“Over the entire history of this country, housing prices have never gone down nationally. They have gone down in some local areas, but never nationally,” he told an interviewer for CNBC in early 2005. “Secondly, any homeownership over the 10 years has proved to be the best investment that you could ever make. Over any 10-year period, housing prices go up.”We now know what happened with house prices in 2007
The above Quote was by Angelo Mozilo former CEO of Countrywide. Countrywide was sold to BOA after it went bankrupt. Mozilo was sued by SEC and settled for millions of dollars.
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