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Maybe They Weren’t Lying

Regular readers know I scoffed at Alan Greenspan when he remarked “who could have seen this [the bursting real estate bubble] coming?”  People like me--and some with a much larger soapbox--were Paul Revere’ing the housing downturn since at least 2006.  But maybe I was falsely impugning his veracity; maybe his head was so far in the sand he really could not hear the alarm bells.  Looks like the Mortgage Bankers Association, while urging people to finance big via exotic and otherwise risky loans, may have actually believed their own hype.  www.huffingtonpost.com/2010/02/08/mortgage-bankers-associat_n_453714.html

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