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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: 8902
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 # 44.

#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  


#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  


#36. To: Pericles (#35)

Who says you are free under capitalism?

I say so. Because in capitalism the money is in the hands of the people not the government.

An employee and a slave are different.

Anyone can work for themselves. Someone can clean houses and make 25 bucks an hour no problemo.

A K A Stone  posted on  2015-04-06   17:00:49 ET  Reply   Untrace   Trace   Private Reply  


#44. To: A K A Stone (#36)

I say so. Because in capitalism the money is in the hands of the people not the government.

LOL!

Pericles  posted on  2015-04-06   20:17:57 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 44.

#45. To: Pericles (#44)

I say so. Because in capitalism the money is in the hands of the people not the government. LOL!

Why do you laugh the truth?

I'm pretty sure your version of the people having the money is the government taking the money from everyone or from the rich only. And making sure everyone gets their so called "fair share".

If you work hard you can save your money. Then you can start a business of your choosing. Everyone is free to do this. Then you can make more the enough money to support your family pretty good. You can become wealthy and eventually financially independant. Anyone can do that if they take the right actions.

I'm sure you're pissed because there are billionaires and multi millionaires who you think don't deserve what they have. Well who the hell are you to say what someone else should have. As long as they earned it lawfully and then it is theirs. I know you don't like it that there are some ultra rich people and some poor people who barely make it. I respect that. You want poor people or people of little means to have a shot also. They do have a lot of opportunity in the United States. I know in some other countries people may not have those opportunities because of tyranny.

It is not a perfect system. But people working to earn a living and advance from their is pretty fair. There will always be charitable people around to help out people in need. It is one of the things we are supposed to do.

I know there are rich and greedy people too. That have done immoral or evil things to gain their wealth and power. But because there are those kinds of people doesn't mean that capitalism is bad. We are human beings and we will always do things wrong. We will always have people who steal and lie and oppress people. No matter what system we have.

Contrary what I perceive that you believe. The governments big foot is not the answer.

A K A Stone  posted on  2015-04-06 20:35:45 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 44.

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