companies will not be broken up.


While people are concerned with the size and power of tech companies, there’s also a concern in the United States with the size and power of Chinese companies, and the realization that those companies are not going to be broken up,” Sandberg said.

Sandberg argued that most people are concerned about election security, content, privacy and data portability. Sandberg noted that every one of Facebook’s engineering and product teams now have their own safety and security functions focused on people’s privacy.

We know at Facebook we have a real possibility to do better and earn back people’s trust,” she said.

That could be described as a debater’s dodge, because there are also concerns from conservative and others that Facebook and the tech giants are censoring content, and are politically biased.

See related reports, linked below.

Antitrust Heats Up With Supreme Court Ruling, Monopolization Legal Experts Weigh In, Clayton-Related Comment Connection

Prior Facebook Insiders Among Harshest FB Critics, “Break Them Up” – plus MH Market Updates

 

Bloomberg 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).

5.17.2019DailyBusinessNewsManufacturedHousingConnectedMarketReportsBloombergMHProNews

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.

 

Prior Facebook Insiders Among Harshest FB Critics, “Break Them Up” – plus MH Market Updates

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

May 16th, 2019 Comments off

 

DrMarkACalabriaFHFADirectorInterviewFrontLinesGSEReformManufacturedHousingImpactsAhead

Mark Anthony Calabria is the Director of the Federal Housing Finance Agency (FHFA). He was formerly the chief economist for Vice President Mike Pence,” per Wikipedia.

 

A release by the FHFA on April 15, 2019 said in part that: Dr. Mark Calabria Sworn In as Director of the Federal Housing Finance Agency.

 Roll Call said this week that the Federal Housing Finance Agency Director Mark Calabria said he hopes to have a roadmap for ending the federal conservatorship…” of the Government Sponsored Enterprises (GSEs) of Fannie Mae and Freddie Mac.

HousingWire reported on December 11, 2018 that “Calabria has been a critic of the GSE model…”  Let’s flash back to see HousingWire’s point.

 

 

Or consider this discussion with Dr. Calabria in the housing and finance debate, which will also give a good sense of Dr. Calabria’s thinking, in his own words.

 

 

Finally, the Daily Business News on MHProNews has previously reported the ongoing controversies over the Duty to Serve Manufactured Housing (DTS) and other underserved markets that were part of the Housing and Economic Recovery Act (HERA) of 2008.

With the former director of the FHFA, Mel Watt – considered by some going into the role as a ‘friend’ to manufactured housing – leaving under a cloud of sexual misconduct allegations, and with very little progress toward fulfilling the DTS mandate, there are open questions about what Calabria will do during his time at the helm at FHFA.

GotClout-questionmark-GetItHere-MHI-ManufacturedHousingInstitute-postedMHProNews-com-

The Manufactured Housing Institute (MHI) on April 4th, 2019 touted Calabria’s appointment confirmation by the U.S. Senate.

In that e-mailed statement, MHI said: “The U.S. Senate has confirmed Dr. Mark Calabria as Director of the Federal Housing Finance Agency (FHFA), the regulator of Fannie Mae and Freddie Mac, by a vote of 52 – 44. At his confirmation hearing, Dr. Calabria reaffirmed his commitment to the FHFA’s Duty to Serve mandate. Throughout his confirmation process, MHI sent numerous letters of support and worked with the White House and Senate leaders to secure his confirmation.”

MHI also provided their readers with their routine ‘photo op,’ an apparent part of their “got clout? get it here” theme, which has in recent years witnessed plenty of meetings, but what actual progress?

MHARRshipmentProductionMarch2019ManufacturedHousingReportMHProNews

While MHI in their monthly shipment report doesn’t deny the decline, neither are they addressing the underlying causes, nor have they proposed a remedy via their messages to the industry. Why not?

After all, manufactured home shipments are now had 7 months of declines during an affordable housing crisis.  If that is MHI’s vision of “clout,” please – “spare us oh, Lord…”

LesliGoochMHIEVPChiefLobbyistPhotoDrMarkCalabriaDirectorFHFAFederalHousingFinanceAgencyMHProNews

 

 

MHI went onto say, “Dr. Calabria has extensive experience in housing and financial services issues, as well as a thorough understanding of the importance of manufactured housing as an affordable source of quality homeownership. As the top housing staff member on the Senate Banking Committee for many years, he took the lead in drafting the Housing and Economic Recovery Act of 2008, which created the FHFA as a strengthened regulator of the GSEs and established the Duty to Serve requirements for Fannie Mae and Freddie Mac, requiring both entities to support manufactured housing in the secondary market. Previously, Dr. Calabria served as Deputy Assistant Secretary for Regulatory Affairs at the Department of Housing and Urban Development during President George W. Bush’s Administration, where he led the Office of Regulatory Affairs and Manufactured Housing.”

That biographical information aside, MHI added: “Dr. Calabria has served as a keynote speaker at MHI events, most recently in 2017 where he provided attendees with insights about the Administration’s housing and economic development priorities. In 2012, when he was Director of Financial Regulation Studies at the CATO Institute, he spoke to MHI’s members about the impact the Dodd-Frank Act could have on the housing finance sector.”

Those references to MHI should not be construed to diminish Dr. Calabria, now the Director of the FHFA, in any way. Federal officials meet with trade groups and others, it is part of what they do.

