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Tic Toc – July 4th, Tim Williams 21st Mortgage, John Greiner, JD, Graydon Law – Message Review

July 5th, 2019 Comments off

TicTockJuly4thTimWilliams21stMortgageCorpJohnGreinerJDGraydonLawMessageReviewDailyBusinessNewsMHProNews

Part of the ‘secret’ for legal victories can be consistency, procedures, and documentation.

 

TimWilliams21stMortgageCEOMHProNews

Tim Williams, prior MHI chairman, president and CEO of 21st Mortgage Corp, photo credit, MHProNews.com

There is little doubt that Tim Williams, President and CEO of Berkshire Hathaway owned 21st Mortgage Corporation and his company has vastly more experience in legal matters than our far more modest operation does.

It should similarly stand to reason that the outside attorney for the Manufactured Housing Institute (MHI), John “Jack” C. Greiner with Graydon Law would likewise have more experience in legal matters than little ole us. Per Graydon’s website, “Jack is a commercial litigator with an emphasis on communications and media law. He is one of the region’s leading advocates for governmental transparency.” Transparency, how interesting. That’s one we’ll all have to place in our memory file. Jack, should nonprofits, corporations, and their officers be transparent too?

That said, it would not be surprising if they would agree with the first sentence at the top. Juries and judges look for consistency, evidence, facts, and common sense.  The court system – judges and juries – also keep an eye out in cases for inexplicable, odd, or behavior that is in conflict with their stated claims. It’s been many years since we’ve been involved in any litigation, over a decade in fact. Though it is rarely fun, we recall the lessons, and have routinely been successful on the rare occasions it was necessary.

The truth backed by evidence is an often powerful thing. My hunch is that the other side has carefully researched that claim, and knows it to be accurate.  

 

Consistency?

In 2017, 2018, and 2019 were some of the years when messages and letters were sent to the management of MHProNews by attorneys for MHI, as well as by purported surrogates for the Arlington, VA based trade group. Those messages were threats, legal or not, and arguably attempts at intimidation.

Part of our consistent response has been to call out those actions publicly but also to invite them to reply to our many fact-checks, related analysis, and reports. In early 2017 and previously, responses from Berkshire Hathaway brands and/or MHI were swift, as numerous articles and letters published over the years reflects. Williams was among several MHI leaders who publicly praised this publication publicly and in writing.

 

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It was apparently only as reasonable answers to reasonable questions posed by MHProNews became elusive for the Omaha-Knoxville-Arlington axis that they stopped replying directly.  But they often used indirect means to communicate, including those noted above. 

Those patterns of behavior could prove relevant in several ways the days ahead.

 

Shifting Sands in Washington and Beyond

The dynamics in Washington, D.C. are shifting rather significantly in recent months. There are some things, as Warren Buffett correctly observed, that just take time.

·        Antitrust drums are heating up on both sides of the left-right political aisle.

·        More in Congress are talking and writing about the Duty to Serve, and why it hasn’t been fully implemented with respect to manufactured housing.

·        Affordable housing, homelessness, zoning, regulatory barriers, and even enhanced preemption are being discussed by more people in and out of the industry.

Slow, steady progress is apparently being made.

Those are all topics that are largely found in manufactured housing trade media only on MHProNews and MHLivingNews. Why? The Manufactured Housing Association for Regulatory Reform has been on several of those topics for years, to their credit.

But by contrast, MHI sycophants are mute or deflect from those topics. Why?

MHI themselves tout their latest photo op, their latest lightly viewed videos, or the newest bill that they support. Those are all apparent razzle dazzle, but where is the beef?

Where are the bottom line results as measured by new manufactured home shipments?  Given the MHI claim that they are the umbrella trade group that should ‘lead’ the industry, what direction has that MHI leadership actually taken MHVille at large?

The facts speak loudly.

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Tic Toc, Tic Toc… 

Moments, minutes, hours, days, weeks, months, and years go by. Some things only gain clarity from the passage of time and consistent observations. As Warren Buffett aptly said, the rear view mirror is clearer than the windshield. This is a point of agreement between our publication and Mr. Buffett.

 

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It was about 5 years ago that we brought to the industry’s attention the full length video version of this now better-known 18 second video clip.

  

 

That comment by MHI’s president made no sense at the time, but in hindsight it was arguably a piece of a puzzle. 

Because it was an odd and embarrassing MHI comment, not long after, during a time when Tim Williams at 21st was still in rapid-reply mode with MHProNews, and while this writer was still an MHI member, MHProNews asked Williams/21st – then MHI’s chairman – to have MHI’s Jennison clean that comment up publicly.

Williams agreed.

Jennison, no doubt with Williams’ prompting, did so on video camera and in front of dozens of industry professionals.  MHI’s president pledged both that the industry could achieve 500,000 new HUD Code manufactured home shipments as well as promised the passage of the Preserving Access to Manufactured Housing Act. 

 

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

 

Neither one has come to pass. Both are part of the MHI Orwellian ‘memory hole.’ 

Words can be cheap at MHI, it seems?  

JohnCGreinerAttorneyPhotoGraydonlawLogoDailyBusinessNewsMHproNewsWith the industry now into its ninth month of year-over-year downturn, MHProNews sent the following to Tim Williams/21st, John Greiner, and one of Greiner’s colleagues at Graydon Law. Greiner is MHI’s outside attorney assigned, said Greiner, to monitor our website.  MHI members, that’s where part of your dues are going to, why not rather to suing cities like Bryan, TX for failure to abide by enhanced preemption

That logical but rhetorical question aside, the meat of that message’s contents is shown below, between the dashed lines.

 

 

Subject: Tim, a formal request for you/MHI

Tim,

1)    Let me hereby request copies of any and all audio or other recordings, notes, emails or any records in any format relative to our discussion in Las Vegas during the dinner we shared with your colleagues from Berkshire Hathaway brands in the context of that year’s Congress and Expo.

2)    You and/or your colleagues are also hereby invited to respond to any of our recent or other reports.  See the below. Please email those for our mutual accuracy in handling said comments.

Thank you. 

Tony

http://www.MHProNews.com/blogs/daily-business-news/but-i-was-born-free/

Other articles are linked from the forward below. Thank you. 

tk

 

The screen capture that documents that email is found below.

 

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We will report back on what response, if any, is obtained. 

Until then, let this be kept in mind by investors, professionals, researchers, public officials, attorneys, investigators and others.

·        There is an affordable housing crisis.  Yet with numerous positive reports that debunk the myths and misconceptions often held by the public, somehow, magically, the industry is shirking in new home shipments? Why are MHI staff given bonuses instead of being terminated for lack of performance?

·        HUD Secretary Ben Carson has valiantly laid out a thoughtful case for manufactured housing.

·        On MHI’s own website, examples of those important topics are difficult or impossible to find, and Carson’s fine speeches are not to be found.

·        Manufactured housing is now into 9 months of year-over-year declining shipments.

 

By contrast, on MHARR’s website, topics like “enhanced preemption” are easy to find several articles. An MHI state affiliate successfully obtained a letter from HUD invoking enhanced preemption, so why not MHI? Yet MHARR is a fraction of the size of MHI, and has been online only a fraction of the time that MHI has.

Which association is doing their stated job better?

To George F. Allen’s [past] credit, his blog does raise some of these same issues and concerns.  But he has contradicted himself in arguing in recent months for MHI, the Berkshire brands, and larger community operators that behaved in problematic ways – per Allen.  Rephrased, Allen – without public explanation, other than what sources say is a compensated flip-flop – has gone from criticizing Clayton, 21st, MHI and others, to now being their cheer leader.

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Frank Rolfe swore off commenting about MHI further publicly, but he and Dave Reynolds recently took this swipe at MHI. They are MHI members, taking a shot at their own trade group. http://www.mhmarketingsalesmanagement.com/blogs/daily-business-news/frank-rolfe-dave-reynolds-both-finger-manufactured-housing-institute-mhi-failures-in-writing-again/

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More on this below.

Allen, more recently has called for a boycott of this publication, a possible antitrust violation, and has urged his readers to only read other trade media in manufactured housing that he has personally approved.  Ironically, one of those publications – Kurt Kelley’s – has praised our work, and said that they are leaving our call for accountability to us.  Interesting, isn’t it?

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Indeed, Kelley has contributed to MHProNews numerous times over the years, and has commented on political topics too. He published an article by Berkshire Hathaway unit manager Joanne Stevens, which without mentioning MHI, was clearly slamming them for what her article in MHR saw as a failure of industry preparation for obvious attacks on the industry.

 

Some things take time.  With a shifting political climate in America, it may only be a question of time before topics and issues found only on MHProNews, MHLivingNews or on the MHARR websites may become more common headlines and topics elsewhere in Washington, and then the mainstream media.

 

Unorthodox 

This writer freely admits that some of what we have done in trade publishing has been unconventional by MHIndustry standards. It was also never my or our publications’ ambition to stumble into troubling facts via news tips about the underlying causes for so many of our industry’s woes. But once discovered, where we supposed to ignore them?  Turn a blind eye as others do?  Cower in fear over every threat? 

If the industry is to regain its former glory and surpass it while independents still have an opportunity, it will only happen when enough honest professionals and other people of good will stand up and force the issues.

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April data reflects month 8th of the downturn, with nary a whimper from MHI or the big boys. Why?

That said, what has harmfully impacted thousands of independents in manufactured housing has arguably been largely avoidable, and it has harmed the interests of millions of our fellow Americans. Unconventional situations can’t always be addressed in the normal ways.

 

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There are several factors that should be understood to explain the rises and falls in the sales, production, and shipments of new factory-built homes during the varied mobile home and manufactured home eras. One should not be overly simplistic. That said, the historic trend is far higher than it has been since Berkshire Hathaway acquired Clayton Homes and their affiliated lenders. Political and other factors enter into the mix as well.

