A newly rediscovered report shows that on the cusp of the Great Recession, Donald Trump greeted the housing crash with a grin.
According to the Globe and Mail, Trump said in 2007:
“People have been talking about the end of the cycle for 12 years, and I’m excited if it is … I’ve always made more money in bad markets than in good markets.”
More than 4 million Americans lost their homes following the bust.
One year prior to the comments, Trump set up his own mortgage company, aptly named Trump Mortgage.
— Billy Corben (@BillyCorben) March 17, 2016
In an interview that year, Trump told CNBC:
“The real estate market is going to be very strong for a long time to come.”
Trump planned to use the market to his advantage in 2007, according to the Globe and Mail report:
“I don’t see the subprime problems affecting the higher-end stuff,” he said. In fact, he is advising investors that there are now great deals in buying subprime mortgages at a discount and repossessed houses at low prices.
But the mortgage venture would fold 18 months after it was formed.
In other reports, Trump advised his Trump University students that the housing bubble presented a “remarkable opportunity” for real estate investors and said he “sort of hoped” the bubble would burst.
The discoveries has already triggered a response from the Clinton campaign:
The Trump campaign has yet to respond to these recent reports.