But in fact, Wells Fargo lends on manufactured homes, typically via government backed loans, and also on manufactured home communities too.
Berkshire Hathaway’s significant stake, and their Vice Chairman Charlie Munger’s comments on Wells are the reasons it will be this evening’s manufactured housing market connected featured report, further below.
If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline reports are found further below, just beyond the Manufactured Housing Composite Value for today.
The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.
Part of this unique feature provides headlines – from both sides of the left-right media divide – that saves 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.
MH “Industry News, Tips and Views, Pros Can Use.” ©
Selected headlines and bullets from CNN Money:
- Stock market extends rally as tech, bank shares jump
- Wall Street extended its rally to a fourth consecutive day Wednesday.
- Trump’s reciprocal tax: What is it and could it impact you?
- JCPenney: Out with 670 warehouse jobs, in with 6,500 hairdresser positions
- Koch network to back Marsha Blackburn in Tennessee Senate race
- Sam’s Club changing its membership; ecommerce to compete with Amazon, Costco
- Home Depot to add more than 80,000 spring workers
- Venezuela can’t capitalize on oil, losing billions each month
- Litecoin climbs to 2018 high as founder warns of “scam”
- Exxon blames California, New York in ‘conspiracy’ countersuit
- Inflation heats up, CPI posts largest gain in a year
- 5 ways to track inflation
- Could a Trump manufacturing resurgence revive US marriage rates?
Selected headlines and bullets from Fox Business:
- Prices are going up. But it’s good news for you
- Crypto-artwork of a rose sells for $1 million
- Elizabeth Warren: Wells Fargo’s cleanup efforts are ‘inept’
- Snapchat is fighting Instagram for celebrity users
- Powerball winner fights to stay anonymous
- New York City weddings cost $77,000
- The one sector of retail that’s hiring – a lot
- Were female reporters shut down at Shaun White press conference?
- H&M can’t become a digital powerhouse overnight
- Is India really open for business?
- Germans are getting over their cash addiction
- The phoneless retreat for the broken hearted
- MetLife says it failed to pay some retirees for 25 years
- The newest ways to save together (that are actually age old)
- Can new airlines make it in America?
ICYMI – for those not familiar with the “Full Measure,” ‘left-right’ media chart, please click here.
Today’s markets and stocks, at the closing bell…
Manufactured Housing Composite Value
S&P 500 2,698.63 +35.69(+1.34%)
Dow 30 24,893.49 +253.04(+1.03%)
Nasdaq 7,143.62 +130.10(+1.86%)
Russell 2000 1,522.10 +27.15(+1.82%)
Crude Oil 60.70 +1.51(+2.55%)
Gold 1,354.50 +24.10(+1.81%)
Silver 16.84 +0.32(+1.92%)
EUR/USD 1.2454 +0.0105(+0.85%)
10-Yr Bond 2.91 +0.07(+2.57%)
Manufactured Housing Composite Value (MHCV)
Today’s Big Movers
For all the scores and highlights on tracked manufactured home connected stocks today, see the Bloomberg graphic, posted below.
Today’s MH Market Spotlight Report –
Berkshire Vice Chair Munger on MH Lender, Wells Fargo
(Sources including Reuters) Munger spoke at the annual meeting of Daily Journal Corp, the Los Angeles-based newspaper publisher he chairs, where he also denigrated bitcoin (BTC=BTSP) as “noxious poison,” while urging reforms in the healthcare system.
CNBC broadcast the meeting, which hyped its attention. Bloomberg and others carried reports on today’s statements by Munger.
Munger, 94, who has for four decades abeen vice chairman at Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), which is Wells Fargo’s largest shareholder.
As has been noted previously by the Daily Business News, Wells isn’t as large in home lending as 21st or Vanderbilt (VMF) are in manufactured housing, but it is one of the larger lenders in the industry. They’ve also done lending on land-lease communities for many years.
“Of course, Wells Fargo had incentive systems that were too strong in the wrong direction, and of course they were too slow in reacting properly to bad news,” but “practically everyone” makes those kinds of mistakes, Munger said.
As regular Daily Business News readers know, Munger has made similar statements about Clayton’s alleged errors. See the video interview with Munger, posted on the page linked below.
“Wells Fargo will end up better off for having made those mistakes,” Munger said, added. “I think it’s time for regulators to let up on Wells Fargo. They’ve learned.”
Munger expressed concern about rising U.S. government debt, calling it “new territory for us,” though he expressed no alarm about the current economy. Of course, before 2017, about half of that debt was generated by President Obama’s administration. Warren Buffett, as industry readers largely know, publicly backed Barack Obama for both of his presidential campaigns.
See Recent Exclusive 1 Year Snapshot of All Tracked Stocks
Profitable Insight$ – POTU$ Trump Effect on MH Stock$ at 1 Year, Part 4
Trump Effect – 1 Year Election Impact on Manufactured Housing Connected Stocks, Part 2
Just the Facts – Trump Effect on Manufactured Home Connected Stocks, Part 1
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 a recent round of industry praise for our coverage, is found here.
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