Interesting read. He says that they support Congress raising the $417k threshold. He also mentions liar loans and the need to return to proper documentation of loans and fundamentals. But his statement about “We do not expect the housing slump to bottom out until late next year” sounds like it came right out of the mouth of a real estate lobbyist or a politician. Either they know that this is going to be a lot worse than they’re letting on and they’re attempting to keep the market calm or they’re just dumb as doorknobs. Either way, the slide will accelerate down for at least three more years (if not more) until it hits the true bottom.