A well-known economist says the housing crisis isn’t over, citing a new wave of foreclosures on the way.
But the chief executives at Bank of America and Wells Fargo, the two largest mortgage lenders in the country (and pretty major players in Massachusetts too), say no, no, no, everything will be okay, though Bank of America’s Ken Lewis notes his bank has been “optimistic to a fault” over the past few years.
Now, it’s tempting to dismiss the big bankers who helped get us into this mess. But even stopped clocks are right twice a day – and this might be one of those times when those who have lost credibility in the past just might be correct.
File under: Time to consult the real local experts.