Written by V   

I was talking with the other half of my brain today and we were wondering where the bottom of the Real Estate market is? We were factoring in the full scale and horror of the real world implications of the MERSCurse. The full curse has descended into Massachusetts where it seems no one can buy or sell real estate due to the clouded title issues caused by securitization and the wicked handmaiden of MERS.

I was reminded of my friend George Tsongas. Last time I heard of George, he had himself a nice little business facilitating the sale of old jet aircraft into Mexico. He primarily dealt in Falcon 20’s, a 1960’s version of a mid-sized, though at that time it was really a full sized, corporate jet made by the French. It seats 8 comfortably in the back and two up front. Nice ride if you can get it. It’s a bit dated, but who cares? It’s still a nice ride - certainly better than that mailing tube called the LearJet.

When you buy an aircraft like that, any aircraft if you want to know the truth, you have to perform a rather intensive examination and review of the logbooks. You want to make sure the inspection protocol has been complied with over the years and make sure all airworthiness directives and service bulletin issues have been complied with. You also have to review the records of the powerplant to assure the same. Don’t want to buy the other guy’s maintenance headaches, know what I mean?

The prospective buyer, in this case usually someone out of Mexico, would hire George to evaluate the feasibility of the purchase of the aircraft. George would review the records and come up with an expected cost of purchase which included the cost of complying with all Service Bulletins and Airworthiness Directives. Once the feasibility of the buy was confirmed, George would be the buyer’s representative with the maintenance shop which did the repair and maintenance work the review of records almost invariably warranted.

You see, the purchase price of the bird may be phenomenal but the price of getting it, and keeping it airworthy and compliant could well offset the purchase price differential between specific models. So what if the asking price is hundred’s of thousands of dollars less than a different serial number Falcon? If it costs you $500K in engine work to be safe in the air, who cares? Buy a different airplane or adjust the price downwards to reflect the work needed. In other words, there is no such thing as a “great buy” in the used aircraft market. The final, negotiated price reflects the true condition of the bird.

You are going to see this happening in the real estate market. How low can it go? I don’t know, how much would you pay for a clouded title? It seems right now in Massachusetts, people aren’t willing to pay a whole lot for it.

One thing is for sure. The bottom will not be found until the price of prosecuting a quiet title action is factored into the price of acquisition. How much does that cost? Ten thousand? Twenty? Five? How do you prosecute a quiet title action in the mass of numbers which it needs to be prosecuted in the time frame required for sales? Does it become a contingency of sale –seller warrants quiet/clear title? You begin to see the scale of the problem.

The true horror of what the Masters of the Universe have done is just beginning to make itself manifest. Their brilliant minds which structured the greatest ponzi scheme in the history of the world is being undone by their own hubris. Some might say it is by their own design. But why, you might ask would anyone ever structure a takedown of America? Because that makes you the ruler.

We can stop it.

That you are taking a haircut is now beyond question. If you haven’t lost your house to their predatory devaluations in the neighborhood, you will. Your equity has vanished, your 401K is now a 201K or perhaps even a 101K. Your life’s work has evaporated, sometimes for the third time (S&L’s, DotCom boom and bust, now the housing boom and bust) and the only people who seem to profit are the bankers. The Wall Street elite continue to rake in huge bonuses.

Want to give them a haircut? You can. You should. As you delve deeper into this scandal, you will eventually come to realize that you too do not have clear title to the home you thought you were buying. That means you are pouring money into a black hole which knows no bottom. Why?

Why do you willingly send your money to a fraudulent system? Why do you support it? If you pursue quiet title, which you will eventually be forced to do because everyone on the inside knows the titles are clouded, then who do you pay your mortgage payment to, and more importantly, why?

If you successfully quiet your title, then there is no one left who can take your house from you if you don’t pay. If you don’t pay, you will force them into the open. The debt doesn’t go away, it is just no longer secured. So they show up with a demand to pay? Big deal. Fight them. Make them show just how it is they (whoever “they” is) have a right to your continued cash stream payments and if they are able to legitimately demonstrate to the courts their ownership of the debt, pay. But until they do, don’t.

You see, these Masters of the Universe created a scenario where they offloaded all risk to the investor class including the risk of default, fraud in the origination, all of it. They just collect fees. They ain’t got a dog in the fight. They just collect the fee for admission and the fee for administering the show.

It’s the ticket taker, the guy in the middle who is the villain, the Financial Intermediary (FI). The FI engineered the situation but play no legitimate role. They collect a fee for doing … just what again? Defrauding the homeowner with a bait & switch, and defrauding the investor class by engineering these toxic shock assets into which they emptied their holdings.

Pension funds, gone. Local government rainy day funds, gone. All of it ... gone. And where did it go? Houses in the Hamptons, the Pirate Coast of FL, hookers, cocaine … all of it, up the nose in a hedonistic display of audacious consumption which we, the peon individuals quietly lust for as we watch Lifestyles of the Rich and Famous. “I’m on a BOAT Mother Fucker, I’m on a BOAT~!!!” Don’t you wish you were?

Well, you are on a boat, mother fucker. You are on a boat and you are the Captain of your boat. And like all Captains, you get a say on who does what on your boat. Stop your boat. Make the mother fuckers get off YOUR boat. Make them prove they have validly issued tickets which give them the right to be on YOUR boat. The answer is, they are riding without a ticket. Do that on a plane, train, boat or bus and the purser throws you off.

Throw the Mother Fuckers off. You can. It’s easy. You just have to have the will to do it. The revolution will begin with non-compliance. Hell, the Revolution IS non-compliance.

Why is it again that you play with people who abuse you?