The timing on the new Trump Administration executive order (EOs) was interesting. Consumer confidence has wavered. Conventional housing sales have dipped. That said, these types of EOs don’t just pop out of thin air. They are developed over time. There are inputs from a variety of potential federal, state, private industry stakeholders. On a down day for the markets, and mostly down results on manufactured housing tracked stocks, the official White House statement and a video interview with HUD Secretary Carson are our focus for this evening. It will be followed by analysis and commentary on the buzz in MHVille.
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.
- Too big to fail
- Boeing and Airbus made huge mistakes, but their dominance is under no threat
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- America’s position as world’s role model is at risk, Western Union CEO says
- Bill Gates reveals the biggest mistake of his career
- Apple is adding 2,000 new jobs in Seattle
- Silicon Valley is changing the world. It must do more to ensure everyone benefits
- Delta allows passengers to Dominican Republic to cancel their flights
- Regulators want to know what Facebook’s Libra will mean for the US financial system
- Startup bank Aspiration is trying to be the anti-Wells Fargo. It’s working
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- Jerome Powell takes stand for Fed independence against ‘short-term political interests’
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- These are the most undervalued cities in the US this year, study says
- Federal lawmakers fighting to end ‘menace’ robocalls
- Betsy DeVos sued by students over loan forgiveness
- Powell, facing Trump pressure, warns about danger of ‘short-term’ policy interests
- Former Sacramento Kings executive who stole $13M receives 7-year jail term
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- Carl Icahn rips Occidental’s board for treating shareholders like ‘peasants’
- Ford, GM don’t make the most ‘American-made’ car. Here’s who does.
- Chipotle unveils new quarterly bonus program for hourly employees
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- McDonald’s says Quarter Pounder sales spiked after it tweaked recipe
- NFL’s Rams to refund $24M to St. Louis fans who bought personal seat licenses
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- GM to put $4.2B toward US assembly plants ahead of new vehicle lines: report
- NCAA says it may ban California colleges from championship games over athlete pay bill
- New York, New Jersey could lose residents to this lower-tax neighbor
- JP Morgan Chase CEO Jamie Dimon: Student loans are ‘hurting America’
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- Trish Regan to 2020 Democrats: Enough with the free stuff, it’s not affordable nor sustainable
- 2020 Democratic debate No. 1: What small business wants to know
Today’s markets and stocks snapshot, at the closing bell…
Today’s MH Market Spotlight Report –
The video from right-of-center Fox Business this evening is a snapshot of some of the key talking points from the White House press room to MHProNews. We’ll start this evening’s report with the video featuring HUD Secretary Ben Carson, who will be the point man for this new initiative.
Then after the White House Fact Sheet, we will dive into some manufactured housing an industry related element to this fascinating and potentially useful EO. Let’s dive into the word from 1600 Pennsylvania Ave.
· President Trump is signing an executive order to establish a White House Council on Eliminating Barriers to Affordable Housing Development.
o The council will consist of members from across 8 Federal agencies and will be chaired by Secretary of Housing and Urban Development (HUD) Ben Carson.
· This new council will engage with State, local, and tribal leaders to identify and remove obstacles that impede the development of new affordable housing.
· The Council will look at the affect Federal, State, and local regulations are having on the costs of developing affordable housing and the economy.
o At the President’s direction, the Council will take action to reduce Federal regulatory barriers to affordable housing development.
o The Council will support State and local efforts to reduce regulatory barriers.
o The Council will recommend ways to reduce statutory, regulatory, and administrative burdens at all levels of government that hinder affordable housing development.
· Creating this Council will streamline interagency processes and deliver results even faster.
CUTTING EXCESSIVE COSTS TO SPUR CONSTRUCTION: Regulations are creating excessive costs that are holding back the development of needed affordable housing.
· Many of the markets with the most severe shortages in affordable housing have the most restrictive State and local regulatory barriers to development.
· More than 25% of the cost of a new home is the direct result of Federal, State, and local regulations, with the price tag even reaching up to 42% for some new multifamily construction.
· Costly regulations have contributed to a shortage of affordable homes.
o Census Bureau data shows that from 2010 to 2016, only seven homes were built for every 10 households formed.
· High housing prices are a primary determinant of homelessness, and research has directly linked more stringent housing market regulation to higher homelessness rates.
HELPING AMERICANS FIND A HOME: President Trump is building on efforts his Administration has taken to lift up all Americans and make it easier for them to find a home.
