Warren Buffett’s mobile house kingdom preys in the bad

Kirk and Denise Pitts bought their home that is mobile in. They nevertheless owe significantly more than $39,000 from the true house and land, that have been respected at $33,100 in 2013. Right here, the Pitts and their son, Caine, stand in the front of the house in Knoxville, Tennessee. Daniel Wagner/Center for Public Integrity

Billionaire profits at each action, from building to selling to high expense financing

This tale ended up being jointly written and reported because of the Center for Public Integrity while the Seattle days.

Introduction

Key findings:

  • Clayton Homes, owned by Warren Buffett’s Berkshire Hathaway, makes more mobile mortgages than any competitor by one factor of six.
  • Warren Buffett’s Clayton Homes operates under at the least 18 names, leading numerous purchasers to think they’re looking around.
  • Warren Buffett’s Clayton Homes lends at interest levels that may top 15 %, and sometimes adds thousands in costs to borrowers’ loans.
  • Clayton customers report misleading and predatory discounts loan that is including that changed suddenly, shock costs and stress to battle exorbitant repayments. Plus »