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Buffett: Banks Victimized by Excesses of Ousted Homeowners

Erod

Erod

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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.”
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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.
 
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.
 
iliveonramen said:
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.
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Tribalism is a human instinct
 
Erod said:
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.
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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.
 
megaprogman said:
Tribalism is a human instinct
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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.
 
iliveonramen said:
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.
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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.
 
Erod said:
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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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.
 
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Erod said:
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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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?
 
Erod said:
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.
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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.
 
1Perry said:
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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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.
 
iliveonramen said:
Ummm....how so? The govenment never encouraged giving people loans that couldn't afford them.
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The government pushed and encouraged relaxing lending standards. Spin that however you wish.
 
iliveonramen said:
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.
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Oh, as if! Give us a break, dude.
 
apdst said:
Oh, as if! Give us a break, dude.
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I'm about as partisan and opinionated as they get...I also never "hated" Bush...I don't really give a damn about the Koch brothers, and I also don't assume that if someone has a "liberal" view that they are necessarily a Liberal or will fall into some box.
 
iliveonramen said:
I'm about as partisan and opinionated as they get...I also never "hated" Bush...I don't really give a damn about the Koch brothers, and I also don't assume that if someone has a "liberal" view that they are necessarily a Liberal or will fall into some box.
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Right!...................
 
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