Skip to comments.Buffett’s Bank of America (Warren Buffett’s Net Worth Jumps $154M Thanks to Mortgage Settlement)
Posted on 02/10/2012 11:00:08 AM PST by Beave Meister
Warren Buffetts stake in Bank of America Corp. increased in value by $154 million after President Obama and the U.S. Justice Department announced a $25 billion foreclosure abuse settlement with the five largest U.S. banks Thursday, records show.
Buffett invested $5 billion in Bank of America (B of A) on Aug. 25, 2011. As part of his investment deal, Buffett gained warrants that allow him to buy 700 million shares of Bank of America stock at a strike price of $7.14 a share. However, on Dec. 19, 2011, it was reported that Buffett was $1.5 billion underwater on his stock warrants, with shares of B of A stock trading at $4.94. But on Thursday, after President Obama personally announced the details of the settlement, B of A stock closed at $8.13 a share. The stock opened Friday morning at $8.31 and reached as high as $8.35 a share.
If Buffett had exercised his warrants Friday morning, he would have made $847 million. $154 million of that profit would have been related to the foreclosure deal.
(Excerpt) Read more at freebeacon.com ...
This man does not care crap about this country.
He’ll sell the country down the tubes as long as he gets his ‘30 pieces of silver’.
Does anyone understand how this is supposed to work? I just saw a “crawl” on the TV that said banks are going to pay people $35,000 to sell their homes if they’re behind on payments.
So, let’s assume Mr. Smith lives on Jones St. He’s been making his payments even though he is underwater. Mr. Gray lives next door and he’s behind in payments. Mr. Wilson lived on the other side of Mr. Smith but his house was foreclosed on so he’s gone.
The way I understand this settlement is Mr. Jones will get his principle reduced. Mr. Wilson will get $2,000 and Mr. Smith gets a kick in the ........
Well we know he is going to give it all away to the IRS. Chaa right. Like Mark Levin says; All he does is push paper around and this he feels qualifies him to dictate to people who do real work for a living that they should pay more taxes.
Does “Mr. Jones” also live on “Jones St”? - or is he behind Mr. Gray, but in front of Mr. Smith?
There is homeowner A, B and C. B lives between A and C. B gets kicked in the ..........for making his payments.
Just saw on the news that this does not affect Fannie, Freddie, FHA or VA loans. That’s 80% of all mortgages. My wife and I sold new homes in Houston. I’d guess at least 80%, if not more, of the mortgages were FHA loans. Less down payment. Then it went to nothing down and no closing costs. And these were fannie, freddie and fha.