Buffett profits as venture into Canadian mortgage business ends: Reuters
Warren Buffett is getting out of the Canadian mortgage business after a nifty trade that helped a company that had been on the ropes, Reuters reported. Buffett’s Berkshire Hathaway Inc is “substantially” exiting its stake in Home Capital Group Inc after selling shares back to the company, the mortgage lender and Buffett said. Berkshire bought a 20 percent stake in Home Capital last year and extended a $2 billion credit line after the company suffered a deposit exodus after being accused of, and then admitting to, concealing mortgage fraud. Berkshire could see a profit of more than 70 percent for the shares it bought for about $9.55 apiece and sold back at $16.50 per share.
19 December 2018•3 mins read
