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Here is what he said:
-- QE3 will not prop the economy or create US jobs
-- Fannie and Fredie use to own 90% of the US mortgages issued to average Americans, that has changed, that is not happening now as they are in conservatorship. That has made it difficult for Americans to get mortgages and is stalling the US mortgage market
-- Government should open the mortgage market again and that will have ancillary impacts economy as it will get engineers back to work, construction worker back to work and that will rev up the Economy
-- Owns preferreds of Fannie and Freddie issued by government right before they took them into conservatorship and are now trading at 7c a dollar
Here is the video:
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I am confused. On ground, in California, I see low inventory and multiple offers for houses and bidding. Mortgages hardly seem to be an issue.
Earlier real estate agents used to send adverts with list of houses for sale. Now they send adverts with list of buyers with approved loans asking if any one wants to sell.
Looks like we live different worlds.