“Residence buys must contain an trustworthy-to-God down payment of not less than 10% and month-to-month payments that may be comfortably taken care of through the borrower’s earnings,” Buffett afterwards wrote. “That earnings should be cautiously verified.”
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The supplier didn’t ask for any files to validate Mansfield’s earnings or work, data exhibit.
“A number of phone calls afterwards, we had a deal,” Buffett claimed at his 2003 shareholders Conference, Based on notes taken in the Assembly by hedge-fund supervisor Whitney Tilson.
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Berkshire’s spectacular-sounding ratio ignores financial loans find this which can be delinquent and homes that have already got been foreclosed or repossessed.
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