However, that recitation by MHI subtly suggests the opposite of what they are arguably seeking to portray to their members and readers.  Bear in mind that MHI pursued the Preserving Access to Manufactured Housing Act during all of the Obama Administration years after the CFPB regulations were put in place, even though Warren Buffett backed the former president in both of his campaigns.

 

WarrenBuffettBarackObamaClassWarfareRichMakingWarWinning-Rule1NeverLoseMoneyRule2RememberRule1Luckiest1PercentThinkaboutOther99PercentMHProNews

Credits are as shown.  Buffett may indeed ‘think about’ the other 99 percent, but how are his surrogates policies in MHVille actually treating the other 99 percent?

 

MHI’s own Senior VP (SVP) of governmental affairs – or top lobbyist – Jason Boehlert, said in 2012 the following.

 

 

So, to borrow the phrase from the Manufactured Housing Association for Regulatory Reform’s President and CEO, Mark Weiss, JD, there was an “Illusion of Motion” at MHI, which led nowhere after years of pursuing Preserving Access.  MHProNews’ publisher recently laid out a detailed review of how MHI’s chase of Preserving Access was arguably a “Rope-a-Dope” style ploy, that fostered industry consolidation while creating the impression that the Arlington, VA based trade group was ‘doing something.’ Yes, and no.

 

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

As recently as May 31, 2017, Patricia Boerger, per the MHI website said: Keep the Momentum Going – Ask Your Representative to Cosponsor H.R. 1699, the Preserving Access to Manufactured Housing Act Twenty-one members of the U.S. House of Representatives have added their names as a cosponsor of H.R. 1699…” Momentum?  Hardly.

Preserving Access never passed.  The one thing that was obtained was S 2155, which ‘gave’ MHI the revision to the MLO rule – something that consumer groups were willing to do by agreement years before.  To understand the backstory and evidence on that, see the report linked below.

 

 

MHARR’s president said this in a recent “Issues and Perspectives” – Now, though, both the absence of an independent, national trade representative for the post-production sector [i.e.: MHI] and the related long-term failure of the broader industry to effectively address crucial issues within that sector…” MHARR announced this spring that they were going to go beyond their core mandate of dealing with federal regulatory issues that deal with production concerns, by working with state association on specific placement and zoning challenges, as well as: “(3) to publicly expose the failure of Fannie Mae, Freddie Mac and the Government National Mortgage Association (Ginnie Mae) to fully and properly implement existing law, thereby forcing manufactured housing consumers into higher-cost, allegedly “predatory” purchase loans, while excluding other potential purchasers from the manufactured housing market altogether.”

 

“Lead, Follow … Or Get Out of The Way”

 

It is so-called predatory loans that was part of the assault by John Oliver’s errantly named “Mobile Homes” video that exposed problematic business practices – each of which was apparently tied to an MHI member.

MHARR’s perspective on Dr. Calabria was outlined in their report linked below.

 

President Trump Announces Nominee Dr. Mark Calabria to Become New Director of Federal Housing Finance Agency

 

It is with that backdrop, that the Daily Business News on MHProNews turns to Dr. Calabria’s first in-depth interview since becoming the director of the FHFA in an interview with Fox Business News (FBN).

 

 

Per right-of-center FBN, on May. 10, 2019 – “President Trump’s new director of the Federal Housing Finance Agency says he’s considering an initial public offering of Fannie Mae and Freddie Mac as early as the first half of next year to raise capital.”

FBN said that, “since taking the helm of the FHFA, Mark Calabria, says that allowing Fannie Mae and Freddie Mac to simply rebuild capital by retaining earnings isn’t enough to get the mortgage giants in a strong position quickly.”

Rephrased, the administration wants to untether the Government Sponsored Enterprises (GSEs) as much as possible from federal conservatorship, and from the implied taxpayer backstop.

As FBN put it, “Right now, Fannie Mae and Freddie Mac are under control of the federal government since being bailed out by taxpayers during the financial crisis. Both send all of their profits to the U.S. Treasury, in what’s called a net worth sweep, while maintaining a thin capital cushion of $3 billion. Calabria says a sufficient amount of capital is what’s needed to exit conservatorship or government control.”

Calabria made a number of points, including that he feels that the law allows him to make several moves without further approval by the Congress.  That said, the new head of the FHFA also believes that Congress should be given some time to weigh in on changes to the current structure of housing finance.

Some other bullets from the FBN interview:

  • Calabria is currently waiting on a plan from the U.S. Treasury on reform for Fannie and Freddie, which he expects this summer. Then he will negotiate with Treasury and hopes to come to an agreement by the fall that would then allow them to stop Fannie and Freddie from sending all profits to Treasury later this year….By January (2020), Calabria wants to start the capital-building process and thinks it’s possible an IPO could occur at the earliest in the first half of next year.
  • Calabria maintains Fannie and Freddie should be treated like banks and have capital requirements akin to the ones the Federal Reserve requires of banks – that is, 4.5% of risk-weighted assets. “How do you get Fannie and Freddie to look no worse than other large financial institutions?” he said.
  • Raising capital is the first step to exiting government control…Calabria wants to see an entirely new housing finance system, both to improve pricing for consumers and to safeguard against another taxpayer bailout.

 

That is an item that should be closely watched.  It must be recalled that Berkshire Hathaway held stocks in the GSEs for years, and then dumped them.  See a report that deals with some of that history, linked below.

