From Zero Hedge:
Bob Toll, speaking at the 7th annual UBS building and building products conference, and who has been selling TOL stock over the past several years like it is going out of style, had identified the next subprime crisis. Not surprisingly, it is contained within the very fabric of the US backstopped array alphabet soup institutions.
"Yesterday's subprime is today’s FHA," Toll, whose Horsham, Pennsylvania-based company is the largest builder of luxury homes in the U.S., said today at a New York conference for builders sponsored by UBS AG. "It's a definite train wreck and…"
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More on housing:
The next MAJOR government bailout
Huge government housing fund goes broke
The worst thing George Bush did to cause the housing crisis
