Showing posts with label Vanderbilt Mortgage. Show all posts
Showing posts with label Vanderbilt Mortgage. Show all posts

Monday, January 18, 2016

What won't be read in the News and Record; "Members of Congress Demand Investigation Into Predatory Practices at Warren Buffett’s Clayton Homes"

"He walked them through Clayton-built homes on the lot, then into the sales center, passing a banner and posters promoting one subprime lender: Vanderbilt Mortgage, a Clayton subsidiary. Inside, he handed them a Vanderbilt sales pamphlet.

“Vanderbilt is the only one that finances on the reservation,” he told the women.

His claim, which the women caught on tape, was a lie. And it was illegal.

In minority communities, Clayton’s grip on the lending market verges on monopolistic: Last year, according to federal data, Clayton made 72% of the loans to black people who financed mobile homes.