· Earlier this year, President Trump signed a memorandum to initiate needed reforms to our housing finance system.
o President Trump is working to improve Americans’ access to sustainable home mortgages.
o The Trump Administration is committed to enabling Americans to access Federal housing programs that help them finance the purchase of their first home.
· In 2018, HUD launched a campaign to encourage more landlords to participate in the Housing Voucher Program, the country’s largest rental subsidy program.
There are two Washington, D.C. metro national trade organizations that represent their interests in manufactured housing, plus a new trade group that has a metro lobbyist.
The Arlington, VA based Manufactured Housing Institute was quick to put out a statement claiming credit for this executive order. Seriously? Let’s examine that…
This news tip came in shortly after the Executive Order was published.
Tony, I’ve been meaning to take a moment for a couple of weeks now, to send you this message. I apologize for mixing subjects, but – in the end – I believe you’ll find that all these topics relate to one another.
From an industry source:
“On the surface, this appears to be good news. But I want to draw your attention to the following regarding zoning and regulatory compliance:
‘More than 25% of the cost of a new home is the direct result of Federal, State, and local regulations, with the price tag even reaching up to 42% for some new multifamily construction.’
Manufacturers will tell you that one of the key cost drivers between modular and manufactured homes is the higher inspection costs under the IRC and state building codes for modular homes. This can cause modular homes to be 15% to 20% more costly than manufactured homes. If the Administration somehow is successful in reducing those costs, the competitive advantage of manufactured homes begins to erode.”
Now, let’s look at some pull quotes from the Arlington, VA based Manufactured Housing Institute (MHI) earlier today.
Each bullet represents a quote from MHI.
· While the federal government cannot control state and local zoning and development restrictions, HUD has tools at its disposal that it can use to incentivize officials.
· MHI has consistently argued that, all too often, state and local jurisdictions implement arbitrary and discriminatory zoning and development restrictions that make it nearly impossible to site manufactured homes.
· MHI is the only association representing the industry that is successfully elevating manufactured housing as a policy solution in the affordable housing conversation, and today’s announcement by President Trump is a reflection of MHI’s efforts.
If their claims are truly so, why did MHI not weigh in on the Bryan, TX manufactured housing ban earlier this year? They were specifically asked to get involved. They reportedly did not.
But there is more that calls into question MHI’s claims. Where is there anything on MHI’s website that mirrors what JD Harper said?
MHI affiliate members Jen Hall and JD Harper are among the state association executives that believe in enhanced preemption. Harper weighed in publicly on that issue in from the linked image/quote above. Hall successfully obtained a letter from HUD that slapped down a local jurisdiction for overstepping their rights to regulate manufactured housing.
MHI’s website, weeks after these issues still has nothing on the website, based upon our search of their website tonight. They can claim whatever they want to, but don’t the facts speak loudly?
Posturing, fig leaves, spin, half-truths, photo ops, and head-fakes only go so far. Here’s tonight’s search results from their own website.
Arlington tried to take credit for S. 2155 too. Sorry, but the evidence differs from their claim.
S 2155, Manufactured Housing,”Economic Growth, Regulatory Relief, and Consumer Protection Act” Back Story – Masthead L. A. ‘Tony’ Kovach
S. 2155 is poised to pass the House today. It’s styled “Economic Growth, Regulatory Relief, and Consumer Protection Act.” Should the bill pass – and Skopos Labs/GovTrack say there is a 56 percent chance of enactment – then the following is what you can expect from the Arlington, VA based national manufactured housing association …
In fairness, 3 MHI member companies did something potentially useful, but MHI was – per sources – dragged into the Innovative Housing Summit earlier this month. It was HUD and the NAHB that put on the event. Where was MHI’s promotion of that event? Once more, the facts matter more than their claims, don’t they?
As to MHI’s claim about “MHI is the only association representing the industry that is successfully elevating manufactured housing as a policy solution in the affordable housing conversation,” that ignores the fact that NAMHCO broke ranks with MHI, precisely because they repeatedly failed communities for years.
Their own past and present members call MHI posturing hypocrites. We’ve asked MHI, their executive committee, and their outside attorney repeatedly to reply to these and other concerns. Silence.
Furthermore, consider the lead up to this release from the White House today.
