Watchdog Pushes CFPB On Buffett Home Co.’s Minority Loans
By: Evan Weinberger, Law360, August 17, 2017
A government watchdog group on Thursday asked the Consumer Financial Protection Bureau for information regarding any consumer complaints about lending practices at Clayton Homes Inc., a manufactured home company under Warren Buffett’s corporate umbrella.
The Freedom of Information Act request filed by the Campaign for Accountability seeks any communications between the CFPB and Clayton Homes, its lending unit Vanderbilt Mortgage or Berkshire Hathaway, Buffett’s holding company, involving consumer complaints or other investigative information. The activist group asked for the information just as Clayton Homes earlier this month said it plans to expand its offerings to include manufactured homes for $250,000 or less.
“Clayton Homes appears to have been preying on some of our most vulnerable citizens. As the company expands its footprint to reach more Americans, it is imperative to know whether the government found any wrongdoing and, if so, what actions were taken,” Daniel Stevens, the Center for Accountability’s executive director, said in a statement.
The request comes around 18 months after Democratic members of the House Financial Services Committee asked the CFPB to look into lending problems at Clayton Homes following an investigative report by The Seattle Times, BuzzFeed and the Center for Public Integrity.
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