FLASH: D.R. Horton, America's largest homebuilder, in complete and total crash mode. CEO looking for any buyer with a pulse. And you can quote him.

It's rare when I see things that make my jaw drop. Well, here's one from D.R. Horton.

This kind of attitude should have Fannie, Freddie, the Banks and mortgage CDO investors worldwide shaking in their boots.

The housing game is in its last innings, and desperation and fraud are spinning out of control as desperate builders, desperate lenders and desperate homedebtors do anything, and I mean anything, to survive.

Home builder D.R. Horton earnings plunge 85 pct

NEW YORK (Reuters) - D.R. Horton Inc. , the largest U.S. home builder, said on Thursday quarterly earnings fell 85 percent, in part due to charges related to the lower value of land.

The U.S. housing market has been in a severe downturn for the past year, with a mounting glut of homes on the market, increasingly resistant prospective buyers and tighter lending standards.

Builders have responded by slashing prices, throwing in freebies and cutting back on "spec homes" -- those built speculatively without a buyer.

"We face head winds, we believe, and strong head winds, we believe, during the course of the next six to 12 months from , illiquidity in the mortgage industry," Tomnitz said.

"As I've said to all our salespeople, if a buyer is warm and has a pulse, we want to put them on paper," he said.

Wow - talk about telling it like it is. DR Horton CEO Donald Tomnitz: "2007 is going to suck, all 12 months of the calendar year"

You got Mozilo out there pumping Countrywide, when we all know what's about to happen there. You have Bob Toll talking bottom, and how he'll easily burn off his inventory and all will be fine in a few months. You have The Corrupt David Lereah, well, let's just forget his BS.

And then you have DR Horton's CEO. Oh, man, do you have DR Horton's CEO. I guess someone has read Sarbanes Oxley. I guess someone doesn't want to do jail time with all the others.

Bravo.

Bleak housing outlook for US firm

The boss of the largest US housebuilder has warned that his company's fortunes are likely to "suck" in 2007.

DR Horton chief executive Donald Tomnitz told investors that the weak US housing market would continue to hit home prices during the year.

"I don't want to be too sophisticated here, but '07 is going to suck, all 12 months of the calendar year," he said.

US housebuilders have been struggling with a glut of unsold new homes in the wake of a wider industry slowdown.

The number of new homes built in the US fell to a near-decade low in January, the US Commerce Department reported last month.

I don't think '08 is going to be a great year, but it's going to be much better than '07 Donald Tomnitz, DR Horton

Mr Tomnitz warned that DR Horton may have to make further write-offs to reflect the number of unsold homes and lower land values.