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Home > Analysis, Business, Company News, News Item, regulation > Developing – CFPB Will Fine Berkshire Hathaway Manufactured Housing Units

Developing – CFPB Will Fine Berkshire Hathaway Manufactured Housing Units

September 25th, 2017

FinesPixabayDailyBusinessNewsMHProNewsAn informed and reliable source tells the Daily Business News (DBN) on MHProNews that the Consumer Financial Protection Bureau (CFPB) will be fining Warren Buffett led Berkshire-Hathaway (BH) manufactured housing units.

The sum is not yet determined, per that source, but is anticipated at being in the $1 to $5 million-dollar range.

While they [BH manufactured housing companies] don’t want to be fined, $5 million to them is like $20 for you and me,” the source explained.

It will also give them [BH manufactured housing companies] the ability to say to the industry, ‘See, we hate the CFPB too.’ When in fact, Dodd-Frank has benefited them [by suppressing competition, due to the regulatory burdens].

Congressional Lawmakers, Non-Profits, Mainstream Media Accuse Clayton, 21st and VMF of Racism, Steering and Predatory Lending

MHProNews alerted the industry last month that the “Campaign for Accountability (“CfA”) seeks records from the Consumer Financial Protection Bureau (“CFPB”) regarding consumer complaints related to Clayton Homes,” said Daniel Stevens Executive Director of CfA.

ClaytonHomesLogoFinesRefundsComplianceBugCFPBUAkronDailyBusinessNewsMHProNews

Fines and refunds to date by Clayton and their BH sister companies has been under $1 million dollars, but per our source, the coming fines could be several million dollars.

CampaignForAccountabiltyClaytonHomesLogoBerkshireHathawayVanderbiltMortgageRacismSteeringPredatoryLendingDailyBusinessNewsMHProNews720x403

The report also includes downloads of several Congressional lawmakers who have asked the CFPB to provide their research into claims of racism, steering and predatory lending. To see that more detailed report, click here.

MHProNews was told by a source with MHI connections that those allegations have been dogging Vanderbilt Mortgage and Finance (VMF) since about 2007.

Neither MHI, nor the BH units in question have responded to MHProNews about these allegations, nor have they offered even a simple statement that denounces racism.

The Daily Business News will continue to track and report on this and related developing stories that could impact the industry’s image and ongoing post-2008 recovery efforts.  ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.


Matthew Silver - Reporter at Large
Soheyla Kovach - Support Services
L.A. 'Tony' Kovach - Publisher, Editor and Marketing Director. To submit a news tip, please click here: iReportMHNewsTips@MHMSM.com
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