Keep in mind, we’ve spotlighted examples of these topics for years, beyond having the most extensive coverage of industry stocks, business and other news. A first look at our June 2019 traffic suggests a record month for readership. Our thanks to readers like your, our business development clients, and our sponsors who make this possible.

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MHProNews’ parent operation demonstrated to MHI over the course of years options for lending, and ways to improve image at a low cost. For years, even though our parent operation as an MHI member showed the way to grow business, MHI leaders ignored those options. Why? Could it be that slow growth or negative growth allowed more consolidation and at a cheaper price for big boy companies

 

Given the choice, thoughtful professionals can discern fluff and cheerleading from logic, fact-checks, and evidence. Perhaps that’s why we are the industry’s most read, and the others that cheerlead for MHI merely lag behind. The manufactured housing industry is arguably engaged in an undeclared war, and has been since 2003.  The big boys have decided to conquer MHVille, and the remaining independents have to recognize and decide to sell out, fold, or resist. The odds favor the big boys, but when the 13 colonies declared their Independence the odds favored the Brits of that era. This too is doable. This undeclared war is winnable. 

ManufacturedHmeIndustryAchieveGreatPotentialAddressingResolvingCauseCorePerceptionIssuesLATonyKovachQuotePresentationPhoto

When the 13 colonies declared their independence from Britain, they were taking on the most powerful army and navy in the world. The odds were against the rebels. But after a long struggle, the U.S. became independent. Freedom is never free. It always comes at a cost. But the price is lower, and the cause of freedom far nobler, than the cost of bondage and servitude.

We Provide, You Decide.” © Dig into the related and linked reports above and below to round out the picture. Let’s restore the American Dream, starting with an understanding of Independence Day. ## (News, analysis, fact-checks, and commentary. All third-party images and content are provided under fair use guidelines for media.)LATonyKovachQuoteManufacturedHousingIndustryWontReachPotentialAddresscoreIssuesArtificallyholdingitback466

L. A. ‘Tony’ Kovach is co-founder of MHLivingNews and MHProNews. He is a highly acclaimed industry expert and consultant, a managing member of LifeStyle Factory Homes, LLC, and is a 25 plus year award-winning manufactured home industry professional. Kovach earned the Lottinville award in history at the University of Oklahoma.

 

 

 

 

 

 

Related Reports:

Click on the hot-linked text-image boxes below to learn more.

“But I Was Born Free”

 

 

 

Nobility Homes Bucks National Trends, Reported Serious Growth, plus Manufactured Home Stock Updates

 

 

 

 

 

 

 

“But I Was Born Free”

July 4th, 2019 Comments off
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Stills from Born Free music video by Kid Rock, posted further below. Collage by MHProNews.

Music gets appropriated for commercials, campaigns, causes, and political events on a routine basis. So why not do that for the interests of manufactured home professionals, investors, and the tens of millions in the affordable home seeking public?

 

Facts, figures and slogans often get swatted around like a ping-pong ball in a professional-level table tennis match to advocate for some new law.

Why not cut-to-the-chase, save time, money, and implement the good laws that are already on the federal law books?

There are unique opportunities for honest gain being forged in the crucible of often troubling circumstances. There are purported ‘black hat’ operations that have manipulated the system and political forces in order to divert existing laws while lining their own pockets. They do so at the expense of our fellow Americans, ethical businesses, and honest investors.

Why not use some jujitsu to spotlight those bad behaviors, while ‘white hat’ businesses, investors, organizations, professionals, advocates, and lawmakers come together to enforce good laws?

Why not hold hearings in Congress to spotlight the various ways that existing laws have been blocked, often by posturing or feigning which masks entirely selfish interests – often within our own industry’s ranks?

Let’s explore that case briefly below.

 

Born Free

I was born free. We believe in free enterprise and respect all honest work. It’s a holiday, yet the groundskeepers caught us by surprise – they are working outside – keeping the lawn, shrubs, and the property pristine. Wow, that’s unexpected, yet it’s amazingly American.

But some are born into vexing scenarios made worse by corrupted versions of capitalism rightly called conquest or crony capitalism. Is it any wonder that millions – seeing such misbehavior – question free enterprise?

However well intended HUD Secretary Ben Carson or his predecessor Julián Castro may be or have been, there is evidence that corporate interests have colluded with officials currently or previously at HUD to thwart existing laws. We’ll explore who and name some names in the days ahead.

But even what we already know from Senate testimony or from the Washington Post should be enough to cause alarm for observant and thoughtful professionals and honorable public officials.

Senator Thom Tillis, in a dialogue with HUD Secretary Ben Carson said, “I don’t think that most people recognize how the regulatory burdens hit the poorest among us the hardest.” Tillis revealed that he grew up in what he called a ‘trailer house,’ but was more likely a mobile home or early HUD Code manufactured home. Tillis spoke about the morass of regulations that are “no doubt creating a higher price point.”

 

 

Senator Tillis (NC-R) jokingly said that in his personal case, the increased regulatory costs might have been the difference between a single wide, and a “single wide with a bump out.”  There are likely thousands of professionals in our industry that don’t even know what that means, because single sections with an extension are not so common any more. There was unquestionable more variety of manufactured homes built by more manufacturers 30 to 35 years ago than there are today. That’s not to say that there aren’t improvements, of course there are, as Secretary Carson said in the video above.  But for those who were in the industry in the 1980s, they recall ‘tip outs,’ balcony bedrooms, sunken baths, raised kitchens, and other floorplans that many today have not seen on a factory line in many years.

Tillis used his personal experience as an example to call attention for the need for regulatory stream lining that could benefit millions. That sound suspiciously like the executive order that President Trump issued just days ago. It was very much in keeping with what a Washington, D.C. based trade group has been calling public officials to do for years. Persistence may pay in the foreseeable future.

Secretary Carson, even early in his administration, noted that 22 million were living in manufactured homes and their mobile home predecessors. He said when you look at the progress made in the industry “it’s amazing.”

 

TrailerHouseMobileHomeManufacturedHomeFactoryBuiltHousingEvolution101MHProNews-MHLivingNews

You must meet people where they are. Terminology must be taught and caught. Make a habit of using the correct terminology.

 

Dr. Carson went on to say that a lot of the housing was hard to distinguish from site-built housing, noted that pricing on manufactured homes was lower, but “the regulations are ridiculous.”  He noted that he put a moratorium on those and were inspecting regulations from “top to bottom.” More recently, Secretary Carson said that we can solve the affordable housing crisis, and he pointed to manufactured homes as part of that solution.

Some of those “ridiculous” regulations Carson spoke about in Senate testimony were no doubt about issues related to Danner that MHProNews and the Manufactured Housing Association for Regulatory Reform (MHARR), among others, had spotlighted for years.

Who was directly in charge of implementing HUD regulations?

Pam Danner, J.D., who per sources was inserted into her role at the Office of Manufactured Housing Programs (OMHP) by backers within the Manufactured Housing Institute (MHI).  While that claim may or may not be easy to nail down, what follows is already known.

Juliet Eilperin writing in the Washington Post in May 2018 said that it was the efforts of Mark Weiss, J.D., President and CEO of MHARR and his colleagues that got Danner removed, for her purported excesses in regulatory overreach. By contrast, the Manufactured Housing Institute (MHI) Senior Vice President (SVP) Lesli Gooch specifically stated that they did not seek Danner’s removal.

That WaPo report was not denied by MHI.

When thousands of industry professionals were howling from coast-to-coast about Danner and overreach, why wasn’t the Arlington, VA based trade group likewise pushing for Danner’s removal?

Once the ‘wheat and chaff’ are separated, what becomes clear is this. MHI postured action, but failed at the most basic and obvious step; i.e.: seeking and obtaining Danner’s removal. That’s not a conspiracy theory, that’s per the clear implication of MHI’s SVP Gooch’s own words, as reported by the Washington Post. That’s the truth hiding in plain sight.

The deep pockets at MHI – and those behind them in places like Omaha, or the Knoxville metro, and their allies – can buy more of everything than MHARR and/or our publications can.  MHI is the one that claims they have clout at the federal level.  If so, how have they used that clout?

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That reality of their deeper pockets and broader access are precisely why it is logically stating the obvious where the roadblocks in our industry are. They are often internal, and the net impact is that the industry is consolidating instead of growing.  Several of MHI’s own past and present members have said as much.

 

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Former MHI state affiliates broke away and in 2018 formed the National Association for Manufactured Housing Community Owners, NAMHCO. They cited MHI’s years of failures as part of their reason for doing so.

 

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Ask yourself. Do these Marty Lavin dictums apply in this case?

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Who benefits from slow growth or negative growth? Isn’t it the deeper pockets that can then buy more communities, retailers, producers, and suppliers at a discount? Doesn’t that fit the Warren Buffett mantra?

 

UnderstandingWarrenBuffettCastleMoatMetaphorsQuotesDailyBusinessNewsMHProNews

Never forget that even during medieval times, castles and their moats were in fact breached.

 

Therefore, it is an obvious time for a new paradigm.

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When MHProNews spotlighted that MHI had reputedly done nothing on reaching out to the CFPB in 2017, MHI – perhaps in there embarrassment – began to move to get something done. When MHARR pushed MHI long enough on the DOE energy rule, MHI finally pivoted. It seems that MHI acts for the interests they claim to stand for best when the spotlight hits their lack of action otherwise. 

 

It is time for new alliances to be created that bridge the gaps that are causing a harmful status quo.  It is outrageous that manufactured home shipments are into 9 months of year-over-year decline.  It is a disgrace that MHI and their outside attorney threatened us for lawfully publishing the item below, when it was they who were making the false claims and promises.