 

‘Minorities Aren’t Being Well Served in Housing Finance’ Today, per Mozilo – Former Exec Near Eye of the 2008 Housing/Mortgage Storm

 

Calabria also favors fully privatizing Fannie and Freddie, and hopes Congress will offer additional charters to create more GSEs to foster competition.

There are aspects similar to Senator Mike Crapo’s plan outlined earlier this year, which also aim to place Fannie and Freddie back into privately held hands, add additional GSE charters, and use Ginnie Mae and the full government backstop. Calabria said that Crapo’s plan is a “good framework.”

It can’t be this quasi are you private or you public is there something in the middle,” said Calabria. “It really has to be private capital at risk so the taxpayer is not on the hook… If you have several of these companies you know any one of them can fail and it’s a little less disruptive.”

Calabria admitted that getting Congress to go along with a plan is tough, but he is hopeful and will work toward that possibility. “I think we can come back and try to do that again. I’m hopeful that working with Chairwoman Waters in the House, Chairman Crapo in the Senate, I think that there are some areas for agreement. It’s not going to be easy, but I think that there are some areas we can work on.”

But if lawmakers don’t pass something, he will take action unilaterally. “Well I think I’m actually obligated to,” under the law that established the FHFA, he said. “As far as I see it, I don’t really have any choice but to fix them and get them out because that’s what the statute demands.”

Calabria wants to make sure that Fannie and Freddie play by the same rules as other private sector lenders.  That means that the GSEs should be held to the same rules, including the qualified mortgage (QM) rules.

Qualified mortgage rules went into effect as a result of the housing crisis, with the goal of strengthening underwriting standards for mortgages – except that Fannie and Freddie are exempt from the rule.

Calabria stated that means the GSEs are allowed to make riskier loans than what is allowed under the qualified mortgage rule. He believes the mortgage giants should be subject to the rule and hopes to work with the Consumer Financial Protection Bureau (CFPB) to modify that scenario.

We’re going to continue to have I think to me historically low mortgage rates for next number of years,” he says.

But FBN noted that bringing private capital into the center of the GSE housing finance system could result in higher mortgage rates, because private companies are in business to earn more money.

Calabria is more concerned about affordability due in part to low housing supply. He wants to encourage more single family homes to be built, but also wants to ensure it’s stable and sustainable. “One of the lessons from last time around is we got a lot of people on housing and they weren’t able to stay in the housing,” he says. “So how do we make sure that if there’s another downturn … that homeownership or is sustainable.”

Each of these last views should be considered through what HUD Secretary Ben Cason said last week in New Orleans.

 

 

Oddly, as of this morning at the time shown, Secretary Ben Carson’s address – which was given to MHI members – is still missing from the MHI website.  What is it about that speech that has MHI and the powers that be nervous?

 

HUDSecretaryBenCarsonManufacturedHousingInstituteLogoMHILogoMHISiteSearchMHProNews

That’s a good reason for you to know that address, backwards and forwards. See the link above, and share it with your customers.  Because 15 years after Clayton was purchased by Berkshire Hathaway, manufactured housing is selling fewer homes today than then.  That’s the acid test of fact-based measurement of performance.

3ErasMobileHomesManufacturedHomesManufacturedHousingImprovementActEraSkylineChampionShipmentProductionGraphicMHProNews

In 1998, manufactured homes (MH) outsold RVs by some 3 to 2. In 2017, RVs outsold MHs by some 5 to 1. RVs recovered far more quickly from 2008. The facts raise questions. One, is the effectiveness of MHI as the post-production or ‘umbrella’ association in the country. The other question is more sobering. Has Buffett-Berkshire “Moat” strategies kept manufactured home production at historically low levels to allow a few big boy brands to consolidate others at a discounted ‘value’ by MHI insiders?

That’s this Thursday morning’s first episode of manufactured housing “Industry News, Tips, and Views Pros Can Use,” © 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 in the subject line.

NOTICE: You can get our ‘read-hot’ industry-leading emailed headline news updates, at this link here. You can join the scores who follow us on Twitter at this link. Connect on LinkedIn here.

NOTICE 2: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two browsers do.

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.

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To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

2) To pro-vide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

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:

You can click on the image/text boxes to learn more about that topic.

Joe Stegmayer, George F. Allen, Manufactured Housing Institute Slogans, Slump, Slurs, Solutions

Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance – Investor Lessons Learned

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

What the Manufactured Housing Institute (MHI) Said About March 2019 Shipment and Production Data

Nathan Smith, SSK Communities, Manufactured Housing Institute Leader, Profitably Correcting the Record

Bryan Resident Blast Officials “Travesty by Government” – Manufactured Home Ban, Limitations, Update

Prosperity Now, Nonprofits Sustain John Oliver’s “Mobile Homes” Video in Their Reports

 

 

 

 

 

 

Tariffs “…Will Effect Demand,” says Kevin Clayton, Answers CNBC’s Monopoly Question – Video – plus Manufactured Housing Market Updates

May 14th, 2019 Comments off

CNNmone5.14.2019ManufacturedHomeStocksMarketsReportsMHProNewsThe timing of our reports at times may seem prescient to those who follow them closely.  Sometimes, that is due to news tips. But the truth is that there are other times that the small, quiet, inner voice often whispers which topic to pick when – and that voice turns out to be right. On a day when the markets rebounded, Kevin Clayton, tariffs, and affordable housing are front and center in our featured report 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.

