Report: Berkshire subsidiary trapped people in bad loans; Clayton Homes disputes claims

Source: Omaha World Herald-AP

SEATTLE (AP) — A new report has found that predatory sales practices and high interest rates charged by a Berkshire Hathaway company often trap mobile-home buyers in untenable contracts.

An investigation by the Seattle Times and the Center for Public Integrity found that Clayton Homes builds more than half of the mobile-home industry's new units and provides more than one-third of the industry's new loans.

In a statement Friday afternoon, Clayton Homes called the report misleading.

"The overwhelming majority of Clayton Homes’ customers report high levels of satisfaction with their home purchase and mortgage, and we are honored to serve them in their communities," the company wrote.

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Read more: http://www.omaha.com/money/report-berkshire-subsidiary-trapped-people-in-bad-loans-clayton-homes/article_18cd384e-da23-11e4-9e89-7fffdf36b849.html