Slider

Manufactured Housing Institute on Cavco Industries, ex-Chairman Joe Stegmayer SEC “Debacle”

JoeStegmayerPhotoManufacturedHousingInstituteLogoMHILogoChairmanCavcoIndustriesLogoManufcturedHomesMHProNews600x315-575x302

 

The Manufactured Housing Institute (MHI) has sent out a message to their members earlier today.  It’s debatably a common-for-the-Arlington, VA based trade group, in that it has a mix of purportedly accurate, questionable, misleading, and missing information.

 

Among the more interesting points are what MHI was mute on.

For example, what is to become of Joseph Stegmayer, who is still listed on the MHI website as their current executive committee chairman?

 

Cavco Chairman Joseph H. Stegmayer Steps Down Under SEC Cloud, “Personal, Confidential” SEC Document, Cavco Industries’ Statement

 

Stegmayer stepped down last week under the cloud of an Securities and Exchange (SEC) subpoena, as the Daily Business News on MHProNews reported at this link above.

Quoting part of Cavco’s statement: “The Company also announced that it had received a subpoena from the Securities and Exchange Commission’s Division of Enforcement (“SEC”) requesting certain documents relating to, among other items, trading of the stock of another public company. Subsequent to sending the Company a subpoena, the SEC sent a subpoena for documents and testimony to Joseph Stegmayer, regarding similar issues. The Company has initiated an independent investigation and intends to cooperate fully with the SEC’s investigation. Please see Part II, Item 1, Legal Proceedings section of the Company’s quarterly report on Form 10-Q for the period ended September 29, 2018, filed with the Securities and Exchange Commission contemporaneously with the issuance of this press release, for additional information regarding this matter.”

Sources suggest to MHProNews that if Stegmayer is cleared, he might return to a leadership role at Cavco. But if the SEC investigation proves to be as serious as some inside and outside of the publicly trade firm (CVCO) believe, Stegmayer could be exited from his new interim role.  The full Cavco release is found at this link here.

 

“Debacle”

An insider, well-placed source told MHProNews that the development at Cavco was a “debacle.” There will be a separate follow-up report that focuses on updates from Cavco and other sources on the Stegmayer matter.

But why is Stegmayer still in his position as MHI Chairman, while the fog of an SEC investigation hangs over Cavco?

CVCOJoeStegmayerStockDropAfterSECCOnnectedShakeupManufacturedHousingIndustryDailyBusinessNewsMHproNews-446x430

 

 

Scandal and Some MHI Chairmen…

Recall that MHI didn’t budge when then-Chairman Nathan Smith came under his own cloud when residents of SSK filed a class action suit against his firm.

Other controversies during the Tim Williams/21st Mortgage prior chairman era failed to move the Arlington, VA based association then.  That included, but isn’t limited to, allegations of racism and predatory lending against Berkshire brands.  Congresswoman Maxine Waters is now slated to take over as the chair for the House Financial Services Committee.  Waters and her colleagues asked for the Department of Justice (DOJ) to investigate.

 

Seattle Times -Federal Investigations-Berkshire Hathaway’s Clayton Homes, GuruFocus Spotlights Buffett’s Clayton’s “Unethical,” Monopolistic Moat

 

According to the Seattle Times, those investigations are ongoing. MHProNews recently reported that other federal investigations of MHI member ‘big boys’ are also under investigation.

 

Affordable Housing, the Visible, Yet Mysterious Struggle for an Obvious Solution, Case Examples

 

One or more investigation storm(s) of the manufactured housing industry’s larger members, potentially including MHI itself, are purportedly approaching.  And should that tempest become public in an oversight way, it may come from Democratic sources, given statements by Waters and others.

Yet for whatever reasons, Tim Williams, Jim Clayton, Warren Buffett and others supported opposition candidates that previously worked for MHI on Preserving Access.  Or is that part of the point?

Recall that Nathan Smith admitted that the industry (i.e.: MHI) had to honestly admit the times it dropped the ball.

 

 

That said, where are any of the issues raised herein addressed in MHI’s recent email news today? Where is the transparency that the late Howard Walker – who was on the MHI Executive Committee for years – said should exist?

HowardWalkerPhotoELSViceChairmanManufacturedHomeCOmmunitiesManufacturedHousingInstituteExecCommitteeMemberQuoteTransparencyMHProNews
Thoughtful words, worth pondering.

 

 

ManufacturedHousingInstituteLogoMHILogoNewsUPdatesMHProNews11.14.2018DailyBusinessNewsMHProNews-e1542230398286

Note there are other debatably deceptive, misleading or a mix of truth-with-slight-of-hands in the recent MHI communication to their members.  Some of those may be explored further in the days ahead.

In the meantime, a simple word to the wise.  If MHI said it, how does it stack up to objective facts?

NOTICE: Watch for a follow up report on the Cavco/Stegmayer/SEC matter in the days ahead. To sign up for our emailed headline news, see the link here or below.

The Daily Business News on MHProNews will continue to track and report on these issues. “We Provide, You Decide.” © ## (News, analysis, and commentary.)

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

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

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

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

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

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

 

 

Related Reports:

Cavco Shareholder Suits Prepping, CVCO, SEC, Insider Responses to Growing Scandal

 

National New HUD Code Manufactured Home Production Data Summary, September 2018 Analysis

 

“Rent is Too Damn High,” But Why? MHVille Struggles & Solutions

The Masthead

Prosperity Now. MHAction. Indivisible Project. Billionaires George Soros and Warren Buffett. Each of those are all interconnected. Each of those are involved in protests against manufactured home businesses, President Donald J. Trump, and his supporters. Who says? Let’s follow the facts, evidence, and the money trail. 1) The billionaire George Soros funded “……”

 

Affordable Housing, the Visible, Yet Mysterious Struggle for an Obvious Solution, Case Examples

 

 

 

15585

Subscribe to the Documented #1

Most-Read - Professional Emailed Headline News

Delivered x2 weekly to your inbox. 

Manufactured Home "Industry News,

Tips, and Views Pros Can Use."   ©

 

Where "We Provide, You Decide."  ©

15856
mas kovach mhpronews shopping with soheyla .jp

Get our ‘read-hot’ industry-leading 

get our ‘read-hot’ industry-leading emailed headline news updates

Scroll to Top