'Slumlord' Buffett's "Disturbing Business Model" To Be Probed By Feds
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
He walked them through Clayton-built homes on the lot, then into the sales center, passing a banner and posters promoting one subprime lender: Vanderbilt Mortgage, a Clayton subsidiary. Inside, he handed them a Vanderbilt sales pamphlet.
“Vanderbilt is the only one that finances on the reservation,” he told the women.
His claim, which the women caught on tape, was a lie. And it was illegal.
In minority communities, Clayton’s grip on the lending market verges on monopolistic: Last year, according to federal data, Clayton made 72% of the loans to black people who financed mobile homes.
The company’s in-house lender, Vanderbilt Mortgage, charges minority borrowers substantially higher rates, on average, than their white counterparts. In fact, federal data shows that Vanderbilt typically charges black people who make over $75,000 a year slightly more than white people who make only $35,000.
Through a spokesperson earlier this month, Buffett declined to discuss racial issues at Clayton Homes, and a reporter who attempted to contact him at his home was turned away by security…
She continued to raise concerns, writing in an email to Clayton’s director of marketing that when she spoke to new borrowers, “there were many things they were not made aware about during the sale.”
Managers and executives, she said, dismissed her concerns; she recalled one replying, “It doesn’t really matter as long as we get the money.”
– From the post: How Warren Buffet’s Clayton Homes Intentionally Targets & Preys Upon Minorities and Poor People
Yesterday, four members of Congress sent a joint letter to both Richard Cordray, head of the Consumer Financial Protection Bureau, and Loretta Lynch, Attorney General of the United States, demanding an investigation into predatory practices at Warren Buffett’s mobile home unit Clayton Homes.
Reuters reports:
A letter on Tuesday from Representative Maxine Waters, the top Democrat on the House Financial Services Committee, and fellow committee members Michael Capuano, Emanuel Cleaver and Keith Ellison called on the Justice Department and the Consumer Financial Protection Bureau to “pursue appropriate corrective action” against Clayton.
Clayton did not immediately respond on Wednesday to requests for comment on the letter, which the Seattle Times reported earlier.
Buffett did not immediately respond on Wednesday to a email request for comment sent to an assistant.
Yes, he was too busy eating ice cream cones and saving puppies from burning buildings to be bothered.
At Berkshire’s annual meeting last May, Buffett said he made “no apologies whatsoever” about Clayton’s “exemplary” lending, in response to a question about an earlier Seattle Times story saying that Clayton trapped borrowers into unaffordable loans on depreciating homes.
You can read the full letter below.
Of course, I don’t think for a moment that any real repercussions will actually befall Warren Buffett or his companies. He is one of the most powerful and influential oligarchs in America. In the absence of a total economic collapse, it would be inconceivable and highly unlikely that the government could or would go after this man, because in so many ways this man is the government.
Take that serfs.
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When he passes, I think a lot of shit will surface..
obama is his boy. the whole keystone pipeline refusal going to haunt his ass soo too
Yep, I've been thinking that as well.
Becky, were you at all concerned about this elderly mans heart condition during copulation? I mean shit, that much dairy queen crap is going to clog anyone's arteries, especially a fossil like this one.
dang, did not know he was that old; used to like his song about margaritaville
In fact, federal data shows that Vanderbilt typically charges black people who make over $75,000 a year slightly more than white people who make only $35,000.
Do credit scores ever play into mortgage applications...?
Living in pottersville ,,,,hes worst then potter was ,,,where is george?
They still use credit scores? I thought they'de already switched over to the Good Citizens Index™
Guilty! Sentence: Warren must spend two years sharing a double-wide with 400 lb. Candi, catering to her every need and whim all the while buying her "nice things".
obama or clinton would pardon him....why do you think he kissed their A$$es for so long.?
There is a special place in hell for people (from Buffet down to his front line workers) who would cheat someone on a freaking mobile home loan.
And the sellers of those reverse mortgages to the elderly are not far behind. I saw a $150K reverse mortgage the other day that had over $17K in lender fess. Scum.
“It doesn’t really matter as long as we get the money.”
Bitch just learned everything about doing business when your connected.
FORWARD BUFFET'S SOVIET!
Who here thinks this fucking scumbag actually lost a billion dollars from buying IBM stock? Either the FED financed his "IBM Buy", of he's a fucking liar. He's a fucking fraud.
Do you know how many people bought IBM and lost their asses already becuse the jew run media propagated tales of the ORACLE of Omaha investing in Big Blue?
