Freddie Mac (Federal Home Loan Mortgage Corporation)

Afternoon Session - 2019 Meeting

“But they would get that even cheaper if Freddie and Fannie expanded their programs.”

Warren Buffett On The 2008 Crisis

“Wall Street firms trying to sell us many, many, many billions of dollars worth of equity securities in Freddie Mac, and I knew something was wrong.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“talking about Freddie and Fannie's loans. I mean, they give you the foreclosure rate by year”

Was the U.S. government complicit in the housing bubble?

“legislators were encouraging Freddie and Fannie to be doing things that they shouldn't have been doing”

Afternoon Session - 2013 Meeting

“that's what happened with Freddie Mac and Fannie Mae. I mean, enormous companies that had a huge advantage”

Tap Dancing to Work

“people looked at Freddie and Fannie, which were the first ones to get in trouble in September, more or less”

Morning Session - 2009 Meeting

“With Freddie and Fannie, the preferred was gone. I mean, there was no equity. And the preferred got, in effect, it's gotten wiped out”

Warren Buffett remembers the 2008 financial crisis | July 11, 2018

“trying to sell us many, many, many billions of equity securities in Freddie Mac. And I knew something was wrong.”

Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010

“Freddie Mac believed it, Fannie Mae believed it, Congress believed it, the media believed it”

Warren Buffett 2008 Interview (Ivey Archive)

“Fannie Mae and Freddie Mac are 2 of the most important institutions...we found that both of them had some of the largest accounting discrepancies”

Warren Buffett remembers the 2008 financial crisis | July 11, 2018

“these two institutions that either own or guarantee 45% of all the residential mortgage in the United States, $5 trillion almost”

Warren Buffett remembers the 2008 financial crisis | July 11, 2018

“you know, Fannie and Freddie, they're no good, you know. Now the government says it's going to stand behind them”

2008 Berkshire Hathaway Shareholder Letter

“They allowed Fannie Mae and Freddie Mac to engage in massive misstatements of earnings for years. So indecipherable were Freddie and Fannie”

2008 Berkshire Hathaway Shareholder Letter

“The report's 127 pages...delivered nine days after the CEO and CFO of Freddie had resigned in disgrace”

Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010

“Why did you sell your Freddie Mac stock? I sold it for several reasons, but I think we were the largest shareholders of Freddie Mac.”

Afternoon Session - 2008 Meeting

“And these big companies were Fannie Mae and Freddie Mac, and they had a large element of public purpose in them. And they had their activities had overtones for the whole mortgage and securities marke”

Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“We bought 4% of Freddie Mac [many years ago] yet none of Fannie Mae.”

Morning Session - 2005 Meeting

“mortgages intermediated in a way that the person buying the mortgage in the case of, I'm thinking of Freddie and Fannie”

Morning Session - 2005 Meeting

“regulatory environment in Washington, which appears to be growing much more negative on Fannie Mae, Freddie Mac, Farmer Mac”

Morning Session - 2004 Meeting

“look at something like Freddie Mac, where you had an institution that perhaps even hundreds of financial analysts...managed to misstate earnings by some $6 billion”

Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“We held that stock for a great many years, and of course made a great deal of money.”

Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“The enormous taxes we paid when we sold Freddie Mac last year is an example of this.”

Wesco Financial Annual Letter 2001

“The sale of the Freddie Mac shares in 2000 was principally responsible for the reduction of that interest-free "loan"”

Afternoon Session - 2001 Meeting

“whether it's in banks, insurance companies, or in what they they call GSEs here in the case of Freddie and Fannie”

Wesco Financial Annual Letter 2000

“Freddie Mac shares could be lawfully owned only by a savings and loan association. Those shares, carried on Wesco's balance sheet at yearend 1999 at a market value of $1.4 billion, were sold in 2000”

Afternoon Session - 2000 Meeting

“Freddie Mac with all the current brouhaha. Every year there's new brouhaha, as you know, with the buyback of the 30-year bond”

Wesco Financial Annual Letter 1999

“investment in Freddie Mac common stock, purchased by Mutual Savings for $72 million at a time when Freddie Mac shares could be lawfully owned only by a savings and loan association. The 28,800,000 sha”

Morning Session - 1998 Meeting

“we have large holdings in Freddie Mac and Fannie Mae, and as you both know, they were quite, well, they were hurt quite a lot when interest rates went up”

Wesco Financial Annual Letter 1997

“28,800,000 shares of Federal Home Loan Mortgage Corporation ("Freddie Mac"), purchased by Mutual Savings for $72 million at a time when Freddie Mac shares could be lawfully owned only by a savings and”

Afternoon Session - 1997 Meeting

“A very large percentage of Westco's value is represented by its interest in Freddie Mac.”

Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)

“Freddie Mac is a marvelous business, but its success is its own anchor.”

1994 Berkshire Hathaway Shareholder Letter

“Federal Home Loan Mortgage Corp. 6.3%(1) 6.8%(1) 47(2) 41(2)”

1994 Berkshire Hathaway Shareholder Letter

“major drop in the value of our holdings in See's, Wells Fargo and Freddie Mac”

Morning Session - 1994 Meeting

“interest rate-sensitive industries, including Wells, Fargo, Solomon, Freddie Mac, even Geico”

Morning Session - 1994 Meeting

“40% of all home mortgages have been securitized by Fannie Mae and Freddie Mac, the Duopoly... market share is essentially certain to go up”

1991 Berkshire Hathaway Shareholder Letter

“Federal Home Loan Mortgage Corp. 3.4%(1) 3.2%(1) 15 10”

1988 Berkshire Hathaway Shareholder Letter

“In 1988 we made major purchases of Federal Home Loan Mortgage Pfd. ('Freddie Mac') and Coca Cola. We expect to hold these securities for a long time.”