LeftRightMediaSharylAttkissonDailyBusinessNewsMHProNews

Select bullets from CNN Money…

  • Uber has a lot to prove
  • An Uber banner is displayed on the facade of the New York Stock Exchange on Friday, May 10.
  • The company needs to win over Wall Street after its dismal debut
  • LIVE UPDATES Stocks close higher, Dow climbs 207 points
  • Despite the trade war, the US is still the best place to put your money
  • ANALYSIS Why the US-China trade war won’t last
  • The $35,000 Model 3 is no more. Tesla raises prices slightly
  • Uber has gotten no help from the stock market
  • Boeing reported zero new orders for jets in April
  • Bayer rocked by record $2 billion Roundup verdict
  • Who is NSO, the company tied to the WhatsApp security breach?
  • Senators question how to roll out 5G without Chinese technology
  • China is going easy on American oil (for now). Here’s why
  • ESPN and sports media are betting on gambling content
  • Jimmy Kimmel signs new three-year deal at ABC
  • The cable network that is Foxier than Fox — and that Trump is promoting
  • These workers were paid to move to Vermont and work from home
  • The TJMaxx of supermarkets is going public
  • Disney is taking full control of Hulu
  • Way more CEOs are Republicans than Democrats. Here’s the proof
  • Dollar General built an empire on no-frills stores. Now it’s going high tech
  • Walmart is rolling out next-day delivery
  • Kohl’s won over moms. Now it’s going after Millennials
  • Lord & Taylor may go up for sale
  • Amazon’s new Go store in New York will be its first to accept cash
  • A new James Bond Aston Martin for $3.5 million – battering rams included
  • The most popular Porsche is going electric
  • Aston Martin unveils its first electric car
  • Behind the wheel with Ferrari’s top test driver
  • This Bugatti is the most expensive new car ever sold

Select Bullets from Fox Business

  • President Trump’s tariffs, explained: Who really pays them?
  • China looks to retaliate against US. Here’s how it could
  • Bayer now facing 13,400 lawsuits over Roundup cancer risk after three jury losses
  • US stocks higher after big sell-off
  • Saudi Arabia oil pipeline attacked by drones
  • Best and worst US cities to live for Americans trying to save money
  • Worst airport in US has been named
  • China must live by international trade laws, Sen. Chuck Grassley says
  • Ocasio-Cortez, Sanders want your Post Office to double as a bank
  • Costco store managers’ ‘surprising’ 6-figure salaries revealed
  • WATCH: Ocasio-Cortez, Sanders don’t understand socialism: Mark Cuban
  • ‘Bachelorette’ Hannah B could double her annual salary with new reality TV role
  • NBA players, pro athletes face mounting tax bills
  • coli outbreak linked to ground beef infects 196 people, CDC says
  • Top 15 most disruptive office distractions, according to 5,000 employees
  • Alice Rivlin, former OMB director during Clinton administration, dead at 88
  • Financial responsibility begins at home, Chris Hogan says
  • Papadopoulos urges Trump to uncover if Comey, Brennan prompted spying
  • These are the best cities for recent college grads to work and live, study says

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

9MarketIndicatorsYahooFinance5.14.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

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 –

 

 

TariffsWillEffectDemandSaysKevinClaytonAnswersCNBCsMonopolyQuestionVideoPlusManufacturedHousingMarketUpdatesMHProNews

Everyone, including us [Clayton Homes], is trying to get pricing down to help solve this affordable housing issue,” said Kevin Clayton during the video interview with left-of-center CNBC.

Diana Olick at CNBC asked what might be one of the best mainstream media questions put to Kevin Clayton in some time. Ticking through a list of some of Berkshire Hathaway’s varied investments in the housing market, Olick asked Clayton – “Is this his [Warren Buffett’s] master plan to own every aspect of the U.S. Housing Market?”

Clayton answered by saying, “You know Charlie [Munger] is a huge builder, designer, architect – he has always loved us from the beginning and so has Warren. We are so blessed to have the capital and the 100 plus year vision.” That’s not a denial of her question about the monopolization of the housing industry, although the time line may be an understatement.

Given that Clayton has gone from 13 percent of the HUD Code manufactured housing production in 2003, to some 48 to 50 percent market-share, depending on what data-source one refers to for their 2018 market share. Back to the CNBC interview…

Right now, our whole goal is to make, you know, attainable home ownership available to more people. Democratization of home ownership. They [Buffett and Munger] love that.”

The video interview is posted below.

 

 

That video should be viewed through the lens of at least these reports.  The first contains a link to another Kevin Clayton video, which provides a more comprehensive look at the Buffett-Berkshire “Moat” stratagem that Clayton’s response alludes to, see the linked report 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.  See the document, quotes, and Kevin Clayton video at this link here

The next is the report today, which looks at the issue of manufactured housing’s slump, and what the Clayton dominated Manufactured Housing Institute, led by former Clayton division president Joe Stegmayer and company have been doing about this so-called effort to make home ownership more available.

Joe Stegmayer, George F. Allen, Manufactured Housing Institute Slogans, Slump, Slurs, Solutions

Finally, there is a hub report that takes a deeper dive into Clayton Homes since the Berkshire acquisition.

Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance – Investor Lessons Learned

Finally, MHProNews looked at the tariffs and manufactured housing issue in the related report linked below.

