Lawmakers press for Investigation of Buffet (CLinton big $ backer) owned Mobile Home Business

Just how many ways can the billionaires prey on the American Public.

The lawmakers say that if the report is accurate, the Buffett-controlled company engaged in “clear violations of federal fair lending and consumer protection statutes” when it pioneered “a disturbing business model that targets low- and moderate-income minority borrowers and that steers them into high-cost loans.”

On Jan. 12, four Democratic lawmakers sent a letter to the Consumer Financial Protection Bureau requesting a probe of Clayton Homes and two of its subsidiaries. In their letter, the lawmakers said that last year, “the same Berkshire Hathaway companies, with Warren Buffett’s endorsement, successfully pressed Congress to pass legislation rolling back consumer protections” for those seeking loans for mobile homes. The lawmakers’ call for an investigation comes as Clinton competes for support from minority voters in key presidential primary states.

The Clinton campaign did not respond to International Business Times’ questions about the propriety of raising money from Buffett after her fellow Democrats requested the probe. Three of the four lawmakers who signed the letter — Reps. Maxine Waters of California, Emanuel Cleaver of Missouri and Michael Capuano of Massachusetts — have endorsed Clinton’s presidential bid, according to news reports. The other signatory, Minnesota Rep. Keith Ellison, has endorsed Clinton’s opponent, Vermont Sen. Bernie Sanders.

Buffett’s foray into presidential politics — and his bump up against a burgeoning Washington controversy over two businesses linked to him — contrasts with his image as the "Oracle of Omaha,” an elder statesman above the messiness of partisan politics. Buffett has called for changes to the tax code to address the fact that many wealthy investors like himself pay lower tax rates than regular Americans, like his secretary. His plea for Congress to raise taxes inspired “the Buffett rule,” a proposal from President Barack Obama to hike taxes on millionaires. But Buffett’s businesses have long intersected with the public policy arena — and some of them have a financial stake in various policies that will be overseen by the next president.

http://www.ibtimes.com/political-capital/warren-buffett-raising-money-hillary-clinton-amid-democrats-calls-probe-mobile