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This mealy-mouthed congressional letter tells you all you need to know about how spineless our paid off politicians are. Instead of the phrase "raise our concerns," the intern who wrote this letter should have requested that Cordray and Lynch have their staff investigate Buffett's companies for apparent violations of federal law. What a waste of skins these lying politicians are!
this story is fucking histerical - most of all because maxine waters is leading the charge. doesn't she know that buffett was obama's running mate & now he got handed-off to hillary?
even funnier - watch maxine waters at any of the congressional hearings regarding the fed; EVERY thing out of her mouth is about keeping rates lo so african americans can get cheaper loans. just another way to keep the legacy of slavery going. as thomas jefferson once said "you enslave either thru the sword or thru debt". guess i just subscribe to the notion that DEBT IS NOT INCOME. these fucktards need to be called-out to the mat about what REALLY creates income/wealth inequality. its the manipulation of interest rates & NOT giving people at the bottom INCENTIVE to save & grow their $$$ rather than to force them into THINKING they are living a better lifestyle by levering-UP & obtaining more shit they can't afford.
Agreed. Except:
“There are two ways to conquer and enslave a country. One is by the sword. The other is by debt.” – John Adams
http://www.john-adams-heritage.com/quotes/
Maxine Waters!?!
Bitch couldn't even pay her phone bill when she ran the hair salon in Pasadena.
FORWARD MAXINE-PADS!
What interest did he charge Obama for the white house
What a stupid article. Lenders don't give a fuck what race you are. I've applied for 2 mortgages in my life, and neither of them had any checkbox for what race I was.
I don't know about that. Predatory lending looks for the weakest marks...
isn't it the other way round? that it's the "weak" that succumb to predatory lending? i.e. those who have no alternatives?
money is green, right? ha
Please "Predatory lending" is the term you moron leftist use for people who are too lazy to fucking read.
yes, but if you insist on naming your kid La-a (read Ladasha) it kind of gives it away
Vanderbilt typically charges black people who make over $75,000 a year slightly more than white people who make only $35,000.
I Hope this isnt spin and is factually correct (and they get fucked over) - i mean if black people are charged more because black people just happen to be lower income earners (on average) and therefore happen to be a higher credit risk (on average) and are charged higher (on average) then thats fine (MSM would ofcourse leave out the middle step that shows causation and simply show the correlation to stir the pot), but if it is as you say, then thats fucked and i hope justice is served
nothing will happen to the buffster... he's a friend of ZERO.
calling billy g; we need your history lessons to save the world...
Shhhhhhhhhhhhhhhhh...... It will look like we did something.
anyone remeber greentree? ha, goner. asset impaired?, ha, and the idiot works how many jobs? oh, we bundled that up in a neat bow tied package for hy credit markets.
fucking same sham over and over.
a fcuking sucker born every nano second...
"Of course, I don’t think for a moment that any real repercussions will actually befall Warren Buffett or his companies. He is one of the most powerful and influential oligarchs in America. In the absence of a total economic collapse, it would be inconceivable and highly unlikely that the government could or would go after this man, because in so many ways this man is the government.
Take that serfs."
I am usually amazed whenever I witness the phenomenon that is Warren Buffet and his effects on US politics
there he is, a kind of monk, allegedly, living in a small house, driving an old car, buying up assets like whole railroad systems and...
... telling the people that his class has won the class war. then, he moans that he pays less taxes then his secretary, percentage wise
and there, something happens: he gets hated. not for the class war thing and all the rest, no, for suggesting that the US tax code is not right
a slave is owned. a serf is bound. how a serf is bound, depends. in the primitive version, it's to the land. in the more modern version, through contracts
or... a belief system? nope, I can't say I understand
You're right about one thing: you don't understand.
Saying the tax code is not right is not the reason why he is hated...
You are correct. He was loved, in certain circles.
Then people started dissecting what he says and what he does.
And you see that he is just developing his folksy persona so he can mine more from the poor.
He has a challenge: how to continually get good returns for his money while he gets bigger and bigger.
He has to go lower and lower on the food chain to get returns.
Buffett is an "asset valuation idiot savant", and is getting more senile by the minute; he still views his corruption and hiding behind numbers as a indication of a job well done....
And your info is wrong.
His house in Omaha isn't small, it is maybe small for a billionaire. (6000 sq ft) It is a nice older home that most people couldn't afford now or when he bought it in 1958. His former wife had an apartment in San Francisco and he also had another more expensive home else where back in the early 2000s. His cadillacs weren't "old" back then either.
I believe bringing up taxes in that manner is a misdirection. His opinion on taxes is just one of the many reasons he is so disliked. He took advantage of the tax structures and now wants to change them after making his billions. And he is also fighting a large tax bill that was levied against one of his companies. How hypocritical.