Related Report:

Higher China Tariffs “Hits Home,” Building Impacts Ahead, Per NAHB

 

Bloomberg 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).

5.14.2019DailyBusinessNewsManufacturedHousingConnectedMarketReportsBloombergMHProNews

 

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.

CFPB Outlines New Regulatory Plan, Review

May 14th, 2019 Comments off

CFPBOutlinesNewRegulatoryPlanReviewManufacturedHousingIndustryMHProNews

In a news release to the Daily Business News on MHProNews on 5.12.2019, the Consumer Financial Protection Bureau (CFPB) said the following.

 

 

Consumer Financial Protection Bureau Outlines Plan to Review Rules Under the Regulatory Flexibility Act

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) published a notice on how it plans to periodically review regulations under the Regulatory Flexibility Act (RFA) and to request public input. Additionally, the Bureau published a notice requesting public input as part of its first RFA review examining the 2009 Overdraft Rule.

In Section 610 of the RFA, Congress specified that agencies review certain rules within 10 years of their publication, and consider the rules’ effect on small businesses. The purpose of the review is to minimize any significant economic impact of the rules upon a substantial number of small entities, consistent with the stated objectives of applicable statutes. At the conclusion of each review, the Bureau will determine whether the rule should be continued without change, or should be amended or rescinded. The RFA requires each agency to invite public comment on each rule undergoing review and to consider specific factors, including:

· The continued need for the rule;

· The nature of public complaints or comments on the rule;

· The complexity of the rule;

· The extent to which the rule overlaps, duplicates, or conflicts with federal, state, or other rules; and

· The time since the rule was evaluated or the degree to which technology, economic conditions, or other factors have changed the relevant market.

The public will have 60 days to comment on the CFPB’s plan after publication in the Federal Register.

The CFPB’s RFA 610 review plan can be found at: https://files.consumerfinance.gov/f/documents/cfpb_rfi_regulatory-flexibility-act.pdf

The Overdraft Rule

The CFPB is also announcing the launch of its first RFA 610 review, which is of the 2009 Overdraft Rule.

In 2009, the Federal Reserve Board issued a rule that limits the ability of financial institutions to assess overdraft fees for paying automated teller machine (ATM) and one-time debit card transactions that overdraw consumers’ accounts. The rule amends Regulation E, which implements the Electronic Fund Transfer Act (EFTA). The Bureau recodified Regulation E, including the amendments made by the Overdraft Rule, in 2011 when the Bureau assumed rulemaking responsibility under the EFTA. Today’s notice seeks comment on the economic impact of the Overdraft Rule on small entities. The public will have 45 days to comment after publication of the notice in the Federal Register.

The CFPB’s notice of review and request for comment on the 2009 Overdraft Rule can be found at: https://files.consumerfinance.gov/f/documents/cfpb_rfi_overdraft-rule.pdf

###

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.

That’s this pre-dawn edition of the #1 most-read “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

ManufacturedHousingProNewsMHProNewsConfidentialTipsDocumentsNews

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 in the subject line.

NOTICE: You can get our ‘read-hot’ industry-leading emailed headline news updates, at this link here. You can join the scores who follow us on Twitter at this link. Connect on LinkedIn here.

NOTICE 2: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two browsers do.

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.

ManufacturedHomeIndustry#1HeadlineNewsMHProNews

To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

2) To pro-vide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

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:

You can click on the image/text boxes to learn more about that topic.

21st Mortgage Suit’s CFPB Denial, Exclusive Document on Berkshire Hathaway Manufactured Housing Brands Investigation

CFPB and 21st, Second Shoe Drops? Flooring w/21st Mortgage Corp? Insider Tips

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

MHI Lender Shakes Up DTS and MLO Rule Discussions

“Accurate, but Misleading” MHI Preserving Access to Manufactured Housing Act Alert – ‘Weaponized New$,’ Fact Check$

 

 

 

 

 

 

 

 

 

Biggest Dow Losers? Companies Tied to Chinese Trade, plus Manufactured Housing Market Updates

May 13th, 2019 Comments off

CNNmone5.13.2019ManufacturedHomeStocksMarketsReportsMHProNewsAs regular readers of this feature know, we steered clear of China-U.S. trade troubles for most of last week, even though that was a lead story among scores of market watchers.  Today, MHProNews has two stories that have dealt with China and U.S. trade, one earlier today – linked here – that directly ties into builders and sellers. This topic is related to the stock market impact of the trade war, which isn’t ‘new.’ For years, China was taking the U.S. to the cleaners. For less than 2 years, the U.S. has begun to seriously fighting back in the era of POTUS Trump. On a day with plenty of red ink on stock tickers, trade, China, and what firms are the most impacted are our focus 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.

