-- Berkshire Hathaway Inc., run by billionaire Warren Buffett, raised its stake in home lenders U.S. Bancorp and Wells Fargo & Co., betting on a recovery of stocks that fell amid the worst U.S. housing slump in 16 years.
In a regulatory filing disclosing holdings as of Sept. 30, Omaha, Neb.-based Berkshire also disclosed a stake in giant used-car dealer CarMax Inc., and said it reduced its investment in two railways, Union Pacific Corp. and Norfolk Southern Corp. Berkshire reported no stake in Western Union Co. of Greenwood Village, Colo., after saying it held 3.2 million shares on June 30.
Berkshire is now the biggest shareholder in Minneapolis-based U.S. Bancorp, the sixth-largest U.S. bank, and remains the top investor in San Francisco-based Wells Fargo, the second-largest home lender. Shares of both have fallen this year as U.S. foreclosures set a record in the second quarter and overdue payments on subprime loans reached a five-year high, according to the U.S. Mortgage Bankers Association....MORE
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