The sum is not yet determined, per that source, but is anticipated at being in the $1 to $5 million-dollar range.
“While they [BH manufactured housing companies] don’t want to be fined, $5 million to them is like $20 for you and me,” the source explained.
“It will also give them [BH manufactured housing companies] the ability to say to the industry, ‘See, we hate the CFPB too.’ When in fact, Dodd-Frank has benefited them [by suppressing competition, due to the regulatory burdens].
Congressional Lawmakers, Non-Profits, Mainstream Media Accuse Clayton, 21st and VMF of Racism, Steering and Predatory Lending
MHProNews alerted the industry last month that the “Campaign for Accountability (“CfA”) seeks records from the Consumer Financial Protection Bureau (“CFPB”) regarding consumer complaints related to Clayton Homes,” said Daniel Stevens Executive Director of CfA.
The report also includes downloads of several Congressional lawmakers who have asked the CFPB to provide their research into claims of racism, steering and predatory lending. To see that more detailed report, click here.
MHProNews was told by a source with MHI connections that those allegations have been dogging Vanderbilt Mortgage and Finance (VMF) since about 2007.
Neither MHI, nor the BH units in question have responded to MHProNews about these allegations, nor have they offered even a simple statement that denounces racism.
The Daily Business News will continue to track and report on this and related developing stories that could impact the industry’s image and ongoing post-2008 recovery efforts. ##
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