 

LeftRightMediaSharylAttkissonDailyBusinessNewsMHProNews

Select bullets from CNN Money…

  • Dow plunges 617 points after China retaliates with higher tariffs
  • China strikes back
  • LIVE UPDATES The real problem between the US and China, in 2 charts
  • The Dow’s worst days
  • Bitcoin is one thing that isn’t plunging today
  • Facebook will require that contractors be paid higher wages
  • WestJet, Canada’s second-largest airline, will be taken private
  • Uber plunges again — now nearly 15% below IPO price
  • Under pressure, Bed Bath & Beyond’s veteran CEO steps down
  • Oil prices rise after Saudi Arabia reports tanker attacks
  • The 737 Max does not appear close to flying again
  • Huawei’s detained finance chief speaks out in letter to employees
  • PERSPECTIVES AOC and Sanders’ credit card interest rate cap would be disastrous
  • iPhone owners can sue Apple for monopolizing App Store, Supreme Court rules
  • Serena Williams, Jay-Z and Katy Perry are investing in Impossible Foods
  • Losing to Michael Phelps helped turn this star swimmer into a successful entrepreneur
  • There aren’t enough women in the C-suite. This club wants to change that
  • What male CEOs are wearing
  • What every first-time CEO should know
  • When good executives go bad
  • Why it matters so much every time a woman CEO leaves
  • Mercedes makes aggressive climate pledge
  • Oil is slowly losing its best customer
  • Hyundai’s Genesis unveils vision for tiny electric luxury car
  • How Amsterdam plans to help ban polluting cars
  • VW is creating an electric future. This is what it looks like

Select Bullets from Fox Business

  • Dow dives over 600 points amid US-China trade tiff
  • China retaliates against Trump admin with tariffs on $60B in US goods
  • US and China will both lose if they don’t come to trade agreement, former JC Penney chief says
  • Trump’s tariff wars could wipe out a chunk of tax cut benefits
  • ‘Game of Thrones’ cast net worths, from Emilia Clarke to Sophie Turner
  • Mark Cuban: Ocasio-Cortez, Sanders don’t understand socialism
  • Uber’s first employee, who’s now a billionaire, credits his success to this 1 tweet
  • FOX announces its new primetime lineup since Disney merger. Here’s a look
  • WATCH: FCC gets aggressive on robocall enforcement, vows to return consumer sanity
  • Trump ‘seriously’ hurt Iran with these 2 moves says Lieberman
  • US federal spending surges in 2019
  • Heinz CEO has lost confidence in the food giant
  • Only 3% of employers offer this desirable perk
  • First-time homebuyer? Here’s how much an average down payment costs in each state
  • World’s most expensive coffee available in the US for limited time
  • Uber stock tanks for second day after weak debut
  • Top 10 major cities cashing in on movie tourism
  • Amazon to pay employees to quit and start their own delivery businesses
  • Supreme Court rules against Apple in lawsuit targeting App Store
  • Middle class was anything but left behind by Trump tax reform
  • 5 truths about capitalism that are often misunderstood
  • Uber IPO is a buyer-beware opportunity: Varney

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

9MarketIndicatorsYahooFinance5.13.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

 

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 –

BiggestDowLosersCompaniesTiedChinaTradePlusManufacturedHousingStockUpdates

 

Let’s tee this up tonight by noting the link to the Daily Business News on MHProNews earlier report on building and the impact of the U.S.-China tariff tiff.

 

Higher China Tariffs “Hits Home,” Building Impacts Ahead, Per NAHB

 

Per left-of-center CNBC, the biggest Dow losers since the trade war escalated reveal that investors are fleeing companies with more Chinese business ties.

 

  • The Dow is down about 1,200 points since President Donald Trump announced tariff hikes last week, with heavier losses in companies with business in China.
  • Intel, Apple and Caterpillar have all dropped more than 10% in the six trading days since the president’s tweet on May 5.
  • Intel in particular may be vulnerable to a deterioration in U.S.-China trade relations, which about 25% on its sales coming from China, according to FactSet.

 

 

Here’s the snapshot in a chart.

 

TradeWarImpactDow30May3-13-2019ManufacturedHousingMarketUpdates

 

Related Reports:

WSJ Blames Trump Tweets for Blowing Up U.S.-China Trade Talks, Plus MH Market Updates

 

Bloomberg 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).

5.13.2019DailyBusinessNewsManufacturedHousingConnectedMarketReportsBloombergMHProNews

 

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.

WSJ Blames Trump Tweets for Blowing Up U.S.-China Trade Talks, Plus MH Market Updates

May 10th, 2019 Comments off

CNNmone5.10.2019ManufacturedHomeStocksMarketsReportsMHProNewsThere was no deal.  Stocks have slid for days, with numerous business and investor sites noting fears over the U.S.-China trade deal.  So oddly, when no deal occurred, and the U.S. imposed new tariffs on Chinese goods at a minute after midnight, after a roller coaster day and week, the markets closed mildly up?  Go figure.  On a day when there were more gainers than losers on manufactured housing track stocks, we’ll look at what the Wall Street Journal (WSJ) had to say today about the current state of the trade talks as our market focus tonight.

 

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.

