The final speaker at today’s “listening session” at the Federal Housing Finance Agency offices was Maurice Jourdain-Earl, shown in the featured photo this evening with his wife. Jourdain-Earl is the Managing Director of Compliance Tech. The pull quote at the top was how he opened his address earlier today. An overview of the event will be tonight’s featured focus, following the left-right headline and broader markets recaps.
Longtime readers please note there are a few tweaks to some of the standard portions of our evening market/investing report. Read carefully as some changes of the ‘standard text’ that follows before our left-right headlines and also in other features near the end of tonight’s reports.
Every evening our headlines that follow provide snapshots from two major media outlets on each side of the left-right news spectrum that reflect topics that influence or move investor sentiment. In moments on this business evening report, you can get ‘insights-at-a-glance.’
This report also sets the broader context for manufactured housing markets, in keeping with our mantra, “News through the lens of manufactured homes and factory-built housing” ©.
We begin with headlines left-of-center CNN followed by right-of-center Fox Business. We share closing tickers and other related data courtesy of Yahoo Finance, and more. 5 to 10 minutes reading this MHProNews market report every business night could save you 30 minutes to an hour of similar reading or fact-gathering elsewhere.
Perhaps more important, you will get insights about the industry from experts that care, but also dare to challenge the routine narrative that arguably keeps manufactured housing underperforming during an affordable housing crisis.
Newsy, Peeling Back Media Bias, Manufactured Housing Sales, Investing, Politics, and You
Headlines from left-of-center CNN Business.
- A relentless rally
- Wall Street stocks were mostly lower early Monday at the start of a week jammed with news, including a Federal Reserve decision and Apple results.
- Stocks have moved in one direction this fall: up. Now they’re vulnerable to a sharp reversal
- Time’s up for Big Tech stocks in 2020
- The Nintendo Switch was Black Friday’s big winner
- American manufacturing sector contracts fourth month in a row
- Homeland Security wants to use facial recognition on traveling US citizens, too
- Apple expected to launch four 5G iPhones in 2020, JPMorgan says
- Black Friday broke shopping records, but not at stores
- Amazon pulls Christmas ornaments showing Auschwitz concentration camp
- Facebook just killed a misleading election ad. Here’s why
- YouTube confirms it has removed some Trump campaign ads
- Trump campaign says it will no longer credential Bloomberg News reporters over outlet’s 2020 policy
- Content by CompareCards
- Germans are expected to buy about 2.4 billion euros worth of goods on Black Friday and Cyber Monday, an increase of about 15 percent over last year.
- It’s official: Cyber Monday is having its biggest sales day ever
- SpaceXs Elon Musk and NASA Administrator Jim Bridenstine staged a public show of support for one another at the rocket companys headquarters Thursday, weeks after the two traded barbs over the closely held companys delayed efforts to fly astronauts for the first time.
- Elon Musk heads to defamation trial over ‘pedo guy’ tweet
- 2019 Next Gen Chicken Filet Expanded Ops, Photography
- McDonald’s is testing out a fried chicken sandwich
- Pedestrians walk past a branch of South Africa's Capitec Bank in Cape Town in this picture taken March 15, 2016.
- How a bank for the forgotten made its investors really rich
- India’s Yes Bank gets backing from a big US fund as part of a $2 billion lifeline
- Regulators approve biggest bank marriage since the 2008 financial crisis
- Why Millennials and GenZers love going to the bank
- Bank of America will pay a $20 minimum wage a year earlier than planned
- Catalyte training program associates and technical trainer Kyle Pike leading a class lesson.
- Forget resumes and LinkedIn. This firm finds talent in unexpected places
- Yes, you have to send a thank you note after your interview. Here’s what to say
- How to prepare for a job interview: 5 things to know before you go
- Why you should be interviewing even if you aren’t looking for a job
- Fired? Here’s how to handle it in a job interview
Headlines from right-of-center Fox Business.
- Largest shipbuilding deal in US history is good news for workers in 3 states
- The U.S. Navy has awarded a $22.2 billion contract to General Dynamics for the construction of nine additional Virginia class submarines.
