The Mobile Home scam

Dec 2018
3,471
1,927
the Heart of America
#1
This looked like a great real estate investment until I saw on John Oliver's bit on how it traps people. I do not support "government housing" but I'm also against screwing poor people into become welfare recipients thus passing the buck to taxpayers for profit. It is in the best interests of the US economy that citizens have jobs, pay taxes and live in affordable housing. Mobile homes are fine, but, as the link notes, screwing them on the land rent to the point they default on their loans is bad for the nation since defaulters often end up homeless and living on welfare thus necessitating "government housing".

The solution here is fair business practices. As Oliver's report mentions, “Buying a mobile home and renting the land underneath it can be financially catastrophic...It’s important that anyone considering doing that knows the risks involved.

I fully support capitalism, but predatory practices and snake-oil salesmen are detrimental to the US economy.

John Oliver tackles affordable housing, mobile homes on ‘Last Week Tonight’ - The Boston Globe
....During Sunday’s episode of “Last Week Tonight,” host John Oliver dug into the mobile home industry, laying out the efforts of wealthy investors to extract profits from what he called “one of America’s last affordable housing options.”...

...Big companies like Clayton, Oliver noted, benefit from that twice over, because not only do they sell homes that inevitably drop in value, they offer short-term loans with high interest rates to customers, trapping them in loans they can’t afford.

Addtionally, Oliver explained, many residents are stuck paying for their home — via a loan — and paying rent to a company that owns land in mobile home parks. That, Oliver warned, is where things can get difficult for home owners
.
 
Mar 2019
2,515
1,326
"US" of A
#3
This looked like a great real estate investment until I saw on John Oliver's bit on how it traps people. I do not support "government housing" but I'm also against screwing poor people into become welfare recipients thus passing the buck to taxpayers for profit. It is in the best interests of the US economy that citizens have jobs, pay taxes and live in affordable housing. Mobile homes are fine, but, as the link notes, screwing them on the land rent to the point they default on their loans is bad for the nation since defaulters often end up homeless and living on welfare thus necessitating "government housing".

The solution here is fair business practices. As Oliver's report mentions, “Buying a mobile home and renting the land underneath it can be financially catastrophic...It’s important that anyone considering doing that knows the risks involved.

I fully support capitalism, but predatory practices and snake-oil salesmen are detrimental to the US economy.

John Oliver tackles affordable housing, mobile homes on ‘Last Week Tonight’ - The Boston Globe
....During Sunday’s episode of “Last Week Tonight,” host John Oliver dug into the mobile home industry, laying out the efforts of wealthy investors to extract profits from what he called “one of America’s last affordable housing options.”...

...Big companies like Clayton, Oliver noted, benefit from that twice over, because not only do they sell homes that inevitably drop in value, they offer short-term loans with high interest rates to customers, trapping them in loans they can’t afford.

Addtionally, Oliver explained, many residents are stuck paying for their home — via a loan — and paying rent to a company that owns land in mobile home parks. That, Oliver warned, is where things can get difficult for home owners.

" ... but I'm also against screwing poor people into become welfare recipients thus passing the buck to taxpayers for profit."


If only americans felt that way about subsidizing the aristocracy.
 
Dec 2018
3,471
1,927
the Heart of America
#4
" ... but I'm also against screwing poor people into become welfare recipients thus passing the buck to taxpayers for profit."

If only americans felt that way about subsidizing the aristocracy.
Since Americans don't have an aristocracy, I think you're confusing us with the fucking Brits.
 
Dec 2018
3,471
1,927
the Heart of America
#5
Repoing is a rough business be it homes, cars or trailer homes. Still, nothing wrong with owning a trailer home if it gives a family a home instead of a one-bedroom apartment. The key is the land it's sitting upon. If they own it, fine. If not, then there needs to be some rules on predatory pricing be it a 10 year lease, rent-to-buy or simply make it part of the loan.
 
May 2007
4,757
2,377
your place
#6
Since Americans don't have an aristocracy, I think you're confusing us with the fucking Brits.
The use of the term was obviously a reference to the very few members of our society that have more influence in Washington based on thier money.

With the top 1 percent owning as having as wealth as the bottom 90 percent, they are essentially the equivalent of the aristocracy. The sold out politicians have set up the system to favor the rich. Why do you think Americans are forced to pay the highest prescription drug costs of any major country?
 
Dec 2018
3,471
1,927
the Heart of America
#7
The use of the term was obviously a reference to the very few members of our society that have more influence in Washington based on thier money.

With the top 1 percent owning as having as wealth as the bottom 90 percent, they are essentially the equivalent of the aristocracy. The sold out politicians have set up the system to favor the rich. Why do you think Americans are forced to pay the highest prescription drug costs of any major country?
Thanks but I give that particular "use of the term" as much credence as someone who labels all Democrats as "anti-American Socialists seeking to tear down the Constitution for ISIS". In short, it's stupid.

Obviously politics are involved in our economic legislation, but if everyone is going to immediately steer hard Left or hard Right on every fucking issue, then that explains why nothing is being done, why nothing is being fixed and why this problem is probably going to continue.
 
Mar 2019
2,385
1,322
Down a back road turn south on a gravel drive
#9
Repoing is a rough business be it homes, cars or trailer homes. Still, nothing wrong with owning a trailer home if it gives a family a home instead of a one-bedroom apartment. The key is the land it's sitting upon. If they own it, fine. If not, then there needs to be some rules on predatory pricing be it a 10 year lease, rent-to-buy or simply make it part of the loan.
I hate to see people preyed upon with lending as well.
 

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