David Lereah's Statements Contradict Each Other
David 'the paid shill' Lereah is at it again, contradicting himself. Recently, Mr. Lereah said:
"It was very clear that the standards had deteriorated," said David A. Lereah, senior vice president and chief economist of the National Assn. of Realtors. "I'm not a lender though. I kept on saying to myself — I guess they know what they're doing." (LATimes, March 22, 07)Did David Lereah really think that the lenders knew 'what they're doing?' Did he really trust them with lending standards? In a recent interview with Fortune magazine Mr. Lereah was asked "What about the problems in the subprime market?" Lereah responded by saying:
Which one is it Mr. Lereah? Did you or did you not trust the lenders with lending standards during the past few years? Or do you say whatever is convenient at the time, to sustain your credibility and help the Realtors? Are you just contradicting yourself (confused) or are you lying?
I was giving a speech in Atlanta about two years ago. During the question and answer period, someone asked me something about interest-only loans. I said, they're kind of dangerous and you have to be careful. Someone rose their hand and said, Did you know that in Atlanta, the percentage of interest-only loans in 2005 was 40 percent of the market? Atlanta didn't even have a boom. That's when I knew we were in trouble.