Taxpayers are going to have to bail out Freedie/Fannie to the tune of $190 billion, are you surprised? Giving loans to sub-prime borrowers didn’t work in 2006, and doesn’t work now.
So what does this entity in never-ending need of bailouts do? They’re going to offer MORE subprime loans, this time for trailer homes. And guess who happens to own one of the largest mobile home manufacturers in the country? That’s right, Warren Buffett, the original crony capitalist. He got billions from taxpayers from the TARP rip-off, but billions and billions are never enough are they? You’ll be paying when all the trailer loans default, and Buffy will be pocketing many billions more. Where’s my rope?
With 1 In 3 Homes Unaffordable, Freddie Mac Prepares To Enter The Trailer Home Loan Market
Submitted by Mike Krieger of Liberty Blitzkrieg blog, 05/01/2014
I can’t say this is surprising. After all, with average peasants, I mean citizens, now priced out of the domestic housing market (Zillow recently showed 1 in 3 homes are unaffordable) due to billionaire financiers and foreign oligarchs buying up all real estate in cash purchases, American serfs now will find out where the “elites” think they belong. In trailer homes, naturally.
Oh, but the story gets better, a lot better. As is generally the case in the USSA these days, crony capitalist oligarchs have perfectly positioned themselves to benefit financially from the final transition of Americans to neo-feudalism. Recall that in my post from last October titled, Carlyle Group’s Latest Investment…Trailer Parks, it was noted that trailer park owners share the following attractive quality:
Our customers have no alternative shot at homeownership, nor do they [normally] even have the credit scores and quality to seek anything better…They never leave the park they are in, and the revenues are unbelievably stable as a result.
Sure, we know from the Dark Ages that peasants on the land stay put. Same concept here. However, it gets even better than this. America’s number one hypocritical, crony capitalist, Warren Buffett is also positioned to benefit.
From Bloomberg:
Want to buy a trailer park? Freddie Mac wants to give you a loan.
The unit of the government-owned mortgage giant that funds apartment buildings is set to begin financing manufactured-housing communities, the company said in a statement today.
The firm is broadening its reach in the multifamily segment of the housing market as it seeks to fulfill its mandate to provide affordable options for low-income families. The McLean, Virginia-based lender will work with established companies in the industry across the U.S., said David Brickman, the head of multifamily operations at Freddie Mac.
“It’s rounding out our ability to touch the affordable housing space,” Brickman said today in a telephone interview. “Manufactured housing is a big piece of rural affordable housing.”
Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., lamented the punitive rates charged to purchase factory-built homes in his 2009 annual letter to shareholders. Berkshire owns Clayton Homes Inc., a builder of manufactured housing.
George Carlin had the idea that trailers should be round – like beer cans.
That way, when there’s a tornado, they can just roll.
Seriously, this is another nail in the coffin.
Bershire Hathaway owns Clayton Homes which builds around 75% of the modular homes. Gary Schilling of the Insight Report is on Claytons Board of Director I believe.
I have a friend who has one set up on a lot in the mountains north of Blowing Rock NC.I go up to do some trout fishing several times each year .It is well made and very comfortable.You could live in it year round just like a house.He paid 10,000 for the home and 10,000 for the lot.It’s real nice and he has titles to both.Hell, I been thinking about doing the same thing.Have it as a bug out home.