Let’s look at what MHARR has done in recent weeks:
HUD Study, Analysis of Zoning Discrimination Against Manufactured Housing Sought | Manufactured Housing Association Regulatory Reform
MHARR SEEKS HUD STUDY AND ANALYSIS OF ZONING DISCRIMINATION AGAINST MANUFACTURED HOUSING Washington, D.C., April 8, 2019 – The Manufactured Housing Association for Regulatory Reform (MHARR), in an April 4, 2019 meeting with HUD policy, analysis and research officials, called on the Department to conduct nationwide research – and follow-up analysis – concerning local zoning mandates that discriminatorily exclude or drastically restrict the placement of federally-regulated manufactured homes to the detriment of lower and moderate-income American families in large areas of the country.
Doesn’t that sound similar to what the White House is in fact doing? Where is MHI’s letter asking for the same? Where is the proof from Arlington?
Or how about this on zoning and preemption.
The last decade-plus has not been especially kind to the manufactured housing industry and consumers of affordable housing. The 21 stCentury began with a great deal of promise for the industry and consumers alike.
MHARR has been strong on preemption for years.
Preemption. We cover it, MHARR does. State execs have too. So why has MHI avoided that topic, as noted above?
Then, consider this:
MHARR Calls on HUD Secretary to End Discriminatory And Exclusionary Zoning of HUD-Regulated Manufactured Homes | Manufactured Housing Association Regulatory Reform
Washington, D.C., April 30, 2019 – The Manufactured Housing Association for Regulatory Reform (MHARR) in an April 24, 2019 communication to U.S. Department of Housing and Urban Development (HUD) Secretary, Ben Carson (copy attached), has called on the Department to federally preempt local zoning ordinances which discriminatorily exclude manufactured homes regulated by HUD pursuant to the National Manufactured Housing Construction and Safety Standards Act of 1974 and the Manufactured Housing Improvement Act of 2000.
MHARR Launches “Fighting Discriminatory Zoning Mandates” Manufactured Housing Project | Manufactured Housing Association Regulatory Reform
Washington, D.C., May 15, 2019 – With manufactured housing producers, retailers and communities offering their best homes (and related consumer protection) ever, and in light of the failure of the ostensible representation of the industry’s post-production sector to fully and effectively advance the marketing, consumer financing and, most importantly, the full acceptance of federally-regulated manufactured housing as the nation’s premiere source of non-subsidized affordable housing and homeownership, the Manufactured Housing Association for Regulatory Reform (MHARR) has launched a new project and initiative to fight selected, especially egregious instances of discriminatory and exclusionary zoning targeting manufactured housing and manufactured housing consumers.
“Time to Investigate Fannie And Freddie’s Mishandling Of DTS” | Manufactured Housing Association Regulatory Reform
It’s been more than ten years since Congress enacted the Housing and Economic Recovery Act of 2008 (HERA) and its “Duty to Serve Underserved Markets” (DTS) mandate. DTS directs both Fannie Mae and Freddie Mac to “develop loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes for very low, low and moderate-income families.”
Unnecessary/Damaging Bills Introduced in Congress | Manufactured Housing Association Regulatory Reform
MHARR, based on numerous inquiries from industry members, has conducted a study and investigation of parallel bills introduced in the Senate and House of Representatives, entitled the “HUD Manufactured Housing Modernization Act of 2019.” The Senate version of the bill – S. 1804 – was filed on June 13, 2019.
MHARR’s president contacted the City of Bryan, where was MHI? Our sources in Texas confirmed that MHI NEVER contacted Bryan.
The MHI website has a page that wails about zoning issues, but has not one word about enhanced preemption, as of 6.25.2019 at 5:55 PM ET, as noted above. Give MHI credit for chutzpah.
Facts matter. If MHI was so effective, why is the industry into 8 months of downturn? They are the ones that claim to promote the industry. What kind of promotion is it when the industry is going backwards?
The fact that MHI won’t publicly debate, answer questions any more, or discuss their performance all speaks volumes.
See related reports, below. Meanwhile, hats off to MHARR for their consistent push to advance these issues in Washington, D.C. They and their allies work appear to be paying off.
Affordable Housing Needed, Corporate Corruption, and Manufactured Homes – Time to Get Federal Officials Fully Involved? – manufacturedhomelivingnews.com
Imagine for the new few minutes that you are a detective trying to solve a mystery. Detectives look for clues and examine evidence. Investigators ought to be objective. Like a doctor seeking the cause for an ailment, there are tests, results, facts, and reason that should to be the drivers for solving any puzzle.
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).
LCI Industries, Patrick, UFPI, and LP all supply manufactured housing.
AMG, CG and TAVFX have investments in manufactured housing related businesses.
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.