Daily Real Estate News May 5, 2008
Buffett Does His Part to Keep Rates Stable
Berkshire Hathaway, the insurance and investment company chaired by Warren Buffett, the world’s wealthiest man, has bought portfolios of subprime mortgages and frozen their rates.Buffett, who spoke at Berkshire Hathaway’s annual meeting Sunday, said Clayton Homes, a unit of Berkshire that makes and provides financing on manufactured homes, purchased the subprime mortgages. Clayton sent letters to all the borrowers involved telling them the interest rates wouldn’t reset higher."We're not in the business of resetting mortgages higher," Buffett said.Source: Dow Jones Business News, Alistair Barr (05/04/2008)
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