MARYVILLE, Tenn. (WVLT) – The Consumer Financial Protection Bureau (CFPB) filed a lawsuit on Monday against a Maryville-based home lender accusing them of predatory lending.
According to the lawsuit, Vanderbilt Mortgage and Finance, Inc. is a manufactured-home-financing company out of Maryville. It 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” and “ignored clear and obvious red flags that certain consumers would not be able to repay their loans according to their terms.”…