C.F.P.B Sues Unit of Warren Buffett’s Berkshire Hathaway Over Risky Mortgages [The New York Times]
Berkshire Hathaway Inc. New (BRK.B)
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Source: The New York Times
A federal regulator sued a mortgage finance firm owned by Warren Buffett’s Berkshire Hathaway conglomerate on Monday, claiming it made loans to buyers of manufactured homes that it knew they could not afford.The civil suit,filed in federal courtThe consumer bureau said Vanderbilt overlooked that some borrowers were already falling behind on debt obligations when the loans were issued.“Vanderbilt knowingly traps people in risky loans in order to close the deal on selling a manufactured home,” said Rohit Chopra, the bureau’s director.The lawsuit seeks to force Vanderbilt to change its practices, provide restitution to customers and pay an unspecified civil penalty.Vanderbilt is a subsidiary of Clayton Homes, the country’s largest builder of manufactured homes, sometimes called mobile or prefab houses. Clayton also owns 21st Mortgage, which like Vanderbilt specializes in writing loans to buyers of manufactured homes. All three companies are based in Tennessee.The suit did not include 21s
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BRK.B
Earnings
- 11/4/24 - Beat
BRK.B
Sec Filings
- 1/3/25 - Form 4
- 12/27/24 - Form 4
- 12/26/24 - Form 144
- BRK.B's page on the SEC website