What is 'mortgage issuers are geographically distant'? Buffett acknowledged that things have changed a lot since he bought his house in 1958 and his parents sent him to see Mr. Brown at Occidental Savings and Loan. Today, mortgage issuers are geographically distant. The sentences above are from the 2005 annual meeting of Berkshire.
Nov 5, 2018 7:03 AM
Answers · 3
I think he is referring to the changing times since 1958. In 1958 Estate agents (UK term) or realty estate agents (US.A term) and Mortgage or loan companies, would have been located in the same area as the house they sold, or the loan was needed. Now today with the use of the internet these companies can be anywhere. I believe this is more so in The U.S.A where they have a slightly different system of agents sharing commissions.
November 5, 2018
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