The CFPB's lawsuit seeks to not only protect homebuyers, but also honest lenders helping people to finance the purchase of an affordable home.
Vanderbilt Mortgage goes further by taking the greater of the borrower's actual reported expenses or an estimated living expense for the family size, similar to that used by the Federal VA loan program.
Vanderbilt knowingly traps people in risky loans in order to close the deal on selling a manufactured home, asserted CFPB Director Rohit Chopra.
The company used artificially low estimates of living expenses to approve borrowers who wouldn't otherwise qualify.
#consumer-protection #mortgage-lending #predatory-practices #berkshire-hathaway #financial-regulation
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