 

LeftRightMediaSharylAttkissonDailyBusinessNewsMHProNews

Select bullets from CNN Money…

  • Stocks bounce back
  • Dow turns positive after Mnuchin and Trump call China talks ‘constructive’
  • Uber falls more than 7% in disappointing Wall Street debut
  • LIVE UPDATES Uber may be the biggest IPO bust ever
  • Analysis: Stocks will sink if the US-China trade war gets even worse
  • China vows to strike back after US raises tariffs
  • The US just raised tariffs on Chinese goods. Here’s what that means
  • Why Mark Zuckerberg needed to impress Emmanuel Macron
  • Jeff Bezos wants Blue Origin to go to the moon. Here’s why that’s a big deal
  • The skincare industry is booming, fueled by informed consumers and social media
  • Can ‘Pokémon Detective Pikachu’ end the box office reign of ‘Avengers: Endgame’?
  • Marriott hasn’t paid the price for its data breach
  • Shopping Content by CNN Underscored
  • Here are our favorite true wireless earbuds
  • Here’s who will get rich from the Uber IPO
  • Party City is facing a helium shortage. It’s also closing 45 stores
  • Cashiers ring up shoppers at a Walmart Inc. store in Burbank, California, U.S., on Monday, Nov. 19, 2018.
  • Walmart’s store managers make $175,000 a year on average
  • The brewers of Sam Adams and Dogfish Head merge in $300 million deal
  • Heineken has a plan to make Americans love beer again
  • Guinness will stop using plastic in beer multipacks
  • Constellation Brands CEO took the leap into cannabis. Now everyone is following
  • Germany is opening its first electric highway for trucks
  • Toyota wants to make smart homes with Panasonic
  • VW’s systems can’t cope with 10,000 electric car orders
  • What Volkswagen’s electric future will looks like

Select Bullets from Fox Business

 

  • US stocks recoup losses on officials’ upbeat trade comments
  • China-US speed trade talks ‘went fairly well’
  • China trade: Tit-for-tat tariffs won’t work, Carly Fiorina says
  • US Army’s new uniforms a throwback to classic WWII design
  • Uber shares open below IPO price of $45
  • WATCH: Major housing clampdown coming soon?
  • Royal Caribbean open its $250M ‘Perfect Day’ private island, featuring tallest waterslide in North America
  • Trump strikes big HIV drug deal to knock out virus
  • Elon Musk taunts Jeff Bezos’ plan to send Blue Origin spacecraft to moon in crude tweet
  • 10 most popular jobs for new college grads — and their average entry-level salaries
  • Guns N’ Roses sues Colorado brewery for alleged trademark infringement
  • Meghan Markle, Prince Harry’s newborn son Archie already has impressive estimated worth
  • Elon Musk’s grueling work schedule shocks fans: ‘No choice or Tesla would die’
  • Fannie, Freddie IPO could come in 2020: FHFA Mark Calabria
  • Party City to shutter 45 stores amid worldwide helium shortage
  • Trump’s steel tariffs cost US consumers close to $900,000 per job, analysis finds
  • Opportunity zones a ‘game changer’ for entrepreneurs: AOL co-founder Steve Case
  • Rihanna, LVMH launch new fashion brand ‘Fenty’

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

9MarketIndicatorsYahooFinance5.10.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

 

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 –

 

WSJBlamesTrumpTweetsBlowingUpUSChinaTradeTalksPlusMHMarketUpdatesManufacturedHomeIndustryMHProNews

It’s an interconnected economy.

Duh, right?  But trade deals impact manufactured housing directly and indirectly.

Some plants that produce manufactured homes import, for example, products from China that go into U.S. based factories that build HUD Code homes.

 

 

That said, while sharing the Wall Street Journal (WSJ) video without specific comment – we’d look at some of the WSJ claims differently, but that’s another topic for another time – let’s make a comment that will be controversial to some that’s manufactured home specific.

 

 

What is controversial to some others in MHVille it at all controversial to us. It’s this.

If specific aspects of manufactured home markets were not arguably being artificially manipulated – see examples in reports linked here, here, here, and here – or manufactured housing would be far more resilient.  Why?

Affordable housing is almost always needed.  There is no more proven form of affordable housing than manufactured homes. Look at the historic trends, until the last 15 years.  What changed?  Start with two words, Warren Buffett.

 

3ErasMobileHomesManufacturedHomesManufacturedHousingImprovementActEraSkylineChampionShipmentProductionGraphicMHProNews

In 1998, manufactured homes (MH) outsold RVs by some 3 to 2. In 2017, RVs outsold MHs by some 5 to 1. RVs recovered far more quickly from 2008. The facts raise questions. One, is the effectiveness of MHI as the post-production or ‘umbrella’ association in the country. The other question is more sobering. Has Buffett-Berkshire “Moat” strategies kept manufactured home production at historically low levels to allow a few big boy brands to consolidate others at a discounted ‘value’ by MHI insiders?

Step by step, MHProNews and our sister site have been ‘building the case’ for why the industry is underperforming.  This is done to both inform, but also to set the stage for what’s to follow.

There’s a method to the madness.  In the meantime, those that we’ve fact checked and critiqued, given the opportunity to respond, have stayed mute directly. Indirectly, there have been over-the-target reactions.

Stay tuned.

The opposition has their plan, so do we.

Re: Trade?  President Trump was talking tough on trade for decades, as a private citizen.  It is arguably one of the signature topics that brought blue collar workers from counties that went Democratic during the Obama presidential contest era twice to go for POTUS Trump.  So, while some clearly hate the state of trade, there are those who cheer the developments, even if it means short term pain.

If you ponder your investments in MHVille, see the related reports, linked below.  It may get you wondering the same things that caused us to dig deeper and bring our readers the reports that no one else in manufactured housing trade media dares to cover.

Starting with the speech by Secretary Carson, the first link below, why isn’t that posted on the Manufactured Housing Institute website?  Why is it found – at this time in manufactured housing industry trade media – only on our sister site?

As political independents and keen MHVille observers, there are a few phrases that both Bernie Bros and MAGA Trump supporters agree upon.  One is this.  The “system is rigged.” Ponder that as you ponder the links above and below.

