The Consumer Financial Protection Bureau has filed a lawsuit against Maryville-based home lender Vanderbilt Mortgage and Finance, Inc. accusing them of predatory lending.
It’s a manufactured-home-financing company which primarily finances loans for homes manufactured and sold by its parent company, Clayton Homes, Inc.
The lawsuit alleges Vanderbilt “saddled borrowers in the greatest need with mortgages that they couldn’t reasonably afford to repay ignoring red flags”
Additionally, the lawsuit says Vanderbilt violated its own policy and made loans to borrowers who had a negative net residual income.
Vanderbilt has been accused of violating the Truth in Lending Act and the CFPB is asking the court to permanently enjoin Vanderbilt from committing future violations and award damages, restitution, penalties and other costs against Vanderbilt.
