RE:RE:RE:RE:RE:Buffett will walk away with $4B in Mortgages in the endjust because they granted additional security does not mean that the mortgages are worth 50 cents on the dollar.
In fact had you listened to the annual meeting and the explanation given, you would understand this.
Once the depositor money has returned to its pre- crisis level and is maintained as a its main source of finance for next year, HGC will not be reliant on the BH LOC. the LOC will go away when its term expires- and will be replaced with more traditional bank financing.
The BH will serve as backstop until it will be replaced- the fact that the mortgages are being sold in the market place at 99.5 on the dollar is better indicator of what the book value of the mortgage book is worth.
it is you that is off the mark and doesn't understand the stock market. quit posting jibberish.