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The Real Truth, and How it Happened

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NC Appraising

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Senior Member
Joined
Apr 28, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
"My trade was with Merrill Lynch and JP Morgan," he said. "I made a bet — that these bonds would not be paid off because housing prices would not go up any further and couldn't go up any further, because nobody could afford them already where they were."

Greene said that investment banks need to "come completely clean" with their records in order to bring the market back to normal.
"I think that people don't really know the extent of the toxic waste that's in some of the largest investment banks, and banks in the world," Greene said. "Until that is defined, and we really know the conditions and financial markets, we won't really know where the real estate market is going."

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