Buffett: Banks Victimized by Excesses of Ousted Homeowners - Bloomberg
So you're saying, Warren, that people who buy homes actually DO know what they're doing when they sign the paperwork?Warren Buffett, who controls thebiggest shareholding of the No. 1 U.S. mortgage lender, said banks were victimized by some homeowners who refinanced their loans before getting evicted.
“Large numbers of people who have ‘lost’ their house through foreclosure have actually realized a profit because they carried out refinancings earlier that gave them cash in excess of their cost,” Buffett, chairman and chief executive officer of Berkshire Hathaway Inc. (BRK/A), said Feb. 25 in his annual letter.“In these cases, the evicted homeowner was the winner, and the victim was the lender.”
Obama is not going to be your BFF anymore if you keep this up.