Tuesday, February 28, 2012

'Populist' tycoon Warren Buffett to evicted home­owners: You won!

Photo: Dorothea Lange

Buffett had this sympathetic salve in his breathlessly-awaited 2011 letter to shareholders regarding homeowners left out in the cold during the recent mortgage meltdown:
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. In these cases, the evicted homeowner was the winner, and the victim was the lender.

1 comment:

  1. i never knew that WB was such a republican. its all beginning to make sense now.