Bloggers Reacts to Lereah's Admission
Former NAR Economist David Lereah is a Jackass (Big Picture): "Of all the various parties who contributed to the boom and bust in housing and credit, none have escaped more unscathed than the National Association of Realtors, and their former Baghdad-Bob-in-Chief, David Lerea
The NAR turned a blind eye to fraud amongst realtors in terms of referrals to corrupt appraisers and mortgage brokers. They constantly cheerleaded prices, despite evidence to the contrary. For 3 years, they have been forecasting 2nd half price recoveries, dissuading realism amongst home sellers. They continually spun data, presented misleading commentary, and otherwise engaged in behavior that could only be characterized as sleazy."
David Lereah does a pathetic one-eighty (The Mess That Greenspan Made): "Pathetic, just pathetic...
Leaning against his granite countertops when hundreds of thousands of former homeowners who thought he was telling the truth back in 2005 had to turn their granite countertops over to the bank, the little smirk, the casual tone, the change in outlook, the ham-handed acknowledgment that he was wrong but that he was just doing his job, so, it was understandable that he might be wrong and him taking responsibility for being wrong now is quite a noble thing to do. Pathetic... "
David Lereah finally admits that he was a paid liar, sent out by the evil National Association of realtors to deceive and ruin lives (Soots and Ashes): "The NAR should be banned, broken up under RICO and Robinson-Patman. They are evil, they are directly responsible for the ongoing worldwide financial collapse, they have been exposed, and they should be destroyed."