Clayton Homes - Investment Thesis

Scale and Market Position

Clayton is the clear leader in manufactured homes:

• Produces ~27,000+ homes per year
• Accounts for about one-third of the industry
• operates in all 50 states through hundreds of retailers

The Lending Lesson

Clayton's mortgage business proved a crucial case study in the 2008 crisis:

Despite serving borrowers with lower credit scores (median FICO 644 vs. national 723):

• Clayton's foreclosure rate was 3.0-3.6%
• Industry-wide conventional mortgage forec

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