Lender with ties to Warren Buffett backs a loan for manufactured homes

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Buffett touted the 3 percent default rate to shareholders in order to rebut claims of predatory lending in a recent investigation by The Seattle Times and The Center for Public Integrity into Berkshire’s mobile-home subsidiary, Clayton Homes. But Buffett’s number only counted loans that defaulted in a one-year period.

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CIT also said it agreed to sell a $470 million portfolio of loans financing manufactured homes for about $300 million to Vanderbilt Mortgage and Finance, a unit of Warren Buffett’s Berkshire..

Fraud, misrepresentations, and loan defects are rising as refinances decline and purchase activity increases. According to The First american financial corporation, their Loan Application Defect Index rose 5.8% in January 2017, as compared to last year.

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Announced on Aug. 25, Berkshire Hathaway Inc. Chairman Warren Buffett’s purchase of $5 billion. Fannie and Freddie wanted Bank of America and other lenders to buy back billions in defective loans..

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Lender with ties to Warren Buffett backs a loan for manufactured homes silverton Mortgage, an affiliate of Warren Buffett’s Berkshire Hathaway, has joined a small but growing group of lenders in offering a newer form of government-sponsored enterprise financing for manufactured homes.