The mobile-home trap: what sort of Warren Buffett kingdom preys in the bad

Billionaire philanthropist Warren Buffett controls a mobile-home kingdom that promises low-income borrowers affordable homes. But all many times, it traps those owners in high-interest loans and quickly depreciating domiciles.

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EPHRATA, give County — After many years of staying in a 1963 travel trailer, Kirk and Patricia Ackley discovered a permanent house or apartment with sufficient area to host grandkids and look after her the aging process dad struggling with dementia.

Therefore, while the pilot vehicles willing to guide the factory-built house up from Oregon in might 2006, the Ackleys were elated to finalize documents looking forward to them at their loan broker’s dining table.

Nevertheless the documents that are closing set before them held a shock: The promised 7 % rate of interest had been now 12.5 %, with monthly obligations of $1,100, up from $700. Read the rest of this entry