Tonight’s report will feature an update on Havenpark Capital, which is one of several firms that happen to be MHI members that are sparking calls for legislative or other legal responses. On a day when coronavirus fears plus concerns about the surge of Senator Bernie Sanders (VT-I self-described Democratic Socialist) continues to worry investors who are selling off, Havenpark and MHI will be our featured focus tonight.
Periodic readers of this business-nightly feature should note there are new 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
- Dow plunges 1,200 points
- Stocks post their worst day since 2011
- What is a stock market correction?
- Facebook cancels its biggest conference amid coronavirus concerns
- Big European companies ban business travel as coronavirus outbreak escalates
- Coronavirus could cost Trump the election, Goldman Sachs warns
- Goldman Sachs: American companies will have zero profit growth this year
- Drug companies race to test coronavirus vaccines
- You may have to wait for your next gadget: Electronics makers can’t get parts quickly enough
- Bob Iger was more than Steve Jobs’ friend: He was legacy media’s most tech-savvy CEO
- How to recession-proof your investments
- Anheuser-Busch CEO forgoes bonus as the brewer gets clobbered
- DoorDash prepares to go public as stock market plunges
- Shark Tank host loses $400,000 in a scam
- Pokemon throws a celebration every year. Here’s how that helps its brand
- Shoppers view merchandise being sold at discount prices at the JCPenney at the Columbia Mall on July 24, 2017 in Bloomsburg, Pennsylvania.
- JCPenney is closing six more stores
- Inventor of the Konami Code used in video games dies at 79
- Creator of copy, cut and paste function dies at 74
- Lego minifigure creator dies
- CVS co-founder is dead at 86
- QVC founder dies at 88
- WACKY FAST FOOD BITES
- McDonald’s is making scented candles that smell like food
- Dunkin’s latest release is quite simply a bag of bacon
- Burger King debuts a french fry sandwich
- Wendy’s breakfast is starting to roll out
- Whopper gimmicks through the years
Headlines from right-of-center Fox Business
- Dow nosedives nearly 1,200 in biggest single-day points drop of all time
- S. equity markets plunged as President Trump’s announcement of a coronavirus task force did little to assuage investors’ fears.
- The Dow’s biggest single-day gains and losses in history
- Coronavirus fears push Facebook, Microsoft to cancel conferences
- Eerie photos show sports teams playing in empty stadiums as coronavirus grips Asia
- Coronavirus wrecks markets, business plans, and conferences as panic worsens
- Tim Cook surprises Apple Store employees in Birmingham, Alabama
- EXCLUSIVE: Apple CEO Tim Cook says China ‘getting coronavirus under control’
- Apple CEO Tim Cook expands coding program for Alabama students
- Walmart takes a direct shot at rival Amazon with new service meant to kill Prime
- Trump may invoke emergency powers to ramp up America’s coronavirus defense
- Coronavirus crisis: Inside the global hunt for a cure
- Coronavirus to erase S&P 500 profit growth this year: Goldman Sachs
- When did building great businesses become evil?
- Steve Jobs’ widow calls ultra-wealthy ‘dangerous for society’
- Sanders targets top CEO retirement perks in bid to shore up pension plans
- Reddit CEO says American teens’ favorite app is secret Chinese ‘spyware’
- Judge rules Biden must be at March deposition ‘unless his hair is on fire’
- Chevy has done away with one of its most staple cars, Impala
- Parking tickets in Boston could soon be based on violators’ income
- Residents pay the highest property taxes in these states
- MARKETS
- What is a short-seller?