 

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That this decline is avoidable is exemplified by exceptions to the rule, such as our report on Nobility Homes, linked here.

That Buffett’s ‘donations’ have found their way into the hands of MHAction and other groups opposing MHI begs the question, have they been playing the industry’s white hats with the rope-a-dope for years?

 

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

 

While MHI, Prosperity Now and others are pushing for a new bill in Congress that could make things worse. Paradoxically, the claimed goal of that bill could be rapidly achieved simply by implementing existing federal laws. Which begs the question, why not push for implementing good laws that are already on the books?  Who benefits from more delays? Isn’t it the consolidators that want to keep manufactured housing misunderstood and underperforming?

 

TerryDecioSkylineChampionHomesPhotoQuoteImTiredofManufacturedHousingbeingBestKeptSecretReadyHelpHouseAmericaDailyBusinessNewsMHProNews

 

There are several reasons to believe that there is collusion and corruption that purportedly violates antitrust, IRS or other regulations, and possibly laws such as RICO.

 

 

We have new and significant recent features on Manufactured Home Living News. They lay the foundation that makes the case for implementation of existing laws. They also suggest how white hat brands, organizations, honest public officials, and investors could be working with manufactured homeowners, renters, and others to reform the system by implementing existing laws.

It could – indeed should – start with public hearings by Congress and possibly states to investigate and explore what has gone wrong.  No one could be as incompetent as the powers that be in Omaha-Knoxville-Arlington have been, could they? Which suggests that a relatively small group of people could be manipulating the system in ways that cause more homelessness, more poverty, and more grief for millions that would otherwise be avoided.

 

 

More in the days ahead on specifics within HUD that should cause alarm and spark action.

Those of us born in the U.S.A. were born free.  Let’s not lose that freedom to the machinations of a few that are trying to wrongfully enrich themselves to the detriment of the many.

 

 

Roll the stone away. Let the guilty pay. It’s Independence Day.

 

 

Summing Up

The solution to the affordable housing crisis has been hiding in plain sight for years.  There is a case to be made that it is often forces within the industry that have thwarted, allowed, and diverted resources and good current laws from spurring more sustainable growth. That growth would have meant more home ownership for people otherwise trapped in rent. That kind of corruption must be exposed and punished.

Roll the stone away, let the guilty pay, it’s Independence Day.”

Now you may better understand our mantra, “News through the lens of manufactured homes, and factory built housing,” © where “We Provide, You Decide.” © Dig into the related and linked reports above and below to round out the picture. Let’s restore the American Dream, starting with an understanding of Independence Day. ## (News, fact-checks, analysis, and commentary. All third-party images and content are provided under fair use guidelines for media.)

FactoryBuiltCarsClothingAppliancesElectronicsCellsSmartPhonesHomesItJustFollowsLATonyKovachC2017MHLivingNews-575x170

For MH professional expert services, click here. For examples of third-party media, see links here, here, and here.

L. A. ‘Tony’ Kovach is a managing member of LifeStyle Factory Homes, LLC parent company of MHLivingNews and MHProNews. He is a highly acclaimed industry expert and consultant, a managing member of LifeStyle Factory Homes, LLC, and is a 25 plus year award-winning manufactured home industry professional. Kovach earned the Lottinville award in history at the University of Oklahoma.

 

 

Related Reports:

Click on the hot-linked text-image boxes below to learn more.

https://manufacturedhousingassociationregulatoryreform.org/mharr-reiterates-call-for-dts-investigation/

 

Manufactured Housing Production and Shipments, Official HUD Data, Report for May 2019

 

 

 

 

 

 

“Incestuous” Lobbying? Kings of K Street, Revolving Door, Big Tech, Berkshire Hathaway – Follow the Money

June 25th, 2019 Comments off
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Videos are further below. Collage by MHProNews.

When it comes to risk, here’s a reality check,” says FINRA. “All investments carry some degree of risk…within [a] country…political risk and currency risk are notable factors…”

 

Investopedia says that “political risk and macroeconomic risk…affect the performance of the overall market…” The centrist Financial Times points to the dangers to investments posed by political risks too.

Investors and professionals will be discerning 2020 candidates, as will the broader population. But in a nation of hundreds of millions, the lens candidates are viewed through are clearly going to differ.

The perspective of the millennial racked by student debt may well be more attracted to a candidate that promises to deal with that issue than those candidates who say there is no money to pay for such a debt-elimination program.  By contrast, the investor or small business owner may look dimly at those candidates who pledge higher taxes and more regulations.

That’s not to suggest that all businesses or investors are more centrist or right-leaning.  Some of the world’s and America’s richest men often bet on Democratic candidates, as the Daily Business News reported in the run-up to the 2018 midterms. The recent revelation that the Koch brothers could be supporting more Democrats in 2020 is just one indicator that the wealthy see politics and lobbying as a tool of business that they play which can pay hefty returns on investment.

The business of politics influences the creation of new regulations, the suspension of regs – and sometimes the failure to properly enforce existing laws – that can help or harm businesses. 

This Daily Business News item on MHProNews will look at lobbying and the revolving door in general, and then pivot in the third part of this article to more manufactured housing specific items in this 30,000-foot level report.

 

Mainstream, Investment Takes on K Street, Revolving Door, and Business

Gearing up for a big fight in Washington, four of the biggest tech companies are increasing their lobbying efforts,” says CBS News’ YouTube page to introduce their recent video report posted below. “Amazon, Apple, Facebook and Google are drawing out lobbyists with connections to the government as they face mounting scrutiny for alleged anti-trust violations. Kenneth Vogel, Washington reporter for The New York Times, joins CBSN to discuss.”’

 

 

As an editorial note about the video above, Vogel lays out several of the facts quite nicely. But if one detects a tone of ‘regulation over breakup’ in his analysis, MHProNews would observe that ‘regulating’ these companies is arguably not going to work as some think. The regulations in place haven’t worked, or the vexing scenarios Vogel describes wouldn’t exist. ICYMI, see what Professor Ed Lotterman says on the topic in the report linked from the text-image box below.

 

Real World Economics’ Professor Ed Lotterman says “Playing Monopoly is More Than Just Rolling the Dice”

 

Several of the Democratic 2020 candidates – Senators Cory Booker and Elizabeth Warren jump to mind – as well as a growing number on the political right have said that they think these tech giants need to be broken up under antitrust laws. Some of those same Senate Democrats have signed a letter asking the CFPB to dig into concerns over Berkshire Hathaway owned Clayton Homes and their associated manufactured home lenders.

In the CBS News video, Vogel touches upon several useful underlying themes to understand, including the ‘revolving door,’ which will be the focus of an upcoming manufactured housing industry specific exclusive report.

With regard to the New York Times’ Vogel’s narrative, antitrust law and how it is used is likely to be a campaign topic in the contests ahead. Clearly, Big Tech will be fighting it, as they have for years.  It is likely no coincidence that the Trump Administration’s antitrust division at the Department of Justice is reportedly opened investigations into some of the firms named above.

While they may approach these subjects from a different perspective, when both major parties spot a similar problem, that may be a sign that critical mass on an issue is approaching.

The video below is from the Obama Administration era, and thus is a bit dated.  But it makes clear just how large the lobbying business is, and why big business is willing to invest so much in it. The ROI on lobbying is stunning. This Motif investing video also has a touch of dry humor in the music an imagery.  The sources for the data are often shown in the bottom right corner of the screen.

 

 

As Motif summed it up, “If you follow the “Kings of K Street” motif, you know that companies that invest in influence have a leg up.” What that means is that smaller businesses and investors have to play smarter or they can get run over.

 

SoTheAssociationMHIIsNotThereFortheIndustryUnlesstheinterestsoftheBigBoysJointheIndustry'sMartyLavinMHIAwardWinnerQuoteMHProNews

MHProNews looks at the facts, considers the sources, follows the evidence, and the money. 

 

MHProNews recently spotlighted how the Manufactured Housing Institute (MHI) has spent its lobbying dollars via their political action committee, the MHI PAC.

 

Democrats? Republicans? Political Campaigns Manufactured Housing Institute (MHI) PAC Supported

 

Berkshire Hathaway, as thousands of industry pros know, is the parent to Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance (VMF), plus a number of other manufactured housing industry connected firms.

But Berkshire’s ties with the so-called tech giants are deep and growing, so that should not be overlooked in the snapshot outlined above.

Warren Buffett and Bill Gates of Microsoft fame have long-standing ties, including Buffett donating billions in Berkshire stock to the Bill and Melinda Gates Foundation, where Buffett is a trustee.

BillMelindaGatesFoundationWarrenBuffettTrusteeLeadershipPhotosDailyBusinessNewsMHProNews

Collage from the Gates foundation website.

 

Berkshire now has roughly a billion dollars of Amazon stock.  Amazon founder Jeff Bezos and Buffett certainly collaborated on various levels years before that formal investment.

Berkshire also owns stock in giant Apple. According to CNBC on May 3, the value of Berkshire’s holdings in Apple in late 2018 was some $40 billion dollars.

So, when one is thinking about the tech giants, don’t forget that Berkshire and Buffett are not likely that far off. 

 

“Have…Giants…Stifled Competition,” Antitrust Battle Lines in D.C., plus Manufactured Home Market Updates

 

Berkshire’s own lobbying is prodigious. See the summary in the graphic that follows.

 

BerkshireHathaway2018OpenSecretsCampaignContributionsManufacturedHousingIndustryMHProNews

Thus the tech giants plus Berkshire all share an interest in fighting antitrust action. Never forget that for Buffett and Berkshire, regulations can be a tool on their side that is wielded against other lesser firms.

