[sunrico90]

Originally Posted by firemed

David Lereah works for the NAR and has been WRONG each time he makes a statment. If you like I can post two years worth of Lereahcrap. This my friend is his last chance power drive to sell all the Florida investments he got stuck with. This is the oldest trick in the book (create the illusion of urgency ) I dont know any person in real estate who thinks this guy has a clue. But if you want some real facts. New Century Financial Corp., the nation’s second-biggest subprime lender, said yesterday that it doesn’t have the cash to pay creditors who are demanding their money, increasing speculation that the company will go bankrupt.

This could lead to a Federal Bailout.

“The Federal Reserve and the Office of the Comptroller of the Currency took little action in public to police the $2.8 trillion boom in the U.S. mortgage market, whose bust now risks worsening the housing recession.”

“The Fed, which is responsible for the stability of the banking system, didn’t publicly rebuke any firm for failing to follow up warnings on home-lending practices between 2004 and 2006. The OCC, which supervises 1,793 national banks, took only three public mortgage-related consumer-protection enforcement actions over the same period.”

Thanks for the update on David Lereah.