Chairman of Berkshire Hathaway billionaire investor Warren Buffett says his company may get involved in housing finance once Fannie Mae and Freddie Mac are out of the picture. Similar to what has been proposed in the Senate, he says the government should be the backstop of last resort in a housing finance reform system, according to businessweek.com. “I think government has to play a part in housing,” Buffett said. “The 30-year fixed-rate mortgage is very good for the American public and I think that you will need government participation in some way to bring the costs down.” Freddie and Fannie were taken over in 2008 by the government at a cost of $187.5 billion, and today all their profits go to the treasury. Berkshire had holdings in both before the housing collapse, and currently originates apartment loans in conjunction with Leucadia National Corp., as Berkadia Commercial Mortgage LLC. MHProNews.com reports Berkshire also finances manufactured homes sold through its subsidiary, Clayton Homes of Maryville, Tennessee. ##