 

Raw Power Over Manufactured Housing

The raw power to destroy independents is linked below.  That hot-linked text-image box takes a reader to the report which purportedly documents collusion and violations of antitrust laws.  Based upon years of research, MHProNews believes that only an AT&T style breakup of these firms under antitrust laws will suffice in the end. 

 

SmokingGunEvidenceOfAntiTrustMonopolisticCollusionMoatClaytonHomesKevinClayton21stMortgageTimWilliamsWarrenBuffettMHLivingNewsMHProNews

In a series of direct quotes in context, a document from 21st Mortgage signed by their president Tim Williams, Warren Buffett’s direct quotes from that same year’s annual letter, and video recorded comments by Kevin Clayton, all line up in what attorneys who reviewed it see as ‘smoking gun’ evidence of antitrust violations. They demonstrate how thousands of independent retailers, communities, and several producers – among others – where purportedly directly harmed by action that could be deemed an antitrust violation. See for yourself: https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

 

But as a much-needed lead up to federal antitrust action, Congress can hold open hearings to spotlight on camera how Berkshire brands, MHI, and the ‘big boys’ dominating our industry impact consumers, investors, and most others.  In a similar vein, the Manufactured Housing Association for Regulatory Reform (MHARR), a trade group that represents independent producers, is calling for just such congressional investigations on the finance topic: see that from MHARR, at this link here

There are resident-community leaders who are coming to a similar conclusion.

 

MH Community Leader Robert Van Cleef – Public Call – Federal Investigations of Berkshire Hathaway, Clayton Homes, 21st Mortgage, Manufactured Housing Institute

There will be an exclusive, special report planned for later this week on the revolving door and how that is connected to and impacts manufactured housing. That impacts thousands of industry operations. So if MHVille matters to you, don’t miss it.

 

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Related Reports:

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

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

Washington Leak – Justice Department Prepares Major Antitrust Investigation

Senator Cory Booker – ‘We Need a President…to Enforce Antitrust Laws,’ Digging Warren, POTUS Trump

 

Democrats, Independents, Elephant in the Room, Third Parties, 2020 Kickoff, and Manufactured Housing

 

 

 

 

 

 

 

Havenpark Capital Management Responds to Senator Elizabeth Warren, Congressman Dave Loebsack

June 21st, 2019 Comments off

 

HavenParkCapitalLogoHavenparkCapitalLetterReportAnalysisDailyBusinessNewsMHProNews

The formal response to a letter in late May 2019 from Senator Elizabeth Warren (MA-D) and Congressman Dave Loebsack (IA-D) to Havenpark Capital has been obtained by MHProNews.

 

ICYMI, or want a refresher, the Daily Business News on MHProNews most recent report on this issue is linked below. As a thumbnail, Havenpark stirred regional controversy by sharply raising site fees on residents in manufactured home communities that they purchased. Havenpark has been accused of “predatory” practices by residents, activist groups, lawmakers, and others. In the wake of those concerns, Senator Warren and Rep. Loebsack addressed Havenpark, with a series of ‘discovery’ like requests – seeking facts and information. That letter from Senator Warren is part of the report below. 

 

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

 

The response by the community operator was printed on plain paper (sans letterhead) to the Democratic lawmakers named. The written response was signed by Managing Partners J. Anthony Antonelli and Robison Pratt for Havenpark Management.

Note: publishing their response should not be construed as an agreement with their claims, but rather what it is – Havenpark’s formal position as submitted. An analysis will follow their letter. Dashed ———- lines represent division made in the original letter to denote footnotes in their reply. The companies address was cited at the top, and is not shown below, but otherwise, the letter is structured as in the original. The … indicate a break in the copy due to footnotes, to mimic the original. 

 

The Honorable Elizabeth Warren
309 Hart Senate Office Building
Washington, DC 20510

The Honorable Dave Loebsack
1211 Longworth House Office Building
Washington, DC 20515

June 18, 2019

Dear Senator Warren and Representative Loebsack,

This letter is in response to the letter we received from you dated May 28, 2019.

We respect, understand and agree with your concerns regarding the issue of affordable housing. Affordable housing is among the most pressing issues America faces today, and we are proud to be a small part of the solution to that crisis.

We strongly support the notion that solving the affordable housing crisis starts with preserving existing housing stock.1 Few types of real estate housing are more at-risk of disappearing than manufactured home communities located in commercial districts and other prime acreage of high-demand areas.2

Manufactured home communities are prime targets for developers of big box retail, luxury apartments, office buildings and other types of development.3 Tragically, this gentrification is occurring with greater frequency from all corners of the country in cities large…

 

—————-

1 Why Preserving Affordable Housing is More Important than Building it. May 15, 2017. Retrieved from http://www.icastusa.org/why-preserving-affordable-housing-is-more-important-than-building-it/

2 Sullivan, A. America’s Most Invisible Communities – Mobile Home Parks. August 10, 2017. Retrieved from https://www.ted.com/talks/esther_sullivan_america_s_most_invisible_communities_mobile_home_parks/transcr ipt?language=en

3 Turner, S.L. Mobile Home Park Redevelopment & The Loss of Unsubsidized Housing. May 2010. Retrieved from https://repositories.lib.utexas.edu/handle/2152/22331

—————-

 

and small4 5. The results are disastrous – the unconscionable act of mass evicting all community residents – and are occurring at an alarming rate around the country6 7.

Preserving existing manufactured home communities is tantamount, but it is not enough. Those properties also need preliminary and ongoing capital upgrades, good maintenance, and helpful onsite property managers to ensure the property is a safe and clean community for all residents for the long term.

Havenpark is a regional operator of manufactured home communities. We are committed to preserving affordable housing by purchasing manufactured home communities and investing heavily in them – upfront, and on an ongoing basis – to ensure they are a secure, safe, clean and desirable place for our residents to live long-term.

Given the rapidly rising land values and rental rates across the country, Havenpark agrees there is a place for local, state and federal governments to pass legislation that would truly help the residents of manufactured homes. For example, the proposed legislation creating refundable tax credits for renters paying more than 30 percent of their income for housing are worthy of exploration. As are laws that would give mobile home park residents greater notice of rent increases before they can go into effect. Another proposal would benefit residents by providing federal tax incentives to owners of manufactured home communities if they sell the community directly to the residents. The current laws, rules and regulations likely need to be updated to protect both residents and landowners alike. Havenpark will continue to adhere to all current and future municipal, state, and federal rules regarding the operation of manufactured home communities.

We respect that as elected leaders you have the power to create real solutions. By looking at the affordable housing issue, real improvements are possible. To do that also requires a candid examination of the fiscal realities and costs. For example, one must acknowledge that had Havenpark not recently purchased manufactured home communities in North Liberty, IA and Waukee, IA – two of the fastest-growing areas in the region and country8 9 – they almost assuredly would have been sold to a developer that would have closed those communities –

 

—————-

4 Mobile Home Parks at Risk of Redevelopment. September 25, 2018. Retrieved from https://www.statesman.com/NEWS/20180207/Mobile-home-parks-at-risk-of-redevelopment

5 Nearly 300 mobile homes lost since 2011. June 15, 2019. Retrieved from https://missoulian.com/news/local/affordable-housing-crisis-nearly-mobile-homes-lost-in-missoulacounty/article_a93950eb-7d0f-5c0c-89ec-7046511b3930.html

6 As land values rise in Phoenix area, mobile-home parks disappear. July 26, 2018. Retrieved from https://www.azcentral.com/story/money/real-estate/catherine-reagor/2018/07/25/mobile-home-parksdisappear-fewer-affordable-housing-options-metro-phoenix/789332002/

7 Half of Hennepin County’s Mobile Home Parks Have Closed. July 17, 2017. Retrieved from http://www.startribune.com/as-mobile-home-parks-close-attention-turns-to-how-to-protect-them/434708163/

8 Waukee, IA one of the 10 fastest-growing suburbs in the U.S. July 18, 2018. Retrieved from https://businessrecord.com/Content/Default/All-Latest-News/Article/Waukee-one-of-the-10-fastest-growingsuburbs-in-the-U-S-/-3/248/83265

9 North Liberty among fastest growing cities in Iowa. Retrieved from https://www.thegazette.com/subject/news/government/north-liberty-among-fastest-growing-cities-in-iowa20170525

—————-

 

mass-evicting hundreds of residents – in order to repurpose that prime real estate into something more valuable. In this case, developers are who we outbid in order to make these two purchases in Iowa, securing long-term affordable housing for hundreds of Iowan families in the process. Havenpark is now in the process of making a substantial capital investment to ensure the communities are brought up to our operating standards and have sufficient upgrades and amenities to meet our residents’ needs. Market forces dictated the purchase price of those two properties, which went far beyond what the current income on rent provided. Taken together with the heavy capital commitment we’re making to ensure a good quality of life for our residents, we had to normalize the rents to the level of comparable manufactured home communities in the immediate area, otherwise we would effectively be “under water” and unable to preserve their current use. Even after normalizing rents, these two communities provide among the most affordable units in their respective markets with site rent leasing for approximately 30% of the cost of the average apartment in the area and are in-line with other manufactured home communities of comparable quality in those markets.

We do understand that any housing price increase is a burden, especially when residents haven’t seen rent increases that align with cost of living adjustments for several years. This was the case in the two Iowa communities referenced here. This is why after meeting with community residents from those two properties we decided to stagger the rent increases over a period of two years. This amounted to an increase in monthly rent of $75 (North Liberty) and $100 (Waukee) during the first full year of operations. This rent normalization was the cost of securing and preserving these communities.

