Sometimes the right thing to do is also good business
Bob Morris @ May 5th 2008 18:45 - Category: Credit crisis
Buffett buys subprime mortgages, freezes resets
Sure, they probably bought the mortgages cheap. But the best way to get mortgages paid is to insure people can afford to stay in their homes. That’s why they didn’t raise the rates even though they could. This was done by Clayton Homes, a subsidiary of Berkshire Hathaway that makes and finances manufactured homes. So, in a very real way, they are providing huge support to one of the most vulnerable group of homeowners, those owning manufactured home bought with subprime mortgages. This is a good thing, indeed.
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