Want to sell your home? Owner Financing may be your only way to sell in this down market. Check out this video in which former Federal Reserve Chairman Alan Greenspan likens adjustable rate mortgages (i.e. ’Egregious subprime lending bordering on criminal fraud’) to demons on the horizon. The video is 5:43 minutes long.
Andy Serwer of Fortune asks questions of former Fed Chairman Alan Greenspan about the subprime mortgage credit meltdown and what it means for the housing market at large. Alan Greenspan thinks that the presence of approximately a quarter million vacant, (unoccupied) new home starts in the United States are very corrosive to the overall market economy as well as the reserves of home owner equity that have built up in every other residence in America.
http://money.cnn.com/video/#/video/fortune/2007/09/17/fortune.greenspan.housing.fortune
Of course it is very telling when Michael Oldfield’s Tubular Bells theme song from “The Exorcist” is playing in the background. Does anyone else think this market has demons….?
