Billionaire philanthropist Warren Buffett controls a mobile-home kingdom that guarantees low-income borrowers affordable houses. But all many times, it traps those owners in high-interest loans and quickly depreciating houses.
To begin a set
EPHRATA, give County — After several years of surviving in a 1963 travel trailer, Kirk and Patricia Ackley discovered a permanent home with enough area to host grandkids and look after her the aging process daddy struggling with dementia.
Therefore, given that pilot vehicles ready to guide the home that is factory-built from Oregon in might 2006, the Ackleys were elated to finalize paperwork looking forward to them at their loan broker’s dining room table.
But the shutting documents he set before them held a shock: The promised 7 % rate of interest had been now 12.5 per cent, with monthly obligations of $1,100, up from $700.
This report is a collaboration involving the Seattle circumstances additionally the Center for Public Integrity, a nonprofit, nonpartisan newsroom that is investigative in Washington, D.C.