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Thread: Buffett: Banks Victimized by Excesses of Ousted Homeowners

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    Buffett: Banks Victimized by Excesses of Ousted Homeowners

    Buffett: Banks Victimized by Excesses of Ousted Homeowners - Bloomberg

    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.”
    So you're saying, Warren, that people who buy homes actually DO know what they're doing when they sign the paperwork?

    Obama is not going to be your BFF anymore if you keep this up.

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    Re: Buffett: Banks Victimized by Excesses of Ousted Homeowners

    What's with the need to compartmentalize everyone into "Liberal" or "Republican" and then declare them enemy or ally? You are aware that Buffet criticized any talk about capping executive compensation for execs which was something the Obama White House was discussing? He was also used for advice by Hank Paulson (Bush Sec of Treasury) during the financial collapse.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Quote Originally Posted by iliveonramen View Post
    What's with the need to compartmentalize everyone into "Liberal" or "Republican" and then declare them enemy or ally? You are aware that Buffet criticized any talk about capping executive compensation for execs which was something the Obama White House was discussing? He was also used for advice by Hank Paulson (Bush Sec of Treasury) during the financial collapse.
    Tribalism is a human instinct

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    Re: Buffett: Banks Victimized by Excesses of Ousted Homeowners

    Quote Originally Posted by Erod View Post
    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?

    Obama is not going to be your BFF anymore if you keep this up.
    I absolutely agree with this. Example: a couple I know bought their home in 1993 for $180,000. By the time it went into foreclosure, they had refinanced it up to $325,000. When the real estate market crashed, they let it go into foreclosure and walked away with money in their pockets. Had they not refinanced it over and over again to finance their trips to Europe, family cruises, their $13,000 dining room set, their son's private school (elementary), etc., etc., they wouldn't have been upside down. So they got all of those benefits basically free.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Buffett: Banks Victimized by Excesses of Ousted Homeowners

    Quote Originally Posted by megaprogman View Post
    Tribalism is a human instinct
    It is, but the psychology of middle class conservative seems to fly in the face of the most basic instinct of all -- self preservation. They lionize uber wealthy individuals like the Koch brothers who oppose middle class interests virtually across the board, while they demonize uber wealthy individuals like Buffett who support middle class interests. It's bizarre.

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    Re: Buffett: Banks Victimized by Excesses of Ousted Homeowners

    Quote Originally Posted by iliveonramen View Post
    What's with the need to compartmentalize everyone into "Liberal" or "Republican" and then declare them enemy or ally? You are aware that Buffet criticized any talk about capping executive compensation for execs which was something the Obama White House was discussing? He was also used for advice by Hank Paulson (Bush Sec of Treasury) during the financial collapse.
    Warren Buffett is for Warren Buffett. "Tax the Rich" no longer effects him because he's already rich and his money is safe from the increase. But his fund is being affected by this situation, so he sides with the banks.

    Buffett is like Trump, purely an attention whore and egomaniac. They're like Hollywood; they "trumpet the needs of the little people" so they look like altruistic humanitarians. Just words. They didn't get their billions being "swell guys", nor should they have had to. But don't act like you did.

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    Re: Buffett: Banks Victimized by Excesses of Ousted Homeowners

    Quote Originally Posted by Erod View Post
    Warren Buffett is for Warren Buffett. "Tax the Rich" no longer effects him because he's already rich and his money is safe from the increase. But his fund is being affected by this situation, so he sides with the banks.

    Buffett is like Trump, purely an attention whore and egomaniac. They're like Hollywood; they "trumpet the needs of the little people" so they look like altruistic humanitarians. Just words. They didn't get their billions being "swell guys", nor should they have had to. But don't act like you did.
    You could make the same bogus argument about any of the rich. They're already rich, so why are they still looking for more and bigger tax cuts? Your argument is that taxes don't matter to the rich, because they're already rich? So what's your object to raising their taxes?

    However you cut it, there is no way you can logically argue that Buffett profits by lobbying for his own taxes to go up.

    Likewise, there is no logical basis to criticize Buffett's stance in this case. It's beyond obvious that individuals have dirty hands when they intentionally suck cash out of their homes and then default on their mortgages.
    Last edited by AdamT; 02-28-12 at 11:57 AM.

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    Re: Buffett: Banks Victimized by Excesses of Ousted Homeowners

    Quote Originally Posted by Erod View Post
    Warren Buffett is for Warren Buffett. "Tax the Rich" no longer effects him because he's already rich and his money is safe from the increase. But his fund is being affected by this situation, so he sides with the banks.

    Buffett is like Trump, purely an attention whore and egomaniac. They're like Hollywood; they "trumpet the needs of the little people" so they look like altruistic humanitarians. Just words. They didn't get their billions being "swell guys", nor should they have had to. But don't act like you did.
    Then what's your need to attack him constantly....he's a billionaire that has views and shares them. Like the mega rich in this country have done since the founding. If you don't agree with him who cares. Why exactly do you have attack his character in order to validate your own views?
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: Buffett: Banks Victimized by Excesses of Ousted Homeowners

    Quote Originally Posted by Erod View Post
    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?

    Obama is not going to be your BFF anymore if you keep this up.
    I don't think the implications have been noted here yet. Within 1 year you'll see a push to allow banks to recoup this money. When Warren complains the government is going to see that the complaint is addressed.

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    Re: Buffett: Banks Victimized by Excesses of Ousted Homeowners

    Quote Originally Posted by 1Perry View Post
    I don't think the implications have been noted here yet. Within 1 year you'll see a push to allow banks to recoup this money. When Warren complains the government is going to see that the complaint is addressed.
    Maybe you're right. Personally, I don't feel sympathy for either side on the issue. People who borrowed money for houses they couldn't pay for, and lenders who loaned money to people with poor credit, were both being stupid and/or negligent. The fact that government social policies encouraged the insane practices was just the icing on the cake.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
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