2015 Berkshire Hathaway Annual Shareholder Meeting - Buffett & Munger Q&A (Full Recording)

Texas shareholder questions Clayton ethics after Seattle Times article. Warren defends: housing bubble problem was mortgage holder divorced from originator/builder. Clayton retains $12B on 300K homes - when mortgage bad, both lose. Identity of interest - no interest in mortgage falling. Keeps 100% mortgages vs reform talk of 3% skin in game. 3% default, 97% don't. Many wouldn't have homes without financing. $69,500 house + $25K land = $95K. Seattle Times error: claimed 20% profit margin, but affidavit said 'gross profit' not net. Gross 20%, net 3%. Writer didn't understand accounting. Every location has lender board with multiple options. 3 years: 300K loans, zero complaints to Warren. 91 state exams, $5,500 largest fine. Avg payment <$600/month. Stopped 30-year mortgages 4.5 years ago. Proud of putting 30K in homes yearly.