"According to Berkshire’s 2010 annual report, the company has been in a near decade-long struggle with the IRS over its own taxes"
"Meanwhile, McCarty believes Berkshire’s current issues may be consistent with the company’s long-time history regarding taxes, noting, “this is not the first time that Berkshire Hathaway has tangled with the IRS.”
“They fought a 14-year battle over the dividends received deduction"
http://www.theblaze.com/stories/2011/08/30/how-much-is-buffetts-berkshir...
He is also disliked because he pretends to be the kind old conservative, value investor, which he isn't. He called derivatives "financial weapons of mass destruction" and was later caught trading them.
He described Lloyd Blankfein as straight forward and descent after the 2008 financial crisis. Really?
And then there are the government bailouts......
"But it turns out much of the story is fiction. A good chunk of his fortune is dependent on taxpayer largess. Were it not for government bailouts, for which Buffett lobbied hard, many of his company’s stock holdings would have been wiped out. "
http://blogs.reuters.com/rolfe-winkler/2009/08/04/buffetts-betrayal/
As I've said before, Buffett comes across to the world as that Kindly Lovable Ol' Grandpa that everyone adores..but if you sit on his lap he'll jam a finger up your ass. Probably check your pockets for change, too.
Yeah meanwhile he rides in private jets while his children take the bus to work. What a selfish skunk.
That reminds me of the late J. Paul Getty. He was sick and tired of his house guests running up his phone bills so he had pay phones installed in the foyer of his huge mansion. One son would always stop by in the morning - to supposedly check in on his father, all the while ransacking the refrigerator. Ole J. Paul - not one to be taken advantage of - had his head house maid make up menus with dollar amounts for his son.
E.F. Mutton As I've said before, Buffett comes across to the world as that Kindly Lovable Ol' Grandpa that everyone adores..but if you sit on his lap he'll jam a finger up your ass. Probably check your pockets for change, too.
-----
lol. You're rigt. I'm laughing because I thought of Bill Cosby too.
Dear "Honorable Loretta Lynch"? That's as far as I could read before getting a bleeding ulcer attack. I need a 911 call...
Right
None of these people are Honorable..To be direct > Fuck Them.
Is is any wonder they need many guns and weapons to guard their inhumane killer mentality.
Honorable is so far from the truth
How about putrid Lying assholes #1,#2,#3 and so on.
They are all psychopaths. And yes > FUCK them ALL.
Not for nothing - buffet is a criminal old fucking evil cunt - but no one held a gun to these people to take these shit loans. There needs to be a required class, every year in every school titled "how the world will fuck you over if you're not paying attention". Money, debt, lawyers, marriage/divorce, higher "education", Wall Street, the Feds, politicians...endless material.
Fuck this country is full of dumbasses and evil fucks who want to fuck them over for as many terrible hand jobs from you're 60-yr junior secretary Becky.
instead most highschool classes teach "how to be efficiently fucked by the world."
That's not a bug, it's a feature.
All by design.
Terrible handjob?
Is there such a thing?
"Hey, you ain't mashin' potatos here..."
+1
But if you knew Alyssa VanderMullen back in high school, you'd swear she had palms of sandpaper the next day. Those farm girls never wore gloves bailing hay.
buffet is the poster boy of what every red blooded human wants....
lol this is a BLM publicty stunt!
BoweLmovemets Matter?
I'm afraid Buffett will be more than -- probed ..
Buffett and friends should be very, very afraid ..
http://www.veteranstoday.com/2016/01/13/putins-dilemma/
We are all going to learn very soon, (in the next 3 months or so) what is direct action ..
Willie's The Voice, described European gold broker (who I wonder might actually be associated with Wanta) gets really graphic here ..
Guys, the plug has been pulled. Let the show begin. Our organization has been alerted accordingly to that effect this morning at 4am, that the deed is done. The battle trigger code has been chosen. It will get incredibly ugly, as real casualties will result. The annihilation of entire groups of people within the corrupt and criminal systems will be unimaginable to normal humanoids. These systems will be totally dismembered and crushed, never to be resurrected. The cabal is being caught in a grand dragnet, with the outcome certain to be their extermination, along with all their agents and collaborators. The effects of this event driven scenario will become visible to the ordinary people in early 2016 and forward. Once the dust settles, it is clear to me that the human population will be noticeably lower, with fewer people roaming this planet.
Such direct action might take the form and look something like this ..
Shooter - Court scene
Shooter - last chapter