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Warren Buffett’s Predatory Lender Charges Minorities A Whole Lot More

Friday, July 10th, 2020

Warren Buffett’s Predatory Lender Charges Minorities A Whole Lot More

Therefore, on an arid Saturday morning this summer that is past the sisters piled right into a friend’s pickup and headed for a Clayton Homes product sales great deal here simply outside of the impoverished Navajo booking.

The ladies — one in an extended, colorful skirt that is tribal another using turquoise precious jewelry, a conventional talisman against evil — were steered up to a mobile house telemarketer whom talked Navajo, just as the sound regarding the store’s radio adverts.

He moved them through Clayton-built houses from the great deal, then to the product sales center, moving a banner and posters promoting one lender that is subprime Vanderbilt Mortgage, a Clayton subsidiary. In, he handed them a Vanderbilt product sales pamphlet.

“Vanderbilt may be the just one that finances in the reservation, ” he told the ladies.

Their claim, that the ladies caught on tape, had been a lie. Plus it had been unlawful.

It is only one in a pattern of deceptions that Clayton has utilized to simply help draw out billions from bad clients round the nation — particularly people of color, whom compensate an amazing and growing percentage of its company.

The organization is managed by Warren Buffett, certainly one of world’s richest men, but its practices scarcely match Buffett’s truthful, folksy image: Clayton methodically pursues unwitting minority home purchasers and baits them into high priced subprime loans, some of which are condemned to fail, a study by BuzzFeed Information together with Seattle days has discovered. (more…)