Market forces continue driving housing prices and rental rates up. For example, it was recently noted that the average one-bedroom apartment rent in the Des Moines market experienced a 17% increase since last year10. Clearly, wages are not growing anywhere near that rate. Therefore, we believe there are some proposed policies and solutions that should be explored that would potentially mitigate the effects of such rent increases that many middle and lower income Americans are dealing with.

We also hope you acknowledge our financial investment which improves the properties and raises the quality of life for our residents. These include repaving streets, adding improved lighting, building dog parks, adding community playgrounds, renovating community centers, landscaping, and others. The biggest investment many Americans have is their home. These capital investments improve the value of our residents’ homes11 12, instill community pride, promote camaraderie among neighbors, and contribute to the overall well-being of our community residents.

 

—————-

10 2019 Annual Rent Guide. Retrieved from https://www.apartmentguide.com/blog/apartment-guide-annual-rentreport/#Rent_Increases

11 Will a Manufactured Home Appreciate in Value? FAQ Retrieved from https://www.manufacturedhousing.org/faq/

12 New evidence shows manufactured homes appreciate as well as site-built homes. September 13, 2018. Retrieved from https://www.urban.org/urban-wire/new-evidence-shows-manufactured-homes-appreciate-wellsite-built-homes

—————-

 

Our overall mission is to secure and preserve affordable housing across the country. We look forward to continuing to invest in our communities to make them attractive, safe, clean places for individuals and families alike.

We note that your letter requested Havenpark answer a long list of specific questions about our company. We have been advised by counsel not to respond point-by-point.

We hope to be of assistance in the discussion and formation of policies and regulations that would preserve existing affordable housing and create more options for affordable housing going forward.

Respectfully,

JAnthonyAntonelliHavenparkManagementRobinsonPrattHavenparkManagementSignedLetterSentorWarrenRepLoebsackMHProNews

 

The video below is from the Iowa City Press Citizen. Once more, this reflects the views of those speaking, and ads balance to the report.

 

 

MHProNews Analysis and Commentary

In our analysis, MHProNews will focus on a particular part of the Havenpark reply letter.  That portion of their letter is shown below, with each bullet as a line from paragraph 7, above.

  • Given the rapidly rising land values and rental rates across the country, Havenpark agrees there is a place for local, state and federal governments to pass legislation that would truly help the residents of manufactured homes.

The above quote is arguably an attempt at jiujitsu and posturing, as are other portions of their letter. Continuing with their next line:

  • For example, the proposed legislation creating refundable tax credits for renters paying more than 30 percent of their income for housing are worthy of exploration.

That second sentence from paragraph 7 is a reference to proposed legislation that would arguably shift the burden of rising rents to taxpayers. It’s a bold, de facto call for federal subsidies of their communities. Their third sentence:

  • As are laws that would give mobile home park residents greater notice of rent increases before they can go into effect.

Besides the errant use of terminology, this is disingenuous at best. Having re-calibrated after serious blowback in Iowa, Havenpark’s management well know that they can give ‘greater notice’ without a law. Posturing.

Sentence four, paragraph 7:

  • Another proposal would benefit residents by providing federal tax incentives to owners of manufactured home communities if they sell the community directly to the residents.

That’s a reference to a bill that bears scrutiny on several levels, see the report on that topic linked here. Let’s note that while MHProNews believes there are clear merits to resident owned communities (ROCs), those who believe they are a panacea or utopia are mistaken. The Millie Francis case reflects the vexing reality that ROCs that are improperly run can have their own problems: see that, linked here.

Final sentence, paragraph 7:

  • The current laws, rules and regulations likely need to be updated to protect both residents and landowners alike. Havenpark will continue to adhere to all current and future municipal, state, and federal rules regarding the operation of manufactured home communities.

Much of this obliquely reveals a concern that MHProNews and our sister site have raised on numerous occasions previously. The purported ‘black hat’ behavior in this matter unjustly creates a public perception that impacts others in the community world who don’t engage in such allegedly aggressive practices.  Further, mainstream media reports on scenarios like those involving Havenpark likely have a negative impact on new and pre-owned manufactured home retail sales too.

Restated, residents, potential buyers, and ‘white hat’ intendents are all among the ‘victims’ of black hat firms.

What Havenpark is doing is akin to what our publisher dubbed conquest capitalism, see the case for that, linked here. When organizations such as Warren Buffett led Berkshire Hathaway brands Clayton Homes and 21st Mortgage Corporation seemingly have escaped federal consequences – at least so far – for what’s described below, doesn’t that only embolden other operations to dare such misbehavior too?

 

SmokingGunEvidenceOfAntiTrustMonopolisticCollusionMoatClaytonHomesKevinClayton21stMortgageTimWilliamsWarrenBuffettMHLivingNewsMHProNews

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

 

The industry’s good message is debatably clouded by such problematic behavior. See our prior report on the Havenpark linked controversy from the linked text-image box below.

 

Gannett Media Exposés, MH Community Owner Moves Sparks Outrage – IEDs of Manufactured Housing

 

While not every black hat firm is an MHI member, what John Oliver’s video obliquely revealed is that there is often a common tie between Buffett, Clayton Homes, MHI, and negative media.

 

 

Those bad news stories dwarf the exposure potentially positive events such as the Innovative Housing Showcase (IHS2019).

In the wake of such problematic media, as Havenpark and others have stirred up, is there any wonder that manufactured home sales are slipping instead of growing?

Not everything that goes wrong in the industry is purportedly caused by Buffett, Berkshire, Clayton, and MHI black hat brands.  That said, much arguably is.

In the related reports further below is a letter from a community leader that ought to spark thought among the industry’s ‘white hat’ operations.

That letter linked below the byline and notices could become part of the solution.  A second element that could rapidly play a useful role is to fully apply federal law, including the enhanced preemption clause of the Manufactured Housing Improvement Act (MHIA) of 2000. Again, for more, see the related reports below the byline and notices.

But a third element of the solution should include a new post-production trade association that stands up for the industry’s good post-production firms, and publicly denounces black hat behavior. Otherwise what happens is harmful to independent businesses and to potentially millions of Americans.

Havenpark, MHI, and others noted will be invited to provide their retort to these concerns in a letter to the editor.

 

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That’s today’s almost midnight edition of manufactured home “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” ©. ## (News, fact-checks, analysis, commentary.)

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.

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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:

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

MH Community Leader Robert Van Cleef – Public Call – Federal Investigations of Berkshire Hathaway, Clayton Homes, 21st Mortgage, Manufactured Housing Institute

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

 

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

 

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

MHARRCallsHUDSecretaryCarsonEndDiscriminatoryZoningHUDRegulatedManufacturedHomesCommodoreHomesCorpMHARR

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

 

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

 

 

 

 

 

 

News Tip – Cavco Industries Legal Woes with SEC, Insider Insights

June 21st, 2019 Comments off

 

NewsTipCavcoIndustriesLegalWoesSECInsiderInsightsCavcoLogoManufaturedHomeIndustryMHProNews

Over a dozen law firms and scores of attorneys on all sides of the Joe Stegmayer controversy have poured over what has transpired before, during, and since Cavco Industries announced on November 8, 2018 the Securities and Exchange Commission (SEC) subpoena that sent their stock’s (CVCO) value plunging.

 

The Daily Business News on MHProNews routinely hears from a variety of well-placed sources related to this matter.

 

Among them, an attorney sent the following.

Checking the SEC-EDGAR system, Cavco has filed an amendment to their 2019 Shareholder meeting proxy form relating to the Board and Committee meetings attended by each Board member — no substance, just numbers — but look at the number of meetings and “sessions” related to the SEC Stegmayer investigation

The entire tip, which is according to information submitted to the SEC, follows. A key line, not to be missed in what follows, is this pull-quote:

  • “…the Board and the committees of the Board held during fiscal 2019. Page 13 of the Original Proxy Statement included disclosures that there thirty-three (33) Audit Committee meetings in fiscal year 2019 for both regular or SEC Investigation matters, of which eighteen (18) were Sessions. This disclosure was incorrect; there were forty-eight (48) Audit Committee meetings in fiscal year 2019 for both regular or SEC Investigation matters, of which thirty-three (33) were Sessions.”

With that tee up, here is the formal Cavco supplemental proxy statement, as provided.

 

____________________________

 

This Proxy Statement Supplement (“Supplement”) provides additional, clarifying and corrective information with respect to the Cavco Industries, Inc. (“Cavco” or the “Company”) 2019 Annual Meeting of Stockholders, to be held on July 9, 2019 at 9:00 AM (local time), at the Company’s corporate offices located at 3636 North Central Avenue, Suite 1200, Phoenix, Arizona 85012.

On or about June 6, 2019, the Company filed with the SEC and mailed to our stockholders of record as of May 24, 2019 a proxy statement (the “Original Proxy Statement”) describing the matters to be voted on at the Annual Meeting. All capitalized terms used in this Supplement and not otherwise defined herein have the meaning ascribed to them in the Original Proxy Statement. This Supplement should be read in conjunction with the Original Proxy Statement. 

The Original Proxy Statement included various disclosures and tables describing and disclosing the number of meetings of the Board, the Audit Committee, the Compensation Committee and the Corporate Governance and Nominating Committee that were attended by each of the Company’s directors during fiscal 2019.

This Supplement is being provided to supplement, clarify and correct certain of these disclosures relating to the number of total meetings of the Board and the committees of the Board held during fiscal 2019. Page 13 of the Original Proxy Statement included disclosures that there thirty-three (33) Audit Committee meetings in fiscal year 2019 for both regular or SEC Investigation matters, of which eighteen (18) were Sessions. This disclosure was incorrect; there were forty-eight (48) Audit Committee meetings in fiscal year 2019 for both regular or SEC Investigation matters, of which thirty-three (33) were Sessions.

