Shame on David Lerah

David Lereah the chief economist ( cheerleader) for the National Association of Realtors had this to say to the LATimes:

"If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years. It's as if you had 500,000 dollar bills stuffed in your mattress."

Stuffing 500K iunder your bed is a bad idea as it loses out to inlfation every year. Paying off your mortgage allows one to use that money saved each month for other purposes. Shame on Lereah for such a ridiculous statement.