More than a dozen Clayton people demonstrated a consistent array of inaccurate strategies one to secured him or her for the ruinous revenue: financing words you to definitely changed suddenly once they paid back deposits otherwise waiting homes because of their the property; shock charge tacked to funds; and you can tension to look at excessive money considering false claims which they you certainly will later on re-finance.
Those fund averaged seven commission situations more than the average domestic financing within the 2013, based on a heart getting Personal Ethics/Times research off government investigation, compared to merely step 3.8 percentage factors more than some other loan providers.
Consumers advised out of Clayton collection agents urging these to reduce on as well as health care otherwise search handouts so you can build household costs. While land had hauled over to getting resold, particular people currently had repaid plenty when you look at the fees and you may appeal that organization still came out ahead. Even from the Higher Recession and you may construction crisis, Clayton is successful every year, creating $558 million inside the pre-tax money a year ago. Continue reading “A review of Berkshire Hathaway’s reaction to mobile family trap’ analysis”