Billionaire philanthropist Warren Buffett controls a mobile-home kingdom that guarantees low-income borrowers affordable homes. But all all too often, it traps those owners in high-interest loans and quickly depreciating domiciles.
To begin a set
EPHRATA, give County — After many years of surviving in a 1963 travel trailer, Kirk and Patricia Ackley found a permanent house with sufficient area to host grandkids and take care of her the aging process daddy struggling with dementia.
Therefore, given that pilot cars willing to guide the factory-built house up from Oregon in May 2006, the Ackleys were elated to finalize paperwork 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 percent rate of interest had been now 12.5 %, with monthly premiums of $1,100, up from $700.
This report is really a collaboration between your Seattle instances together with Center for Public Integrity, a nonprofit, nonpartisan investigative newsroom based in Washington, D.C. (more…)