The table and narrative below replaces in its entirety the table and narrative on page 16 of the Original Proxy Statement under the heading “Board and Committee Meetings” to: (i) provide corrected information with respect to the number of Audit Committee meetings in 2019 consistent with the previous paragraph, (ii) provide the total number of meetings for the Board, the Audit Committee, the Compensation Committee, the Corporate Governance and Nominating Committee and the Legal Compliance & Oversight Committee, and (iii) provide supplemental clarifying disclosure about the directors attendance at Board and committee meetings during fiscal 2019.

CavcoIndustriesCVCOProxySupplmentalStatementSECfilingManufacturedHousingIndustryMHProNews

Click on this image and download, then open, to see the full size for easier reading.

— ## —

 

MHProNews asked one of the attorneys to comment, and received this response: “…what’s especially interesting is the large number of meetings and “sessions” of the audit committee relating to the investigation…Also speculation, but I have to think that what’s happening is potentially serious, based on the amount of time that’s obviously being put into it and other steps they’ve taken.” 

Put differently, there is a lot of defense going on, which implies that there is plenty of offense facing Cavco by shareholder plaintiff’s attorneys, the feds, and perhaps others at play too.

Oddly, Stegmayer has continued on as MHI Chair.

ManufacturedHousingInstituteLogoMHIBoardOfDirectorsLogoMHIExecutiveCommittee

The satirical logo is used in part to poke with a lighter touch at a serious topic. As some have framed it, there are white hat companies at MHI, and black hat companies.

 

For added context and history, see the related reports, further below the bylines and notices.

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That’s today’s second installment of “News through the lens of manufactured homes, and factory-built housing,” © where “We Provide, You Decide.” ©. ## (News, fact-checks, analysis, commentary.)

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.

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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:

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

EQUITY ALERT: Levi & Korsinsky – Investigation Possible Fraud by Certain Officers and Directors of Cavco Industries, plus MH Stock Updates

Cavco Industries (CVCO) Officials Issue Several Warnings

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

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

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

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

 

 

 

 

 

 

 

 

 

 

 

MH Community Leader Robert Van Cleef – Public Call – Federal Investigations of Berkshire Hathaway, Clayton Homes, 21st Mortgage, Manufactured Housing Institute

June 19th, 2019 Comments off

 

MHCommunityRobertVanCleefPublicCallFederalInvestigationsBerkshireHathawayClaytonHomes21stMortgageManufacturedHousinginstituteMHProNews

In a news tip today to the Daily Business News on MHProNews is the following public call by Californian Robert ‘Bob’ Van Cleef for federal investigations of some high profile organizations in the manufactured home industry.

 

From Van Cleef’s post today, found at this link here, is the following.  The post is styled “Requesting an Antitrust Investigation.” He cites and links several sources, including his representative, DoJ, HUD Secretary Ben Carson, John Oliver’s viral video, the Manufactured Housing Association for Regulatory Reform, and Manufactured Home Living News, among others.  The hot-links are in the original.

 

Requesting an Antitrust Investigation

Posted on June 19, 2019 by Bob

This is a follow up related to John Oliver’s report on living in Manufactured Home Parks. In his report, he exposed the illegal and immoral actions, potentially violating Antitrust and RICO laws, by various companies.

     See:  HBO’s John Oliver on Last Week Tonight Mobile Homes Video

One of the major threads of his report relates to the actions of Berkshire Hathaway, Clayton Homes, 21st Mortgage and the Manufactured Housing Institute. He shows them working in collusion to violate the law.  He also shows the harm that they are bringing to the people that live in the manufactured home parks they manage.   This includes many who are seniors, disabled and living on fixed incomes.

Request to Congress

Based on my research, after viewing that report, I sent an email to a staff member for Congressman Ame Bera, who represents the district I now live in, requesting the following actions. 

First, I asked that the Congressman write a letter to Makan Delrahim, the Assistant Attorney General responsible for overseeing the Antitrust Division.  The focus of his letter should be to ask the Antitrust Division to review the actions of Berkshire Hathaway, Clayton Homes, 21st Mortgage and the Manufactured Housing Institute for possible Antitrust and RICO violations.

The second request would be to have him contact HUD Secretary Carson to have his agency enforce the existing federal laws with respect to Federal Preemption and Affirmatively Furthering Fair Housing (AFFH).

Finally, it would not hurt to supply for our Democratic Representative to reach out in a bi-partisan manner to support Secretary Carson’s efforts to treat Manufactured Homes as an asset in today’s housing crisis.

See:  HUD Secretary Ben Carson’s Speech on Manufactured Homes, “Manufactured Housing…Active Ingredient…Medication…for a Stronger America.

Affordable Housing

Mary and I couldn’t afford to live in San Jose anymore.  (We were economically evicted.)  However, after selling our heavily mortgaged home in San Jose, we purchased outright a manufactured home in Rancho Cordova.  I was amazed at the improvement of our quality of life!  The home was bigger and nicer than the one we left in San Jose.  Also, we found the new neighborhood to be open and welcoming, and best of all, it was affordable!

Everyone is talking about affordable housing.  Based on my experience and as described by Secretary Ben Carson, manufactured homes could be a valuable tool for reversing our current housing shortage. 

Why can’t more people take advantage of manufactured homes to get out of their housing trap?

That will be the basis for future posts.

##

 

Per sources and his post suggests, Van Cleef has become a leader in his land-lease community among residents there. He’s actively engaging public officials and others in an effort to find solutions to the types of troubling issues his post referenced.

MHProNews will plan to monitor his posts, as we do others that are engaged on issues relating to manufactured home professionals and consumers.

 

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That’s tonight’s final installment of “News through the lens of manufactured homes, and factory-built housing,” © where “We Provide, You Decide.” ©. ## (News, fact-checks, analysis, commentary.)

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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.

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Real World Economics’ Professor Ed Lotterman says “Playing Monopoly is More Than Just Rolling the Dice”

 

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

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

 

Washington Leak – Justice Department Prepares Major Antitrust Investigation

SmokingGunEvidenceOfAntiTrustMonopolisticCollusionMoatClaytonHomesKevinClayton21stMortgageTimWilliamsWarrenBuffettMHLivingNewsMHProNews

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

“Have…Giants…Stifled Competition,” Antitrust Battle Lines in D.C., plus Manufactured Home Market Updates

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

MHARRCallsHUDSecretaryCarsonEndDiscriminatoryZoningHUDRegulatedManufacturedHomesCommodoreHomesCorpMHARR

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

 

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

 

 

 

 

 

 

 

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

June 19th, 2019 Comments off

 

RisingStarUSSenatorTinaSmithPressingManufacturedHousingRegulatoryLegislativeIssuesDailyBusinessNewsMHProNews

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

 

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

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

 

 

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

 

Senator Tina Smith, Manufactured Housing Regulations, Increased Use

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

 

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

 

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

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

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

 

USSenatorTinaSmithMN-D-DailyBusinessNewsMHProNews

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

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

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

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

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

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

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

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

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

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

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

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

 

###

 

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

 

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

 

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

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

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

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

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

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

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

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

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

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

LATonyKovachGoodBipartisanshipShouldalwaysBepredicatedBenefitallhonestindustrymembersnotslectfewquote

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

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

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.)

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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.

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Views From Trenches of Manufactured Housing – Factories, Retailers, MHCs, Others Sound Off

 

Real World Economics’ Professor Ed Lotterman says “Playing Monopoly is More Than Just Rolling the Dice”

 

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

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

 

Washington Leak – Justice Department Prepares Major Antitrust Investigation

SmokingGunEvidenceOfAntiTrustMonopolisticCollusionMoatClaytonHomesKevinClayton21stMortgageTimWilliamsWarrenBuffettMHLivingNewsMHProNews

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

“Have…Giants…Stifled Competition,” Antitrust Battle Lines in D.C., plus Manufactured Home Market Updates

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

MHARRCallsHUDSecretaryCarsonEndDiscriminatoryZoningHUDRegulatedManufacturedHomesCommodoreHomesCorpMHARR

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

 

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

EQUITY ALERT: Levi & Korsinsky – Investigation Possible Fraud by Certain Officers and Directors of Cavco Industries, plus MH Stock Updates

 

 

 

 

 

 

 

Democrats, Independents, Elephant in the Room, Third Parties, 2020 Kickoff, and Manufactured Housing

June 19th, 2019 Comments off
DemocratsIndependentsElephantInRoomThirdParties2020KickoffManufacturedHousingMHProNews

Still from video, posted further below.

Love him.

 

Hate him.

The unsure and uncertain.

Whatever your view of the president, there is one thing that is certain.  A single tweet from 1600 Pennsylvania Avenue – or wherever the 45th president happens to be – can change the course of the top news story for the day.

Democratic front-runner Joe Biden, per a mainstream media source, said the president’s name some 86 times in a recent public appearance. As the head of the Republican Party, whose symbol is the elephant, the headline is an apt reference to President of the United States (POTUS) Donald J. Trump.

The Democrats will have their first debates on June 26 and 27 in Miami, per CNN.

While there are rumblings of a challenge of President Trump among Republicans, there is nothing serious at this time. Last night, in a packed Amway Center arena in Orlando, FL, POTUS Trump formally launched his reelection bid.

President Trump’s campaign slogan this time? “Keep America Great.”

 

“A Rigged System…”

There are several things in the United States that fits President Trump and Senator Bernie Sanders’ description of a ‘rigged system.’