- Tech CEOs argue entering Paris Agreement would position US for economic boost
- Trump wants to slap tariffs on up to $2.4B of French imports amid digital tax
- Trump administration considers fast-tracking some generic drugs in USMCA
- Pelosi wants Trump’s signature trade deal to put ‘better face on globalization’
- Steve Moore: Holiday sales prove it’s a blowout Trump economy and folks are feeling great
- Cyber Monday posts staggering sales number
- Jimmy Carter being treated for urinary tract infection
- Sprawling nor’easter dumps snow, forces hundreds of flight cancellations
- Former Patriots star makes decision about returning to team for playoffs
- Here’s how to stop feeling bad about debt
- China retaliates against US Navy after Trump signs human rights bill
- Dan Brouillette confirmed as energy secretary, replacing Rick Perry
- French fry shortage on track to burn US
- SEE INSIDE: White House beautifully decorated for Christmas
- CEO-TURNED-SENATOR – Governor will name businesswoman to US Senate, defying Trump allies: report
- Reddit co-founder Alexis Ohanian’s latest bet
- Netflix facing uphill battle against Disney as streaming wars heat up
- ‘VOTING WITH WALLETS’: Gun sales skyrocket this holiday season
- Stocks sink as manufacturing, trade concerns spook investors
- Explosive Netflix doc on ‘hot yoga’ founder in hot water
- SEE PICS: Race car driver’s $20 million Colorado estate up for sale
- Richard Branson’s Florida train line is deadliest in US
- NFL owner reportedly looking to launch new Major League Soccer franchise
- Whole Foods responds to Mitch McConnell ‘Person of the Year’ outcry
- Subway CEO under fire for reportedly slashing prices
- MIKE-DROP MOMENT: Trump’s campaign fires back at Bloomberg News
- Supreme Court considers dismissal of New York City gun law case
- Wilbur Ross reveals Trump’s ‘hammer’ in China trade talks
- Rich actor bashes capitalism in call for ‘economic revolution’
- Antonio Brown offers himself as gift to Patriots after team’s loss
- Best Cyber Monday deals on holiday’s 7 most popular items
- Royal family bracing for bombshell TV interview with Prince Andrew accuser
- US expected to ignore pleas, demand NATO partners boost defense budgets
- How scandal-plagued UAW plans to clean up its act
- Facebook tests photo transfer tool as it faces pressure from regulators
- Oreo finally reveals 2019’s ‘mystery’ flavor
- McDonald’s to open fire in the fried chicken sandwich wars
- MMA legend: Many Latinos support Trump but are afraid to say it
- Varney: Check your 401(k) and see if you really want to impeach Trump
- Combat Flags uses soldiers’ old uniforms to help save their lives
- China repeats demand for rollback of US tariffs for deal
- Oil prices jump on OPEC production cut rumors
- Online sellers scolded over Nazi death camp Christmas ornaments
- Rutgers returns Greg Schiano to coaching job in big payday
- Lori Loughlin’s daughter returns to YouTube after college admissions scandal
- MLB free agency to kick off as key deadline comes Monday night
- Zuckerberg defends ad policy: Companies shouldn’t censor politicians, news
10 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus – Where Business, Politics, and Investing Meet
There’s an affordable housing crisis in America. Those inside the beltway ‘know that,’ but those outside the D.C. beltway know it at a more granular level.
Over 40 people were on the program today to address the dozens of attendees at the Duty to Serve Listening Session with the FHFA, Fannie Mae and Freddie Mac (GSEs or Enterprises).
Let’s start with the good.
The meeting was overall well run in that regard. The food service, communications and staff who organized the event and kept it moving certainly did a nice job. The security staff, ditto. It was a cordial, helpful and professional meeting.
That said, let’s shift to the actual purpose of the meeting, which was to address the state of play in the Duty to Serve (DTS) programs.
As an oversimplification for those who didn’t attend, the various speakers said often fell into these broad categories. Most speakers got about 7 minutes to address the group.
- Those speakers who thanked the FHFA, Fannie and Freddie for the important work they are doing, along with the “transparency” of their inclusive process.
- Those who kissed up to FHFA and the Enterprises but had some tweak to the current and proposed programs that they were promoting. It should be noted that some of those flatters had previously worked for a GSE, did consulting or service work for one or more GSE, and perhaps for those reasons didn’t want to roil those that have or may butter their bread.
- Those who tried to split the baby, being polite while offering various levels of rebukes to the DTS process.
- Last and certainly not least where those that had may have opened politely enough, but whose address ripped the Enterprises and FHFA for failing those that the DTS process was supposed to serve.
Perhaps the most represented group today in terms of total numbers were residents, staff and supporters who self-identified with MHAction. There were several personal and often gut-wrenching stories. Manufactured Housing Institute (MHI) member firms Havenpark Capital and RV Horizons/Impact Communities were routinely named. That is perhaps what Maurice Jourdain-Earl was referring to when he said that he was “moved” and “literally crying” listening to those stories.
MHProNews has for copies of the talks as prepared from several of those residents, from numbers of various organizations, including that of Jourdain-Earl. He cited figures that made it clear that there was a wide disparity between the lending being made by the GSEs to racial minorities vs. to non-Hispanic whites. That gap was stunning, which he said helped explain the difference in the wealth of those different racial groups.
While rural housing, housing preservation, and underserved markets were also part of the presentations, many of the comments by attendees were focused on manufactured housing.
It was black, white and Gray. With such a wide disparity in the remarks, could an objective observer walk away thinking that all was well with the DTS process?
Look for a more detailed look at the listening sessions, using the actual texts as prepared as provided in the coming days.
Manufactured housing has numerous reasons why it could be solving much of the affordable housing crisis needs. But there are issues to navigate, like the ones discussed on the second day of December in FHFA’s gleaming headquarters.
For those who wonder why manufactured housing is underperforming, today’s listening session shed light on that topic.
See the related reports, below.
Huge “Landmark Case” – Law Firm Wins Millions for Manufactured Home Community Residents, Broader Industry Impacts Ahead?
Investor Alert – Manufactured Housing Institute Paltering Concerns, Fannie Mae’s Duty to Serve, plus Manufactured Housing Investing, Stocks Updates
HUD’s Brian Montgomery – William ‘Bill’ Matchneer Exposé – If the Shoe Fits, Affordable Housing, Manufactured Homes – Impacting American Dreams?
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses.
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