The Consumer Financial Protection Bureau has filed a lawsuit in the Eastern District of Tennessee against Vanderbilt Mortgage and Finance, a mortgage finance firm owned by Warren Buffett’s Berkshire Hathaway (BRK.B) (BRK.A), alleging it made loans to buyers of manufactured homes that it knew they could not afford. The civil suit claims Vanderbilt ignored “clear and obvious” signs that borrowers would not be able to repay the loans according to their terms. The lawsuit seeks to force Vanderbilt to change its practices, provide restitution to customers and pay an unspecified civil penalty.
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