January 31, 2007

Wouldn't you hate to be The Corrupt David Lereah?

Sure, you made a bunch of money off the backs of suckers and poor people these past few years, helping the evil NAR and realtors (oops, real estate clerks) con folks out of their money. Plus you suckered a bunch of your people into buying your now totally-discredited book.

And yes, your NAR paycheck (surprisingly) still clears the bank every week.

But damn, it must suck to be seen by millions as corrupt, evil, stupid, discredited and pathetic. A big bank balance probably wouldn't make up for the fact that people think you're a joke, a liar and a fraud. What does this poor sap's life hold going forward? What does his family think of him? What are his future job prospects?

Wouldn't it be amazing if he just came clean? One day, he wakes up, can't live with himself anymore, can't stand the lies and deception one day longer, and just comes clean. We can only hope.

David - we know you're reading. It's not too late. America is a forgiving place. Do the right thing baby. Come clean. Tell the truth. Quit the NAR. Do good in life. Be a man.

Or not.

Big hat-tip to the hilarious patrick.net for this TCDL photoshop. Keep 'em coming!


Anonymous said...


Lereah qualifies to work as a Circus vendor now.

Or he could bite the heads off chickens instead of poor Loan-owner saps.

Anonymous said...

"And yes, your NAR paycheck (surprisingly) still clears the bank every week."

Are you kidding!? He is the NAR's dream employee, going out and spewing his crap month after month to get more people to buy some real estate clerks can make commissions. On the contrary, he's probably having a banquet thrown in his honor, along with a big bonus check.

Anonymous said...

Next time he goes on TV for an interview they should ambush him with a group of foreclosed families who've lost everything in the crash

He is human, isn't he?

Jip said...

The crashing house one was better, but this one is cool too.

Anonymous said...

Until the stuff hits the fan, you live like a king. Ask Bernie Ebbers, or Ken Lay. Ebbers was a school gym teacher before he became a high roller in the world of finance. He could've toiled for a career in a low wage job, or roll the dice as a CEO. Methinks while at MCI Worldcom he enjoyed countless high-priced meals and other perks. Now he's doing time in some low security prison with who knows how much stashed overseas awaiting the day he gets out? Or he could be logging in his last, pre-retirement years supervising the kickball games, thinking about the Ramen noodle dinner which awaits. So, no, the recent scandals are hardly a deterrent to the up-and-coming. Their only bummer would be if what they expect doesn't materialize for one reason or another.

Anonymous said...

He will never come clean.

David Lereah is the stereotypical greedy, manipulative corporate swine that serves only his own interest, even at the expense of others. Asking him to display conscience is akin to asking a scorpion not to sting.

RipeDurian said...

Unfortunately I think that Peter Schiff said it quite well on the Neil Cavuto show. Something about not blaming Liarreah cause he is simply a salesman trying to drum up business.

Like a slimly car salesman only instead of screwing someone out of 20,000 bucks he is screwing folks for the rest of their financial lives...

hmmm hey wait a second, this guy is pure EVIL!

Anonymous said...

"Unfortunately I think that Peter Schiff said it quite well on the Neil Cavuto show. Something about not blaming Liarreah cause he is simply a salesman trying to drum up business."

Exactly, which is why, as I said above, he is the perfect spokesperson for the NAR.

Anonymous said...

All real estate is local

GT said...

what is this guy's origin? i dont know where the ler-ayyy comes from

Anonymous said...

wheres gregg swan ?
anyone seen him ?

Anonymous said...

FED Statement quote ref housing:

"some tentative signs of stabilization have appeared in the housing market."

Its a very qualified statement, but it is a step away from the "substantial cooling" statement regarding housing made in the last fed statement.

I think its way to early to say which way its going to go. The winter off season has put housing a state that is not giving a clear, strong signal one way or the other. The spring selling season will definitely give us that signal and we can go move forward from there.

Anonymous said...

Greg Swann is home blogging and deceiving, no work to do anymore

Anonymous said...

I wonder if he is saving copies of all the internal documentation he receives from the NAR executives.

Would be very very handy if he should turn State's Witness---of course with negotiated immunity---in the inevitable upcoming prosecutions.

