Warren Buffett Defends Clayton Homes Against Negative Claims
On Saturday, Warren Buffett defended Clayton Homes – Berkshire Hathaway’s lending unit – from a series of negative declarations, including the accusation that it had partaken in some predatory lending.
“We are not forcing loans on anybody. If they had a loan with us they didn’t like, they can pass off and borrow from somebody else,” Buffett told CNBC. “We have 300,000 loans on the books and in the last 3 years I’ve not received one letter of complaint from anybody.”
As previously reported, two separate accounts published in April suggested that Clayton Homes may have been swindling its borrowers, slapping them with high borrowing costs on houses with falling values.
Image via flickr/Medill DC