This is an article on Motley Fool about Warren Buffet and his buying decisions within the mortgage market. He does not seem fazed by the debacle and seems to indicate that the credit crunch will not be a terrible drag on the economy, though it may linger for 6 months to two years.
That's okay. His company, Berkshire Hathaway, is buying Wells Fargo and other lenders, though he's staying completely away from Countrywide. I wonder if he's buying WaMu?