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Business
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Title: Warren Buffett's mobile home empire preys on the poor
Source: The Center for Public Integrity
URL Source: http://www.publicintegrity.org/2015 ... -mobile-home-empire-preys-poor
Published: Apr 4, 2015
Author: Mike Baker
Post Date: 2015-04-04 16:38:01 by Willie Green
Keywords: None
Views: 8909
Comments: 51

Billionaire profits at every step,
from building to selling to high cost lending

Editor's note: This is a joint investigation of The Center for Public Integrity and The Seattle Times.

Denise Pitts walked into the pawn shop not far from where she bought her mobile home in Knoxville, Tennessee, and offered up her wedding rings for $100. Her marriage wasn’t over, but her husband was battling cancer and, Pitts said, her mortgage company told her the only way to keep a roof over his head would be to sell everything else.

Across the country in Ephrata, Washington, Kirk and Patricia Ackley sat down to close on a new mobile home, only to learn that the annual interest on their loan would be 12.5 percent rather than the 7 percent they said they had been promised. They went ahead because they had spent $11,000, most of their savings, to dig a foundation.

And near Bug Tussle, Alabama, Carol Carroll has been paying down her home for more than a decade but still owes nearly 90 percent of the sale price — and more than twice what the home is worth.

The families’ dealers and lenders went by different names — Luv Homes, Clayton Homes, Vanderbilt, 21st Mortgage. Yet the disastrous loans that threaten them with homelessness or the loss of family land stem from a single company: Clayton Homes, the nation’s biggest homebuilder, which is controlled by its second-richest man — Warren Buffett.

Buffett’s mobile home empire promises low-income Americans the dream of homeownership. But Clayton relies on predatory sales practices, exorbitant fees, and interest rates that can exceed 15 percent, trapping many buyers in loans they can’t afford and in homes that are almost impossible to sell or refinance, an investigation by The Center for Public Integrity and The Seattle Times has found.

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Begin Trace Mode for Comment # 34.

#1. To: Willie Green (#0)

Very long and excellent article on Buffet's scam empire.

Deadly oil trains and scamming poor people with mobile homes.

Tooconservative  posted on  2015-04-04   18:20:13 ET  Reply   Untrace   Trace   Private Reply  


#5. To: TooConservative (#1)

Very long and excellent article on Buffet's scam empire.

Capitalism is a scam.

Pericles  posted on  2015-04-04   22:13:25 ET  Reply   Untrace   Trace   Private Reply  


#7. To: Pericles (#5)

Capitalism is a scam.

You mean unlike communism,that promises you that you can share in everyone else's wealth and they will be happy to share with you?

sneakypete  posted on  2015-04-05   5:30:17 ET  Reply   Untrace   Trace   Private Reply  


#13. To: sneakypete (#7)

Capitalism is a scam.

You mean unlike communism,that promises you that you can share in everyone else's wealth and they will be happy to share with you?

You assume being anti-capitalist is being pro communist - it is not.

Capitalism produced communism. They are the yin and yang of economics.

Also, people mis-identify the market supply and demand system with capitalism. It is not the same system.

Pericles  posted on  2015-04-05   14:38:29 ET  Reply   Untrace   Trace   Private Reply  


#15. To: Pericles (#13)

Capitalism produced communism.

No. Capitalism creates opportunity. Communism was created by people like you.

A K A Stone  posted on  2015-04-05   14:40:07 ET  Reply   Untrace   Trace   Private Reply  


#17. To: A K A Stone (#15) (Edited)

Capitalism produced communism.

No. Capitalism creates opportunity. Communism was created by people like you.

No, capitalism does not create opportunity because of lack of capital limits opportunity regardless of merit.

The free market creates opportunity.

Pericles  posted on  2015-04-05   14:43:16 ET  Reply   Untrace   Trace   Private Reply  


#19. To: Pericles (#17)

No, capitalism does not create opportunity because of lack of capital limits opportunity regardless of merit.

You work. Then you have capital to invest in a business. You can start a business for a hundred bucks.

A K A Stone  posted on  2015-04-05   18:36:09 ET  Reply   Untrace   Trace   Private Reply  


#20. To: A K A Stone (#19)

No, capitalism does not create opportunity because of lack of capital limits opportunity regardless of merit.

You work. Then you have capital to invest in a business. You can start a business for a hundred buc

Have you actually read any economics books or do you just get info from talk radio?

Pericles  posted on  2015-04-05   21:48:34 ET  Reply   Untrace   Trace   Private Reply  


#29. To: Pericles (#20)

No, capitalism does not create opportunity because of lack of capital limits opportunity regardless of merit. You work. Then you have capital to invest in a business. You can start a business for a hundred buc

Have you actually read any economics books or do you just get info from talk radio?

cap·i·tal·ism ÈkapYdlÌizYm/ noun an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

A K A Stone  posted on  2015-04-06   1:24:03 ET  Reply   Untrace   Trace   Private Reply  


#30. To: A K A Stone (#29)

You do know a dictionary is not a book on economics, right?

Pericles  posted on  2015-04-06   1:52:42 ET  Reply   Untrace   Trace   Private Reply  


#31. To: Pericles, A K A Stone (#30)

You do know a dictionary is not a book on economics, right?

And you know that you still have not answered what economic system you prefer to capitalism or communism, right?

Just tell us what your preferred system is.

Tooconservative  posted on  2015-04-06   3:12:20 ET  Reply   Untrace   Trace   Private Reply  


#33. To: TooConservative (#31)

I answered the social market. Why? Because unfettered capitalism is a scam and always has been.

Pericles  posted on  2015-04-06   9:23:58 ET  Reply   Untrace   Trace   Private Reply  


#34. To: Pericles (#33)

answered the social market. Why? Because unfettered capitalism is a scam and always has been.

Pericles. The enemy of freedom.

Why do you hate freedom so much?

A K A Stone  posted on  2015-04-06   9:44:33 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 34.

#35. To: A K A Stone (#34) (Edited)

Pericles. The enemy of freedom.

Why do you hate freedom so much?

Who says you are free under capitalism? Anyone who is an employee is not master of his destiny. In Greek the term for slave and employee were interchangeable.

Pericles  posted on  2015-04-06 12:14:11 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 34.

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