Investing
Buffett Housing Play: Pay Mortgage If You Lose Your Job (BRK-A)
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Berkshire Hathaway Inc. (NYSE: BRK-A) is known for investing in and owning many businesses which Warren Buffett believes or believed had a time horizon of “forever” even if they closed the stock market. In this he actually has some homebuilder exposure and exposure to the building products side of the housing sector. It owns Clayton Homes, and Clayton has built more than 1,000,000 homes since 1934. Clayton is following the path of some automakers: paying for your mortgage if you lose your job.
For new homebuyers, Clayton is offering a 3-month mortgage payment guarantee if they lose their job because of the economic downturn. If the monthly mortgage payment includes homeowners insurance and property taxes, Clayton will absorb those costs as well. The Payment Protection Program is applicable for new manufactured homes purchased between now and the end of June.
There is a gimmick every day in the new economy. It worked for cars.
Jon C. Ogg
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