Rhino closes steel framed houses division
Rhino Steel Building Systems will halt the sale of its steel-framed homes as of Jan. 9, the company announced. A leading provider of pre-engineered and custom steel buildings, Rhino Steel Building Systems was founded in 1988 and partners with upstream steel manufacturers. With the changes in the economy, stability from suppliers and consumer behavior, Rhino Steel Building Systems is stopping all sales of new steel-framed homes but will continue to provide customer service to its current list of customers.
“We are committed to keeping our reputation as a customer service leader in manufactured steel buildings,” said Bruce Brown, CEO of Rhino Steel Building Systems. “We simply were not confident we could continue to provide that industry-leading customer service with recent changes in the marketplace from both our suppliers as well as consumers."
Rhino Steel Building Systems’ headquarters are located in Denton, Texas, with seven shipping locations across the country. The company can provide steel barns, steel garages, horse barns, small or giant manufacturing plants, modular industrial buildings, steel gymnasiums, metal church buildings, metal storage buildings, office buildings, horse arenas, aircraft hangars, auto repair buildings and other applications. A Rhino metal building is specifically designed to meet wind and snow load requirements for the buyer’s specific area of the country, as well as other requirements related to the performance of the structure.
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NLBMDA brings dealers to D.C.
The National Lumber and Building Material Dealers Association (NLBMDA) will bring its message to the halls of power as part of the group’s three-day Spring Meeting & Legislative Conference, March 5 to 7.
The Washington, D.C., event will coincide with election-day activity — March 6 is Super Tuesday, in which 10 states hold their primary elections.
The LuDPAC fundraising luncheon on Monday, March 5 will feature Alex Castellanos, GOP political strategist and CNN political analyst. The event will offer a look behind the scenes of what is to come in the 2012 election, according to the NLBMDA.
As in past years, the conference will again take place jointly with the Window and Door Manufacturers Association (WDMA).
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Feds ignored warning signs of housing bust
Transcripts unsealed from a May 2006 meeting of the Federal Reserve indicate some concern about the housing bubble and the use of “exotic” mortgages by home buyers, according to a Jan. 13 article in the Wall Street Journal. But Fed Chairman Ben Bernanke described the slowdown of the housing market “a healthy thing” and an “orderly decline” that posed little threat to the U.S. economy.
“Again, I think we are unlikely to see growth being derailed by the housing market,” Bernanke said in the closed-door meeting.
Home prices, which peaked in May 2006, according to the S&P/Case-Shiller index, have since fallen 33%.
In another meeting later that year, in December 2006, Timothy Geithner, then president of the Federal Reserve Bank of New York, agreed that housing problems would not weaken the nation’s growth "[based] on our recent financial market data.” Geithner now serves as Treasury Secretary.
The article does quote two prescient officials: Janet Yellen, who headed the San Francisco Fed in 2006, warned that the slowdown could become “an unwelcome housing slump.” And Susan Bies, a Federal Reserve Governor from 2001 to 2007, sounded the alarm about exotic mortgages. “A lot of the private mortgages that have been securitized during the last few years really do have much more risk than the investors have been focusing on,” she said in a 2006 meeting.