"So, Mr Lie-reah{OBJECTION!}Mr Lereah I mean, were you lying THEN when you told people to BuyBuyBuy real estate, or are you lying now?"

Anonymous said...

patrick.net is cool.
but Keif.. you still da man!.
so long as you stick to the housing issue...

Anonymous said...

doesn't he own a bunch of investment property in FL? he's probably millions underwater

Anonymous said...

I was suprised that the Fed was willing to parrot the REIC line about 'signs of stabilization'

I thought they'd be more responsible.

Anonymous said...

I read that the housing weakness knocked 1.2% off of GDP in the 4th quarter.

Anonymous said...

Great article at:


The theory is that, the magnitude of disasters is inversely proportional to their frequency. Holding off a crash for 2 years quadruples its severity. For 3 years, 9 times etc.

The author relates this to the housing market.

Anonymous said...

Keith check this out


JIM: Playing Devil's advocate... Dealing with the under 35 crowd is different... is there not some threat to the full service that a Realtor provides?

BERNICE: With the slowing market, sellers really need to work with someone who understands the market. In some areas. people are paying more than full commissions to get their house sold because that what’s today’s market requires. In fact, I was just interviewed by 60 minutes about 10 days ago for a story that Leslie Stahl is doing on commissions.

JIM: The most visited real estate blog to date is the fear mongering HousingPanic, which only focuses on the glass being half empty for the national real estate market. What's your take on all this housing bubble talk, and what affect (if any) do blogs like HousingPanic have on the current market? And the whole idea, that if it bleeds it leads - is there some sort of self fulfilling prophesy going on here that is having any kind of effect on the market?

BERNICE: People are kind of blase about the bubble because it has been talked about so much... what were seeing is that the market is spotty. This fall I heard an economist speak at a conference, and what he said is that he felt that the Fed had over corrected in terms of interest rates. It takes about 8 to 12 months for the ripple effect to make its way through the system. He believes that rates will be down next summer. He also said that as long as corporate America stays strong, we won’t see a recession. That’s barring of course, that we don’t have another 9/11 type of event.

What’s going on right now is that people are standing back and waiting to see what the market is going to do. My response to that is that you have to look at the long term history of real estate - even in places like Florida where they had as much as a 30% decline in terms of valuation - the market is making an adjustment - all markets adjust. According to noted economist Don Reynolds, you can tell where there's going to be a major market adjustment. Here’s how to spot it. You look for what he calls a “parabolic curve.” If there has been a big run up on prices, you will have one of two reactions. The first is that the market will flatten and stay there. The other is that there will be a big dip before the market rebounds and starts to appreciate again.

Sites like Housing Panic are driving traffic based on fear. It’s too bad, but sex and bad news are what sells. The ironic thing is that if you are interested in the market and are buying, you want a bad market. The message I have for Realtors and your audience, is that if you are thinking of "moving up," you want a bad market. That’s in your favor. You don't want to be moving up in a sellers’ market. If you sell your current home for 30% less of its former value, but are able to move up to a home worth much more, and acquire it at a 30% discounted value, the swing is in your favor. Let's say you sell your home that you paid $300,000 for. Assume you sell it for $240,000, and move into a home that used to be worth $400,000 , but is now worth $320,000. You have just turned a $60,000 down turn into a $20,000 upswing. Your mortgage payment and taxes will be less all the way through your ownership too.

Anonymous said...

I can tell you the trend in our market is higher commissions. When upper bracket houses were selling in 2004 to early 2005 the commissions were 20% lower. Now with a slower than normal upper bracket sales the situation has reversed to higher the usual commission.

The upper bracket market has seen a 10-20% reduction and a 50% inventory increase (12 month supply of homes). In this type of market it's the Seller's that price to sell next are the winners. Bargain hunters are nibbling.

The median priced homes are selling at a record pace.

Anonymous said...

Who is Nigel Smarmy? Good question, he litters every blog site he visits with multiple links to his pathetic blog.

He passes himself off as ethical, when his actions prove otherwise. He is the Eddie Haskell of IAFF only more malicious and butt kissing than the tv version.

I think he has not done a deal in months, desperately hitched his wagon to a criminal like Casey in the hopes of more page views and ad revenue. He brags about calls on his bat phone from DL and emails from Casey.