Related Reports:

 

 

New Investigation, Insider Trades, Hedge Fund Dumps Cavco Industries (CVCO)

 

Nathan Smith, SSK Communities, Manufactured Housing Institute Leader, Profitably Correcting the Record

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

Declining Manufactured Home Shipments More Serious Than Retailers, Communities Being Told

What the Manufactured Housing Institute (MHI) Said About March 2019 Shipment and Production Data

 

Nobility Homes Annual Report – New, Illustrated Investor’s Corporate Snapshot of Manufactured Modular Home Producer

 

 

 

HUD Code Manufactured Home Production Decline Continues, May Updates

“Lead, Follow … Or Get Out of The Way”

 

 

Bloomberg 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).

5.10.2019DailyBusinessNewsManufacturedHousingCon

 

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.

FHA Incentives For Property Owners Investing in One of Over 8000 Opportunity Zones

May 9th, 2019 Comments off

FHAIncentivesForPropertyOwnersInvestingInOver8000OpportunityZonesManufacturedHousingMHProNews

In the wake of encouraging commentary last week and this week by HUD Secretary Ben Carson regarding manufactured housing – which included his tying that in with Opportunity Zones – comes this news today from HUD.

 

To set the stage for this release, ICYMI or need a refresher, see the report at the link here that contains the official statement by Secretary Carson on manufactured housing, which included his thoughts on Opportunity Zones.

 

HUDGovPressNewsMediaDailyBusinessNewsMHPronEws

FHA OFFERS INCENTIVES FOR PROPERTY OWNERS WHO INVEST IN OPPORTUNITY ZONES
Lower costs and dedicated underwriters to stimulate housing investment in distressed neighborhoods

 

WASHINGTON – The Federal Housing Administration (FHA) today announced a package of incentives to encourage multi-family property owners to invest in thousands of neighborhoods located in Opportunity Zones across the nation. Read today’s Housing Notice

FHA is introducing reduced application fees paid by property owners applying for certain multifamily mortgage insurance programs for the development or rehabilitation of apartment units located, or proposed to be located, in Opportunity Zones. In addition, FHA is designating teams of senior underwriters to review these applications to ensure the most attentive and timely processing.

When more investors can apply for benefits in Opportunity Zones, more investors can supply benefits in Opportunity Zones.  And that’s exactly the intention of today’s Notice,” said Secretary Carson. “These FHA incentives, combined with the preference points HUD already offers grantees for activities in Opportunity Zones, show how this Administration is maximizing the power of public-private partnerships to never forget – and always lift up – our nation’s “the forgotten men and women.”

 

Reduced Application Fees

Applicants to FHA’s New Construction and Substantial Rehabilitation (Section 221(d)(4))Urban Renewal and Concentrated Development (Section 220), and Purchase or Refinance of Existing Multifamily Property (Section 223(f)) multifamily mortgage insurance programs will be eligible for significantly lower application fees provided the property is located within qualified Opportunity Zones.  For transactions that are defined as ‘broadly affordable,’ FHA’s application fee will be reduced from the current $3 per thousand dollars of the requested mortgage amount to $1 per thousand dollars of the requested mortgage amount, resulting in an average cost saving to applicants of approximately $28,000. ‘Broadly affordable’ is defined as developments in which at least 90 percent of the units are Section 8-eligible or deemed affordable under the Low-Income Housing Tax Credit (LIHTC)

program.

“When more investors can apply for benefits in Opportunity Zones, more investors can supply benefits in Opportunity Zones.  And that’s exactly the intention of today’s Notice,” said Secretary Ben Carson. “These FHA incentives, combined with the preference points HUD already offers grantees for activities in Opportunity Zones, show how this Administration is maximizing the power of public-private partnerships to never forget – and always lift up – our nation’s “forgotten men and women.”

For ‘market rate’ and ‘affordable’ transactions, FHA will reduce application fees from $3 to $2 per thousand dollars of the requested mortgage amount, resulting in an estimated average cost savings of $14,000.  Read more about the definitions of broadly affordable and affordable in the Federal Register.  

 

Designated Senior Underwriters

            FHA will designate seasoned underwriters to process applications located in Opportunity Zones to ensure expert and expedient reviews. Applications must meet the following criteria to qualify for reduced fees and designated underwriting:

  • The application is submitted under FHA’s Section 221(d)(4), Section 220, or Section 223(f) program for a property located in, or proposed to be located in, a qualified Opportunity Zone, and/or:
  • The application involves an investment from a Qualified Opportunity Fund (QOF).

The new incentives offered by FHA are available immediately for applicants of market-rate properties that have not yet submitted a pre-application, and for applicants for affordable properties that have not yet applied.

 

Opportunity Zones

Created under the 2017 Tax Cuts and Jobs Act, Opportunity Zones are intended to stimulate economic development and job creation in distressed low-income communities by incentivizing long-term capital investment.  The program offers capital gains tax relief to those who invest in these targeted distressed areas. This program is anticipated to spur approximately $100 billion of private capital investment in Opportunity Zones. There are more than 8,700 census tracts designated as Opportunity Zones in all 50 States and in the U.S. territories. Read more about the Opportunity Zones program.

 

###

 

HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.

That’s this afternoon’s chapter 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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Declining Manufactured Home Shipments More Serious Than Retailers, Communities Being Told