Senator Sanders, VT-I, who is running as a self-styled Democratic Socialist for the Democratic Party nomination for president got the short end of the stick in 2016 in his race against Secretary Hillary Clinton. Former DNC Chair Donna Brazile, who has become a Fox News contributor, stressed several times during her book tour for Hacks that she found clear evidence that the Democratic Party and tilted the scales against Sanders.

The United States is a republic with democratic elements to the system. But for decades, there has been what Senator Rand Paul (KY-R) has called an “unholy alliance” between the two major parties. In dozens of states, ‘ballot access’ is not an easy process. That’s no accident. That’s designed to create a duopoly between Democrats and Republicans.

As political independents, we are believers that ballot access should be far more easy for third parties to achieve. At present, while it is up in the air if billionaire Howard Schultz, of Starbucks fame, will in fact follow through with his threat for a serious independent campaign for the presidency, it is worth mentioning that the last serious such effort was by another billionaire, Ross Perot.

Monopolization takes on many forms, and political monopolization is one of them.  While it is not technically a monopoly, duopoly and oligopoly are variations on the theme. As the definitions below reflect, collusion between such parties can create thinly veiled forms of control over large numbers of people.

There are certainly distinctions between Democrats and Republicans, so MHProNews does not fall into the camp that claims that there isn’t a dime’s worth of difference between the two major parties.  Of course, there are differences.

But the uber rich, their corporations, their nonprofits, and political action committees (PACs) can provide funding to candidates on both sides of an issue in a variety of ways that masks what is occurring to all but a few who pay close attention to the details.

 

DuopolyOligopyMonopolyWikiDefinitionManufacturedHousingIndustryDailyBusinessNewsMHProNews

 

Warren Buffett, the Manufactured Housing Institute, and Politics

Warren Buffett is the well-known chairman of Berkshire Hathaway. He’s routinely cited as the third richest man on earth.  He is buddies with the other uber-wealthy, such as mega-billionaires Jeff Bezos or Bill Gates. With Bezos, Buffett’s Berkshire now has clear ties through roughly a billion dollars’ worth of stock in Bezos-led Amazon. With Microsoft founder Gates, Buffett has long had ties too.  Among them are Buffett’s contributions in billions of dollars’ worth of Berkshire stock to the Bill and Melinda Gates Foundation, of which the Gates foundation website says Buffett is a trustee.

Bezos, Gates and Buffett are among those billionaires who routinely support Democrats. That is, within the norms of the law and morality, their right, just as some give to Republicans or others.

But there is clear and compelling evidence – publicly undisputed at this time by those in question – that the Manufactured Housing Institute (MHI) is dominated by a few power players.  Chief among those are Berkshire subsidiaries, including Clayton Homes, 21st Mortgage Corporation, Vanderbilt Mortgage and Finance, and a range of other firms, including Shaw, various brokerage firms and companies like Wells Fargo that isn’t owned by Berkshire, yet Berkshire routinely has nearly the legal limit in Wells Fargo stock holdings.

There are several paths that money – including for political campaigns – can easily flow through with relative difficult to detect.

By de facto controlling MHI, the Berkshire brands have effective control over their MHI PAC. There are prominent Democrats, such as former MHI Nathan Smith of SSK Communities, who are involved in the MHI PAC. Smith chairs the MHI PAC on this date, per the MHI website.

 

MHIPacManufacturedHousingInstitutePAC6192019DailyBusinessNewsMHProNews

 

Our recent exclusive and data-driven report linked below reflects that the MHI PAC tends to donate more to Republicans than Democrats, but give to both. That means, they are buying influence with politicians in both major parties, who in turn tend to do what they want.

 

Democrats? Republicans? Political Campaigns Manufactured Housing Institute (MHI) PAC Supported

 

That must be kept in mind when issues such as the failed Preserving Access to Manufactured Housing Act come up for votes. For years, there was Buffett backing President Obama and candidate Hillary Clinton, which pledged to pass and protect from change the Dodd-Frank legislation. Meanwhile, the MHI PAC and MHI itself were lobbying to ‘pass’ Preserving Access. But Buffett’s and Berkshire’s fingerprints are also on organizations such as Prosperity Now.

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

Rephrased, Buffett and his money are on both sides of key issues to the industry.  The reports linked above and below outline how this can veil artificial headwinds used by Berkshire as ‘sharks in the water’ in their ‘strategic moat.

This is how monopolistic style power over the marketplace is forged.

President Trump, and presidential hopefuls like Democratic Senator Elizabeth Warren, can claim that they are to a degree immune from being ‘bought and paid for’ by major donors.

But there are so many nuanced ways that money and influence flow that it is not easy to affirm such assertions with certainty. Should Warren become her party’s nominee, for example, at that point she is certainly going to be subject to all the influence groups that exert power over the Democratic National Committee (DNC).

 

We Provide, You Decide

MHProNews led the way in prior election cycles in providing political coverage and analysis in manufactured housing.  Few things have more influence over business than politics does, because the laws are made and enforced by politicos and their allies.

We will provide fair and balanced coverage of President Trump’s reelection effort, as well as coverage of serious independents and of the Democratic field too.

The President’s kick off rally last night was carried by a CSPAN channel, but there was a glitch during part of their broadcast.  So, both the Fox News and the CBS versions of the president’s kickoff rally are posted below.

 

 

Note that Major Garrett, with CBS News shared some fascinating insights from Brad Parscale, who heads up the Trump 2020 campaign effort.  It is worth watching, as it goes into the issue of public polling and its accuracy. The Fox News video below includes Vice President Mike Pence, who introduced President Trump and First Lady of the United States (FLOTUS) Melania Trump, who also briefly addressed the packed Amway Center.

 

 

The past roughly 2½ years has revealed that America can attract back capital that fled overseas.  Jobs once thought lost, can be recovered. This is a matter of policy and law.

  • Complex and higher taxes,
  • complex regulations,
  • access to capital and credit,
  • meaningful access to the political system,
  • media access and influence

are all arguably tilted in the favor of larger companies and conglomerates. As a pro-manufactured housing industry publisher that is also pro-consumer, we believe there is a clear trail of evidence that Berkshire brands, working at times in concert with a relatively small group of other major players, has de facto rigged the system in manufactured housing.

The result of that is an industry has fewer shipments today than the year that Buffett led Berkshire entered the industry in 2003. At the same time, the market share of Clayton Homes has grown dramatically.  Are these coincidences?

Or is it a coincidence that Berkshire’s strong influence over manufactured home lending has arguably been exerted to redirect the efforts of the GSEs away from the majority of manufactured homes, as the law intended, to only a small select number of a ‘new class’ of far more costly manufactured homes that was and is supported by Clayton Homes and MHI?

These are matters that merit congressional and other investigations. Indeed, Clayton is being investigated by several federal agencies, some of which is covered in the mainstream news video below.

 

 

Here on MHProNews, our slogan has long been, “We Provide, You Decide.” © We share the evidence, the money trail, and the facts in a way that others can follow, step-by-step.  That makes your ability to plan – especially as an independent business or investor – that much easier.

 

DearTonySoheylaNoGreaterResourceSpeakstoIssuesOpportunitiesWeFaceAsIndependentRetailersGusRodriguezTejasHomesTX

Gus’ message came in response to a series of exposes on issues within manufactured housing, as well as tips, strategies and opportunities.

 

But it isn’t easy.

For years, we’ve been peeling the onion of an arguably rigged system in manufactured housing back, one layer at a time.  We’ve given Clayton, 21st, MHI and their outside attorney a chance to respond to such concerns and allegations.  Up until 2¼ years ago, they routinely responded readily and promptly.  But since that time, they’ve been largely mute. It was during that last 2+ years that MHProNews got closer to the various methods and ways that the system has been rigged in favor of certain major players.  Is it a coincidence that they’ve taken the 5th as we revealed more information?

Nor should the published scandals surrounding the various most recent MHI Executive Committee leaders be ignored.

 

ManufacturedHousingInstituteLogoMHIBoardOfDirectorsLogoMHIExecutiveCommittee

Satirical MHI logo provided under fair use guidelines.

 

Our reports, fact-checks and analysis has perhaps resulted in a loss of ad revenues from MHI, Clayton, 21st and others that used to financially support this website. That is what it is, but it also meaningfully demonstrates that we are not swayed in our reports and analysis by advertising.

It is ‘fearless’ coverage that is based upon evidence, not mere opinion, that has made and kept us the runaway #1 trade media in all of manufactured housing. Buckle up, because there is more to come.

Whatever your views on the 45th president, the fact remains that he attracted enough Obama-Biden era voters to his cause in 2016 to crack the ‘blue wall,’ winning Wisconsin, Michigan, and Pennsylvania. Battleground states of Ohio, North Carolina, and Florida went for candidate Trump too.

While their styles are obviously different, the Democrat turned Republican Ronald Reagan, and the Democrat turned Republican Donald J. Trump have both tapped into blue collar appeal. With a field of Democratic candidates that hovers around 2 dozen candidates, the possibility for some third-party candidacies, this promises to be a memorable electoral season.

Using mainstream polls, but adjusting for their ‘internals,’ MHProNews in 2016 predicted the upset win of Donald J. Trump as well as the GOP victories in the House and Senate.  Meanwhile, MHI and their team had two pro-Hillary Clinton speakers on their stage in Chicago mere days before the famous upset. Their high-dollar predictions proved wrong on several levels.

This is therefore demonstrably the manufactured housing industry’s best coverage. Sign up for our industry leading emailed headline news at the link above or further below the byline.

 

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.

We tackle the topics other trade media in MHVille are afraid to cover with the clarity and objectivity that we do.  So be right here at the home of “News through the lens of manufactured homes, and factory-built housing,” © where “We Provide, You Decide.” ©. ## (News, fact-checks, analysis, commentary.)

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.

