How did Clinton supporter Buffet's hi risk mortgages & constant repossessions affect our mortgage industry?

Question

I know that Oakwood Homes and now, Clayton Homes grants loans to anyone with a large downpayment, regardless of credit or, income and repossess and resale as soon as possible. I've heard that this practice of his has had a devastating effect upon lending practices and the mortgage industry nationwide, but I am not sure why.

If true, I would be ashamed to be associated with someone who takes advantage of our lower classes in this way. Especially, when running for president as a democrat.

As the largest builder, distributor and contractor of manufactured housing in the country, I think you're wrong, Spock.

Vanderbilt is the company that Buffet owns and does these loans on these homes. I just found this post - (There are many others.)

Six years ago I bought a new 16 X 80 and financed it with Tammac Corp. Well they sold my loan to Vanderbilt and my interest rate is 16% so I called to refi it but Vanderbilt doesn't refi aquired loans. Ok no big deal I will shop around. WRONG.......... Nobody will refi a Vanderbilt loan I have applied at 20 different banks and my credit is good. They all tell me the same thing that they are backed by Vanderbilt and can lose there deal with them if they take one of there loans...Is this right? Is this America? Has anyone else tried to refi with same results? Vanderbilt SUCKS!!!!

http://www.ripoffreport.com/reports/0/196/ripoff0196515.htm

Mtg, your are talking to someone who has worked within the industry for years and you are wrong.

Record repos from Buffet's organization sent manufactured housing mortgages into the toilet starting in 2001.

I have several customers with excellent credit and large downpayments who I cannot get financed. Park model financing - Buffet's specialty - is all but nonexistent. I have past customers sitting on mortgages they cannot sell regardless of credit and park owners whose only choice to sell is to carry their own loan.

You obviously know nothing about this segment of the industry.

Answer 1

You are correct . I was a general manager for a Horton Homes dealership during the sinking of Oakwood , Clayton , and Champion Homes where Buffet stepped in for the buyout ! He has cornered the Manufactured housing market , by using Vanderbilt Mortgage ( which is a division of Clayton Homes he bought out ) . Manufactured homes are much less expensive than stick built homes , but by getting buyers of his homes to finance through Vanderbilt at a higher interest rate , he is making a killing off of these high interest loans even though the product is much less expensive , plus he is making $$$$ off of the home itself , as it is his homes they are buying . Look for his next move to be the buying of as many " Mobile Home Parks " that he can so that he can put all his Vanderbilt repossessed homes in them . Thus getting rental income from something he has already made a profit off of ! He builds the homes , He sells the homes , he finances the homes , he repossesses the home , he rents them out !! Remember he got cash down payments he doesn`t have to return , and maybe 4 or 5 years of 16% interest rate financed through Vanderbilt , and in a lot of cases , he got the homeowners acreage if it was a land / home deal , with the land being the equity for the loan . Yep , he probably has a hand in the " Mortgage Crisis" !!

Answer 2

Clinton is not responsible for the foreclosure crisis. There are billions of dollars worth of ARM loans that have either came due or will be coming due in the coming months that will raise the payments of these homeowners to amounts they cannot afford. Buffet bought Clayton Homes. Generally, speaking most ARM programs do not cover mobile homes unless it was a FHA or VA ARM. The loans with Vanderbilt mortgage and companies of this sort are for mobile home dealers. As far as lenders being afraid of paying off Vanderbilt that is not true. I am a mortgage lender and it does not matter who we payoff as long as the client qualifies. Governmental programs like FHA will refi a mobile home but it has to be a doublewide on permanent foundation which may be a problem for Vanderbilt clients that have bought singlewides or homes that do not have the foundation requirements these have always been nearly impossible to finance.

Looks like you think most everyone is WRONG. If you have worked in the mtg business for yrs then why ask the question? To slam people that do not have the same view point as yours?? Do you honestly think that there are more manufactured homes in the US than "stick built" homes? Wrong. Use common sense. By the way I have been in the industry for yrs as well.

Answer 3

No, the feds could enable the industry artwork on it quite is very own. A 2% default score interior the internal maximum loan industry can definitely best itself. that's complicated for some people yet government intervention continually motives extensive unfold havoc on any industry.

Answer 4

the hedge fund Edwards worked for did the same thing. He was on the board and says he didnt know they were involved in sub prime mortgages. RIGHT

Answer 5

hun? did I miss something here??

there are about 100 million houses in America -- even Warren Buffet's operations can't make up a significant portion of that.

so they had no effect on the larger market, no matter what they did [or didn't do].

Answer 6

she is backed by the bad groups and she will serve them(not American people) in gratitude if she makes it to office.

Answer 7

the sad part is that she will probably get the votes from people that will be homeless because of her.