Consumerism, Mortgage
Greenspan…Endorsement of Subprime?
July 27, 2007 by REALonomics · 3 Comments
Alan Greenspan – Fed Reserve Chairman, Federal Reserve System’s Fourth Annual Community Affairs Research Conference, Washington, D.C. April 8, 2005
Peter Schiff, Pres. Euro Pacific Capital:
“The losses are going to be phenomenal…my guesstimate in the subprime world is that the majority of loans are going to go into default. Not just 5 or 10 percent, but the majority.
Angelo Mozilo, Charmain & CEO Countrywide Home Loans:
“Company is seeing home price depreciation at levels not seen since the Great Depression”
Joel Naroff, Economist:
“While some may say the stability in prices is an indication that the bottom may be near, I say it is the major problem facing the market. With inventories so high and sales so weak, unless people start pulling homes off the market, the overhang will remain.”
Listen to this message from Steve Tripoli, MarketPlace: Subprime Message.
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Check out what others are saying about this post...[...] heads down a long slippery slope that virtually guarantees it will fail. Even Alen Greenspan endorsed subprime loans, but now Angelo R. Mozilo, the CEO of Countrywide, said home prices were falling “almost like [...]
[...] REALonomics has roughed up Alan Greenspan over his support of the concept of subprime lending and his denial of any contribution to the collapse of the credit markets. See the post. [...]
[...] Ron Paul took on the Federal Reserve almost single handily when it was chaired and led by Alan Greenspan. Most Americans don’t know that, according to REALonomics.net, an often cited real estate industry blog, the heralded Chairman Greenspan endorsed subprime lending. [...]