🔥 Clayton Homes - Wikipedia

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clayton mobile homes

Clayton provided more than half of new mobile-home loans in eight states. And when homes got hauled off to be resold, some consumers already had paid so much in fees and interest that the company still came out ahead. Numerous borrowers said they were persuaded to take on outsized payments by dealers promising that they could later refinance. Clayton has more than 90 percent of the market in Odessa, one of the most expensive places in the country to finance a mobile home. Kevin Clayton was seeking a new source of cash to relend to homebuyers. Carroll has since sold belongings, borrowed money from relatives and cut back on groceries to make payments. She later rented out the home. And if borrowers fall behind on payments, their homes can be seized with little or no warning. Some borrowers felt trapped because they put up a deposit before the dealer explained the loan terms or, like the Ackleys, felt compelled to swallow bait-and-switch deals because they had spent thousands to prepare their land. Hours later, Galler tracked her repossessed house to a sales lot 30 miles away that was affiliated with 21st. The Ackleys tried to explain the options to a 21st supervisor: If they refinanced to lower payments, they could stay in the home and 21st would get years of steady returns. She said the company has threatened to seize her property immediately, even though the legal process to do so would take at least several months. After their mobile home was repossessed, the Ackleys cobbled together a home that includes this old travel trailer, which houses their kitchen. Next to the front door, there is a slot for borrowers to deposit payments. The disastrous deal ruined their finances and nearly their marriage. Still, after the housing crisis, lawmakers tightened protections for mortgage borrowers with a sweeping overhaul known as the Dodd-Frank Act, creating regulatory headaches for the mobile-home industry. It finances more mobile-home purchases than any other lender by a factor of six. Appraisals are common for conventional home sales, protecting both the lender and the consumer from a bad deal. The next biggest lender was Wells Fargo, with just 6 percent of the loans. In reality, Clayton almost never refinances loans and accounts for well under 1 percent of mobile-home refinancings reported in government data from to It made more than one-third of the purchase loans during that period.

Billionaire philanthropist Warren Buffett controls a mobile-home empire that promises low-income borrowers affordable houses. Clayton even builds the homes with materials — such as paint and carpeting — supplied by other Berkshire subsidiaries.

After making payments over eight years totaling more than the sticker price of the home, Galler lost clayton mobile homes tenant in November and fell behind on her payments. She soon learned it was worth far less than her down payment.

Other times, the Clayton dealer said it was the only financing option. Buyers told of Clayton collectors urging them to cut back on food and medical care or seek handouts in order to make house payments. Clayton sales reps steered Carosa, who is 67 years old and disabled, to finance the unpaid amount through Vanderbilt at 9 percent interest over 20 years.

When homes got hauled off to be resold, some consumers already had paid so much in fees and interest that apologise, best free poker sites to win real money all company still came out ahead.

Otherwise, the company would have to come out to their rural property, pull the house from its foundation and haul it away, possibly damaging it during the repossession. She hoped to eventually sell the house so the money could help her granddaughter, whom she adopted as her daughter at clayton mobile homes 8, attend a local college to study music.

Customers said in interviews that dealers misled them to take on unaffordable loans, with tactics including last-minute changes to loan terms and unexplained fees that inflate loan balances.

In general, owners have difficulty refinancing or selling their mobile homes because few lenders offer such loans. Little has been done. But all too often, it traps those owners in high-interest loans and rapidly depreciating homes.

Such loans are, by definition, predatory. Clayton dealers often sold homes with no cash down payment. Clayton mobile homes Clayton consumers interviewed for this story said they were promised a chance to refinance.

Despite these protections, two-thirds of mobile-home buyers who own their land end up in personal-property loans, according to a federal study. Near the headquarters, two Clayton sales lots sit three miles from each other.

Knowing it would take a few months for her disability benefits to be approved, Carroll said, she called Vanderbilt and asked for a temporary reprieve. In DecemberCarroll was permanently disabled in a catastrophic car accident in which two people were killed.

Many borrowers interviewed for this investigation described being steered by Clayton dealers into Clayton financing without realizing the companies were one and the same.

Mobile-home buyers who own their land sites may be able to finance their home purchases with real-estate mortgages, which give them more federal and state consumer protections than the other major financing option, a personal-property loan.

The tale of serendipitous dealmaking paints Buffett and the Claytons as sharing down-to-earth values, antipathy for Wall Street and an old-fashioned belief in treating people fairly. Others said they were misled into signing up even though they already had other insurance.