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1) Marketing, Web, Video, Consulting, Recruiting and Training Resources

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.

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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.

Related Reports:

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Views From Trenches of Manufactured Housing – Factories, Retailers, MHCs, Others Sound Off

 

Real World Economics’ Professor Ed Lotterman says “Playing Monopoly is More Than Just Rolling the Dice”

 

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

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

 

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

Washington Leak – Justice Department Prepares Major Antitrust Investigation

SmokingGunEvidenceOfAntiTrustMonopolisticCollusionMoatClaytonHomesKevinClayton21stMortgageTimWilliamsWarrenBuffettMHLivingNewsMHProNews

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

“Have…Giants…Stifled Competition,” Antitrust Battle Lines in D.C., plus Manufactured Home Market Updates

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

MHARRCallsHUDSecretaryCarsonEndDiscriminatoryZoningHUDRegulatedManufacturedHomesCommodoreHomesCorpMHARR

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

 

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

EQUITY ALERT: Levi & Korsinsky – Investigation Possible Fraud by Certain Officers and Directors of Cavco Industries, plus MH Stock Updates

 

 

 

 

 

 

 

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

June 18th, 2019 Comments off

 

WhatCongressionalRepsSenatorsIndustryProfessionalsShouldBeAskingGSEDutyToServeManufacturedHousingMHProNews

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

 

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

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

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

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

ToadySycophantDefinedDailyBusinessNewsMHProNews

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

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

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

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

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

MHARRlogoMHARRNewsHeaderMHProNews

MHARR REITERATES CALL FOR DTS INVESTIGATION

 

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

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

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

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

 

Manufactured Housing Association for Regulatory Reform (MHARR)

1331 Pennsylvania Ave N.W., Suite 512

Washington D.C. 20004

Phone: 202/783-4087

Fax: 202/783-4075

Email: MHARR@MHARRPUBLICATIONS.COM

— 30 —

 

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

MHCommunitiesOfAZNealTHaneyPresidentWhyTheyQuitManufacturedHousingInstituteMHIDailyBusinessNewsMHProNews600

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

KennyLipschutzQuotePoorJobOfLobbyinginMHIndustry-postedMHProNews48thMHINCClist

2018-10-03_1018ManufacturedHousingInstituteHILogoCavcoFleetwoodPalmHarborFannieMaeFreddieMacLogoDailyBusinessNEwsMHProNEws

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

SoTheAssociationMHIIsNotThereFortheIndustryUnlesstheinterestsoftheBigBoysJointheIndustry'sMartyLavinMHIAwardWinnerQuoteMHProNews

 

FollowThe MoneyPayMoreAttentionToWhatPeopleDothanwhatTheySaySpySea72MartyLavinYachtManufacturedHousingINdustryProMHProNews

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

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

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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.

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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.

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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:

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

Views From Trenches of Manufactured Housing – Factories, Retailers, MHCs, Others Sound Off

 

Real World Economics’ Professor Ed Lotterman says “Playing Monopoly is More Than Just Rolling the Dice”

 

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

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

 

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

Washington Leak – Justice Department Prepares Major Antitrust Investigation

 

“Have…Giants…Stifled Competition,” Antitrust Battle Lines in D.C., plus Manufactured Home Market Updates

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

MHARRCallsHUDSecretaryCarsonEndDiscriminatoryZoningHUDRegulatedManufacturedHomesCommodoreHomesCorpMHARR

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

 

TimeToInvestigateFannieFreddieMishandlingofDutyToServeDTSMHARRissuesPerspectiveManufacturredHousingAssocRegulatoryReformLogo

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

 

 

 

 

 

 

EQUITY ALERT: Levi & Korsinsky – Investigation Possible Fraud by Certain Officers and Directors of Cavco Industries, plus MH Stock Updates

June 18th, 2019 Comments off

CNNmone6.18.2019ManufacturedHomeStocksMarketsReportsMHProNewsJust when you thought it was safe for Cavco Industries (CVCO) shareholders to go back into the water again, Levi & Korsinsky, LLP have announced yet another investigation into the issues that became known on November 8, 2018.  On a day when the markets broadly rose, that will be our spotlighted feature 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 below, after the newsmaker bullets and major indexes closing tickers.

 

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

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

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

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

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

 

CNN Business

  • Investors are on edge
  • Thanks to trade war and recession concerns, investors are the most bearish since 2008 crisis
  • Trump went on a Twitter rant about European markets. Here’s what it all means
  • The dollar has never been so popular. So why is interest in the yuan and euro growing?
  • Google investing $1 billion to fight Bay Area housing crisis
  • Facebook is soaring, but this investor is concerned it has too much power
  • We can’t rely on national governments to save failing communities
  • Beyond Meat went public at $25. It’s now trading around $200
  • Europe just gave the dollar a boost. Here’s why Trump hates it
  • J. Abrams close to striking production deal with WarnerMedia
  • Alex Jones hit with sanctions by judge in Sandy Hook lawsuit
  • Google is finally getting an Android version of iMessage. It’s called Chat
  • Boeing finds the first buyer for a 737 Max since its grounding in mid-March
  • Planters Peanuts is rolling out a sneaker. Yes, really
  • Inside Shake Shack’s unusual global strategy
  • Why Shake Shack is testing out a four day work week
  • Jamba Juice is dropping ‘juice’ from its name
  • Taco Bell will open 600 restaurants in India
  • Dunkin’ bet on better breakfast. It’s paying off
  • Making an old home healthier for you and the environment
  • Silicon Valley’s real estate market is finally cooling off. Sort of
  • The right way to invest in real estate
  • The secret market of private real estate listings
  • When $30,000 property taxes hit a little harder
  • Future Toyotas will automatically turn off
  • What China’s tech bonanza says about the future of autos
  • Carmakers are taking keyless entry to the next level
  • VW is creating an electric future. This is what it looks like
  • Fly inside Uber’s new air taxi cabin

Fox Business

  • Tesla under pressure as rivals prepare to launch new electric models
  • Stocks get Trump-China, ECB bump ahead of Fed decision
  • Amazon Prime Day 2019: Here’s everything we know so far
  • Winklevoss twins on Facebook’s Libra cryptocurrency: ‘We need to be frenemies’
  • Will the Fed cut interest rates during its meeting this week?
  • These colleges have the highest employment rate after graduating
  • Microsoft Windows vulnerable to ‘wormable’ BlueKeep malware, feds warn
  • Redskins deny owner Dan Snyder sailed $180M yacht to Cannes to find new stadium sponsor
  • Trump, Chinese President Xi Jinping to meet at G-20 summit, president says
  • World’s best airlines for 2019 named at Paris Air Show
  • Shanahan withdraws from consideration to be US defense secretary
  • Google promises $1B investment toward housing in San Francisco Bay Area
  • US Open Champion Gary Woodland says there’s a good reason to live in Florida
  • World’s population expected to swell to 10.9B by 2100, but then grind to halt: report
  • Red Robin, White Castle report Impossible Burger shortages as Impossible Foods struggles to meet demand
  • The most expensive lease in the US will cost you $1.5M per month
  • Are you considered middle class? Here’s 1 factor beside salary that determines your status
  • Varney: When it comes to money, America makes it rain
  • Iran, China trade and Fed watch: ‘Will they or won’t they’ cut?
  • Drowning in debt vs. government shutdown: Which would you prefer?
  • The strength of the US economy
  • Gary Woodland on the tax implications of his U.S. Open win in California
  • Men in US could outlive retirement savings by 8 years, women by 11 years: WEF
  • Tesla under pressure as rivals prepare to launch new electric models
  • BMW, Mercedes-Benz, Audi and others are all beefing up their electric offerings in a new challenge to Tesla.

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

9MarketIndicatorsYahooFinance6.18.2019DailyBusinessNeawsManufacturedHousingIndustryStocksMarketsReportsDataMHProNews

 

Today’s MH Market Spotlight Report –

LeviKorsinsinksyLegalInvestigationCavcoIndustriesOfficersDirectorsDailyBusinessNewsMHProNews

Via a press release to the Daily Business News on MHProNews:

 

EQUITY ALERT: Levi & Korsinsky, LLP Reminds Investors of an Investigation Involving Possible Securities Fraud Violations by Certain Officers and Directors of Cavco Industries, Inc.

NEW YORK, June 17, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky announces it has commenced an investigation of Cavco Industries, Inc. (“Cavco” or “the Company”) (CVCO) concerning possible violations of federal securities laws.

On November 8, 2018, in a Form 10-Q filing with the U.S. Securities and Exchange Commission, Cavco announced that it had previously received a subpoena from the SEC’s Division of Enforcement requesting certain documents. According to the Company, this subpoena was received on August 20, 2018. Cavco also announced that on October 1, 2018, its former Chairman, President and CEO also received a subpoena. To obtain additional information…

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171

 ##

Cavco has been taking steps to shore up their bona fides with investors.

A sampling of related reports on this often revisited, seemingly ongoing issue are linked below.  Type “Cavco Industries” and/or “Joe Stegmayer” into our search box and you will find more.

Related Reports:

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

Cavco Industries (CVCO) Officials Issue Several Warnings

Cavco Industries Investigated Anew for Violations of Federal Securities Laws, plus Manufactured Home Industry Stock Updates

Post “Debacle” – Insider Trade @ Cavco Industries – Has CVCO Hit Bottom? Plus, Manufactured Housing Equities Market Updates

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

Positive, Uplifting Third-Party Reports Favor Modern Manufactured Housing, So What’s Going Wrong?

 

Yahoo Finance Closing Ticker for MHProNews…

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

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

ManufacturedHousingIndustryConnectedstocks618.2019DailyBusinessNewsMHProNews

Updated:

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

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

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

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

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

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.