I suppose Bush could say that about buyers to set us up to feel sorry for their “ignorance” about what they were getting into. Add that to the RE CEOs not having a clue either. I don’t think either is believable. Buyers banked on an upward trend w/o understanding the risk – maybe. But RE CEOs…their qualifications are sorely lacking if they couldn’t see what was being set up. What use is a CEO who so clearly lacks knowledge and leadership? This is a masquerade to cry to the GOV to float the whole mess, and pay for their big hysteria party.
“Housing market collapse should not surprise anyone
Some industry leaders turn a blind eye to past trends”
By RACHEL BECK, (AP)
NEW YORK – “Century 21 Real Estate CEO Thomas Kunz may have unintentionally hit the nail on the head when he declared that a “pity party” is gripping the housing industry right now.
Many recent home buyers are expressing shock that their properties might be worth a lot less than when they bought them. CEOs like Countrywide Financial Corp.’s Angelo Mozilo are claiming that “nobody saw” the deterioration of real estate values coming, and are pointing fingers at others for causing this mess. And Wall Street seems to only now be waking up to the implications of mortgage securities imploding.”
