Yet one more reason to despise the old pirate hiding behind a grandfatherly facade.
http://www.bloomberg.com/news/2012-0...s-winners.htmlWarren Buffett, who controls the biggest 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.”
Screw you and the horse you rode in on Mr. Buffett!
The field was tilted entirely in the banks' favor and they simply screwed the pooch. Their entire business is supposed to be making profitable loans. As professionals they were always in much better position to know which loans were sound and which ones were risky than the individual on the other side of that desk. Yet somehow the BANKS are the victim here?
He's just another scumbag talking his book. It's just sickening how anyone can try to paint the banks as anything more than incompetents at best and organized crime at worst. If that's not enough he tries to use political influence in a way that is profitable for him but damaging to the country. I'm amazed that anyone continues to buy into his BS.