Consumer Financial Protection Bureau in Washington. Photo: Diego M. Radzinschi/ALMCFPB Alleges Berkshire Hathaway Subsidiary Originated Unaffordable Housing Loans
Vanderbilt’s internal model for underwriting loans provided borrowers unrealistic expectations of monthly living expenses, the Consumer Financial Protect Bureau alleged in the complaint.
January 06, 2025 at 05:39 PM
3 minute read
A Berkshire Hathaway-owned lender knowingly originated unaffordable housing loans to low-income borrowers, causing missed payments and defaults, the Consumer Financial Protection Bureau alleged in a lawsuit filed Monday.
Vanderbilt Mortgage & Finance originates mortgages for mobile homes built and sold by Vanderbilt-affiliated companies. Vanderbilt is a subsidiary of Clayton Homes, one of the nation's largest manufacturers of mobile homes and a subsidiary of Warren Buffett's Berkshire Hathaway.
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