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Wells, Chase, Citi Mortgage Lending Plunges, Plus Manufactured Home Stock Updates

CNNmone4.16.2019ManufacturedHomeStocksMarketsReportsMHProNewsThe Daily Business News on MHProNews will take step back in time to January 19, 2019, when Andrea Riquier with MarketWatch reported on a noteworthy trend.  This will tee up the first of a periodic series of reports on what Harvard’s Eric Belsky called the ‘life blood’ of housing, financing.  On a day when the markets generally rose, as the stocks tracked here from MHVille were mixed, we’ll look at Riquier’s data to see what insights it offers for manufactured housing industry professionals, watchers, and investors.

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further belowafter the newsmaker bullets and major indexes closing tickers.

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

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

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

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

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

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Select bullets from CNN Money…

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Select Bullets from Fox Business

  • T-Mobile, Sprint shares drop amid DOJ opposition to $26B merger
  • Stocks up despite health care company worries
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  • Apple, Qualcomm settle royalty litigation, Qualcomm shares soar
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  • WATCH: Ocasio-Cortez suggests cutting Israel aid. Gen. Jack Keane says ‘It’s money well spent’
  • Bernie Sanders wants to impose a Wall Street speculation tax: What to know
  • Tiger Woods to earn Medal of Freedom after Masters win, joins star-studded list of athletes
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  • Notre Dame fire strikes the heart of Paris: Varney

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

 

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Today’s Big Movers

For all the scores and highlights on tracked manufactured home connected stocks today, see thBloomberg graphic, posted below.

Today’s MH Market Spotlight Report –

WellsChaseCitMortgageLendingPlungesPlusManufacturedHousingStockUpdatesDailyBusinessNewsMHproNews

 

Visiting a bank to get a mortgage? You’re in the minority,” wrote Andrea Riquier. “With earnings from three of the four biggest banks in, one metric stands in sharp relief. Mortgage lending just keeps plunging.”

Here are some key pull quotes.

 

  • In the fourth quarter, mortgage originations at Citi were down 23% compared to a year ago. At Wells Fargo WFC, they were 28% lower, and at JPMorgan Chase JPM, they were down 30%.
  • What’s going on? Here’s how JPMorgan CFO Marianne Lake described it in her prepared remarks to analysts Wednesday: “Home Lending revenue was down 8%, driven by lower net production revenue in a low volume highly competitive environment.”
  • In other words, fewer people want to take out mortgages from us, and those who do aren’t as profitable for us.

 

This is relevant to manufactured housing on numerous levels.  Let’s note first that Wells Fargo, which Berkshire Hathaway has a serious stake in, has routinely been among the top 3 lenders on manufactured homes for some time.

  • First, it is outrageous that during an affordable housing crisis, that manufactured homes have been in a 6-month downturn. That’s an indictment on the industry’s big boy leaders, no matter how you want to spin it.  When some 80 percent of the production is produced by three firms covered in our report below, that’s a financial finger wagging in their faces.
  • While MHProNews has a report out of Michigan that suggests that the downturn might mitigate in the March shipment numbers, even if there is a rise, that will still be tepid compared to shipment levels from 20 years ago.
  • Part of the issue that the Manufactured Housing Association for Regulatory Reform (MHARR) and others point to is related to financing of manufactured homes. See a recent MHARR report, linked here.

 Back to what MarketWatch said then…

  • Banks spent the early years of the post-financial crisis recovery fleeing the mortgage market. But more recently, it’s felt a little like the mortgage market is fleeing from banks. Mortgage lending is down, mostly because there aren’t enough houses for people to buy to sustain a healthy housing market – although rising rates aren’t helping either. Also thanks to those higher rates, the long refinance boom is over.
  • Among those people who do find houses to buy or a reason to take out a different mortgage, more are using “non-banks” like Quicken Loans and LoanDepot than old-fashioned deposit-taking institutions. As of the end of last year, 59% of all mortgages were made by non-banks, according to Urban Institute data.

 

MHProNews’ publisher L. A. ‘Tony’ Kovach wrote a column called “The High Cost of Low Volume Sales.” The Texas Manufactured Housing Association (TMHA) were among those that reproduced that article. A flashback on that is linked here.

Here at MHProNews, we follow the money trail, the fact, evidence, and logic and ask the questions that no one else in our industry’s trade media are writing about.  Perhaps that’s why sources indicate our readership is greater than the next 3 trade publishers combined.  Bold claim? Perhaps, but it happens to have evidence to back it up.

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2018-12-10_0949SkyChampionManufacturedHousingShipmentHistoryDailyBusinessNewsMHProNewsNov2018

 

 

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A photo of another rack at Tunica appears almost untouched. The industry’s pros, given a choice between fluff and reality, routinely chose the real deal. 

 

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It is self evident to those who look at history and the facts that the industry is under-performing. Several MHI member companies have said as much, in their own IR presentations. Rollohome went from zero to 60,000 new homes shipped in 2 years. What was done before can be done again, better, faster, and with sustainable results, thanks to existing laws.

The industry’s investors ought to be demanding answers from the Big 3, and their ‘big boy’ association, the Manufactured Housing Institute (MHI).

Why?  To begin to answer that, consider the 4 linked articles, below.  For investors that are looking for answers, you’ve arguably come to the right place.

Related Reports:

HBO’s John Oliver on Last Week Tonight Mobile Homes Video, Manufactured Home Communities Fact Check – manufacturedhomelivingnews.com

” Mobile homes were perfected by humans, but invented by snails,” John Oliver on HBO’s Last Week Tonight, per Time. ” The homes of some the poorest people in America are being snapped up by some of the richest people in America.” Really?

MarketWatch Reports on Manufactured Housing, 2018-2019

https://www.manufacturedhomelivingnews.com/why-is-seattle-dying-affordable-housing-misplaced-compassion-and-manufactured-homes/

 

Bridging Gap$, Affordable Housing Solution Yields Higher Pay, More Wealth, But Corrupt, Rigged Billionaire’s Moat is Barrier – manufacturedhomelivingnews.com

America woke up today to division. But perhaps 75 percent (+/-) of the nation’s people could come together on a plan that demonstrably could do the following. Increase the U.S. Gross Domestic Product (GDP) by some $2 Trillion Annually, without new federal spending.

Bloomberg Closing Ticker for MHProNews…

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

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

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

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