Vanderbilt Mortgage and Finance Inc., a unit of Warren Buffet’s Berkshire Hathaway Inc., has agreed to buy J.P. Morgan Chase & Co.'s $4 billion manufactured housing loan portfolio.
The deal was announced Tuesday and is expected to close this month. Vanderbilt did not say how much it would pay.
Vanderbilt and 21st Mortgage Corp. would service the portfolio. Berkshire Hathaway’s Clayton Homes Inc., a Knoxville, Tenn. builder of prefabricated homes, is the immediate parent of both Vanderbilt and 21st Mortgage.
JPMorgan Chase stopped originating manufactured housing loans in May.