Berkshire extracts value at every stage of the process. The government has known for years about concerns that mobile-home buyers are treated unfairly.

Mansfield had a lousy credit score ofcourt records show. In some states, the foreclosure process can take more than a year, giving consumers a chance to save their homes.

She secured the loan with two parcels of land that her family already owned free and clear. These loans may close more quickly and have fewer upfront costs, but their rates are generally much higher. Clayton mobile homes arranged to show the home to a prospective renter two months later.

One big reason: Homes are overpriced clayton mobile homes depreciate so quickly that they generally are worth less than what the borrower owes, even after years of read article payments.

But when federal agencies jointly proposed appraisal rules in Septemberindustry objections led them to exempt loans secured solely by a manufactured home. Unable to work, he and his wife urgently needed to refinance clayton mobile homes costly 21st Mortgage loan they regretted signing.

Dodd-Frank also tasked federal financial regulators with creating appraisal requirements for risky loans. In clayton mobile homes, can best home gambling games something conceded.

Carol Carroll, a nurse living near Bug Tussle, Ala. But the closing documents he set before them held a surprise: The promised 7 percent interest rate was now The terms were too extreme for the Ackleys. Kirk and Patricia Ackley spent thousands to prepare their land, then were stuck with a higher loan rate than promised. Sometimes, buyers said, the dealer described the financing as the best deal available. With conventional home mortgages, companies must wait days before starting foreclosure. Kevin Carroll, former owner of a Clayton-affiliated dealership in Indiana, said in an interview that he used business loans from a Clayton lender to finance inventory for his lot. He knew that Berkshire Hathaway, with its perfect bond rating, could provide it as cheaply as anyone. Fifteen years ago, Congress directed the Department of Housing and Urban Development to examine issues such as loan terms and regulations in order to find ways to make mobile homes affordable. Even through the Great Recession and housing crisis, Clayton was profitable every year. Atherton left the company in Among all other mobile-home lenders, fewer than half of their loans met that threshold. Buyers told of Clayton collection agents urging them to cut back on food and medical care or seek handouts in order to make house payments. They pleaded with the lender several times for the better terms that they originally were promised, but were denied, they said. Their home was taken in Katie G. When Vanderbilt was required to obtain appraisals before finalizing a loan, company officials wrote , the home was determined to be worth less than the sales price about 30 percent of the time. Together, they ranked eighth in loans originated. But when she arrived at her homesite, Galler found barren dirt with PVC pipe sticking up from the ground. Those buyers are more vulnerable because they end up being treated like car owners instead of homeowners, said Bruce Neas , an attorney who has worked for years on foreclosure and manufactured-housing issues in Washington state. It also sells property insurance on them and repossesses them when borrowers fail to pay. Clayton Homes is represented in Washington, D. Denise Pitts, of Knoxville, Tenn. More than a dozen Clayton customers described a consistent array of deceptive practices that locked them into ruinous deals: loan terms that changed abruptly after they paid deposits or prepared land for their new homes; surprise fees tacked on to loans; and pressure to take on excessive payments based on false promises that they could later refinance. Instead of a down payment, she said, the salesman assured her she could simply put up two acres of her family land as collateral. A couple of years after moving into their new mobile home, Kirk Ackley was injured in a backhoe rollover. And the average loan term actually increased from 21 years in to more than 23 years in , the last time Berkshire disclosed that detail. She had no money for a down payment when she visited Clayton Homes in Fayetteville, N. Soon after Buffett bought Clayton Homes, he declared a new dawn for the moribund mobile-home industry, which provides housing for some 20 million Americans. Click upper right to enlarge. But, they said, the broker was willing to inflate their income in order to qualify them for the loan. They could look for other financing but desperately needed a space to care for her father. Tiffany Galler was a single mother living in Crestview, Fla. They have called her relatives and neighbors, a tactic other borrowers reported. In Texas, the number exceeds 70 percent. Then Clayton pushed for more concessions, arguing that manufactured-home loans tied to land should also be exempt. The industry, however, has protected its interests vigorously. Within 18 months, she was behind on payments and Clayton was trying to foreclose on the home and land. Practices like contacting neighbors, calling repeatedly and making false threats can violate consumer-protection laws in Washington, Tennessee and other states. At the time, mobile-home loans had been defaulting at alarming rates, and investors had grown wary of them. Ed Atherton, a former lot manager in Arkansas, said his regional supervisor was pressuring lot managers to put at least 80 percent of buyers into Clayton financing.