- ‘Shark Tank’ star Barbara Corcoran victim of nearly $400K phishing scam
- TSA union boss warns of airport chaos
- Tom Brady’s return to Patriots looking more unlikely
- WATCH: CEO of iconic sporting goods chain tells staff more stores, jobs saved
- George Clooney ‘saddened’ by shocking claims about Nespresso
- David Ortiz selling baseball mementos, household items
- H.O. recommends these coronavirus workplace precautions
- How many US adults are considered obese, according to government survey
- Peloton settles music-streaming lawsuit
- Trump says US ‘very ready’ for virus, CDC reveals worrisome development
- How satisfied Americans are with US position in world
- Dunkin’ rejects ‘meatless, plant-based’ trend with new crowd pleaser snack
- Pizza Hut, Taco Bell making big change to packaging
- Levi’s to offer paid family leave benefit to employees
- Kobe Bryant handprints, other memorabilia hitting auction block
- Japanese prime minister wants to shut down schools as outbreak spirals
- Michael Avenatti’s lawyer will go after porn star Stormy Daniels during trial
- Netflix dating show with unique twist taking viewers, social media by storm
- How many people dine out at least once a week — and how much they spend
- Bernie Sanders jumps on coronavirus to boost campaign promise
- How much it could cost to make coronavirus vaccine
- DoorDash files for IPO amid ongoing food delivery wars
- Steven Spielberg stepping back from beloved movie franchise
- Pope Francis falls ill amid spiraling coronavirus outbreak in Italy
- CDC reveals first possible case of ‘community spread’ in US
- Loughlin’s lawyers say new evidence proves her innocence in college bribery scandal
- Why star players hate the proposed NFL collective bargaining deal
- NFL Scouting Combine means big money for draft prospects
- 3 ways to ensure your personal data is safe in ‘the cloud’
- Lawmakers prep bills to bring medical supply chain back to US
- Boeing 737 Max timeline: From best-seller to burden
- Sanders’ plan to cancel student debt could face obstacles
- Tesla offers Model Y customers a cheat code to get delivery quicker
- Coronavirus-linked church members sought by South Korean officials
- Loughlin, Giannulli college admissions trial officially set for October
10 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus – Where Business, Politics and Investing Can Meet
As of September 25, 2019, the Manufactured Housing Institute (MHI) website lists Havenpark Management as one of their member companies. Why does that matter? Because MHI issued a so-called ‘Code of Ethical Conduct’ with some fanfare a few months before that established certain mandates for their members to adhere to – and failure to do so could, they said – result in expulsion from membership.
Three specific bullets that Havenpark arguably has violated from the MHI/National Communities Council NCC) code of ethical conduct include the following:
- Members agree to engage in conduct and actions that promote and enhance the public image of manufactured housing and land lease manufactured housing communities.
- Members agree to promote positive customer and resident relations as an essential responsibility.
- Members agree to engage in conduct that respects the interests of customers, residents, vendors, and the general public regarding the manufactured housing industry and manufactured housing community lifestyle.
The 1 page MHI/NCC document linked here goes onto say that:
- Members agree to be bound by this NCC Code of Ethics, as well as the MHI Bylaws, as a condition of membership.
- If it is determined that a Member is not acting in accordance to this NCC Code of Ethics, a Member may be expelled from NCC and MHI membership…
Generating negative media coverage is apparently a specific tactic that several MHI members have engaged in, as the Last Week Tonight with John Oliver and other reports have documented.
On February 19, 2020 KCCI in Des Moines interviewed lawmakers and residents that spoke of their fear and frustration. The bill in Iowa that they were hoping to enact increasing resident protections died in committee after that date. What that means is that this issue will likely continue to make news there.
“I live in fear now my house will be taken away I lived there 15 years,” said a Havenpark community resident Laura Lage. Reporter Cynthia Fodor said she and others “are now prisoners in their own homes.”
Carrie Presley pled with lawmakers recently, “These corporate entities are coming after us like a virus and we don’t have time for a cure you guys are it, so help us.”
Fodor noted that “The Manufactured Homeowners protection legislation came about after a out of state company, Havenpark Capital, bought a number of communities in Iowa including Midwest Country Estates in Waukee [IA]. It planned to raise the rent 69%.”
Representative Kenan Judge said, “To have an investor come in and upend their way of life and be unfair to them disconcerting, so I’ll continue to fight against that.”
In Fargo, North Dakota, Valley News reported on February 26, 2020 problems with Havenpark Capital too. Videos from earlier reports by other media outlets make the pattern of MHI member Havenpark clearer.
Countryside Estates resident Scott Lanning said of Havenpark that “They’re really hurting me, it’s more of a push out that they’re doing. They’re trying to push us all out.” He added that “I can’t afford to live in any apartment anymore. They’re pretty much putting me out into the street.” That last statement ties into an affordability issue that leads to homelessness that is per a new White House research document that is among the linked related reports, further below.
Resident Juan Hernandez said he could handle the stiff hikes – one that Havenpark is known for from media reports in several states after they acquire a property. He said there is fear of backlash from management for speaking out.
MHI, their outside attorney, and Havenpark have previously declined comment on issues related to these concerns. Havenpark has said to lawmakers that have contacted them that they are preserving these properties which might close if they didn’t buy them; that is part of how they defended aggressively hike their site fee rates.
Beyond the obvious stress this causes residents, it also increases the harm to the industry’s image, as MHI’s so-called code of conduct obliquely acknowledges. See the related reports below for more.
Related Reports:
“Scorched Earth” Reply-Lesli Gooch, Tim Williams, and Manufactured Housing Institute (MHI) Claims
Housing Affordability Challenges, Presidential Economic Report and Manufactured Home Opportunities
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.
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- 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).
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Winter 2020…
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. For insights from third-parties and clients about our publisher, click here.
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Disclosure. MHProNews holds no positions in the stocks in this report.
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Submitted by Soheyla Kovach, co-managing member of LifeStyle Factory Homes, LLC and co-founder for MHProNews.com, and MHLivingNews.com.
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