An email I received from a Platinum Properties Investor Network member…
I was reading an article in Newsweek that made me think about the seminar I attended at Platinum.
Basically David Lereah the old spokeshole for the NAR, which I’m sure you know has changed his tune a bit. Here is a great quote from the guy:
“But I didn’t think this would turn into an all-out bursting of a balloon for the whole nation.” He, like other prognosticators (including Greenspan), points to his lack of understanding of the profound effects that subprime lending was having on housing markets. “[I] just didn’t realize the scope, the extent, the magnitude of the loose underwriting—not looking at incomes and wages, just providing so many mortgage loans based on [expected] future price appreciation rather than the creditworthiness of the borrower,” Lereah says. “That got so out of hand, and none of us realized the magnitude of it until it was too late.”
Whenever I read or hear something like this I always remember you years ago busting out the chart on ARMS and when they would reset and why the hell you should get out of California Real Estate. Why is that you were able to figure it out but they guys that run the D.R. Horton’s and the Countrywide’s couldn’t. Do you ever ask yourself that question? Anyways, I find it amusing and just wanted to let you know you did provide valuable info.