http://www.bloomberg.com/apps/news?pid=20601170&sid=aU2RVIE6SDLY&refer=home The funny thing is the true value of something is only what you can sell it for. ------------------------------------------- M&T Bank, Buffett Holding, Says Alt-A Home Loans to Hurt Profit By Erik Schatzker March 30 (Bloomberg) -- M&T Bank Corp., the western New York bank partly owned by Warren Buffett's Berkshire Hathaway Inc., said low bids for the Alt-A mortgages it planned to sell will cut first-quarter earnings by $7 million. Earnings per share will be $1.50 to $1.60, in part because M&T expects that rising default rates will require it to repurchase some Alt-A loans it previously sold, the company said in a statement on PRNewswire. Analysts' estimates for net income currently range from $1.82 a share to $1.90, according to a Bloomberg survey. The loans didn't attract the offers M&T expected at a recent auction. M&T cut their carrying value, resulting in after-tax costs of 7 cents a share. The loss on the loan buyback will cut profit by 3 cents a share. ``Unfavorable market conditions and lack of market liquidity impacted M&T's willingness to sell Alt-A loans in the first quarter,'' the Buffalo, New York-based company said in the statement. Alt-A loans, short for Alternative-A, typically are made to borrowers with good credit ratings who supply less documentation than for prime mortgages. M&T said it plans to keep $883 million of Alt-A home loans instead of selling them because management believes the bids don't reflect their value. Last Updated: March 30, 2007 17:43 EDT