Three years and Counting... NOW foreclosureGate

The mood around here this week is less than good. As with all businesses once the government comes knocking at the industries door everybody holds their breath.

In the 1960's my father was in the trucking business owning a freight agency. Today, that is a fools business or a one room operation in a trucking company but before De-regulation my father in Los Angeles operated a 120 door loading dock and made money by the boat load.

So I guess government can cut both ways.

I can not talk directly about my business as I am bound by agreements, how ever I can comment about public events that relate to the REO debacle in the USA.

I see from many main stream sources that the attorney generals of many states have discovered that pooling and sercuritization rules were violated as well as every local and state law regarding the transfer for property via assignments on the books.

The media is making patty cakes and playing it down, but you should know that deep in you gut somewhere something is very very wrong and I have the same feeling. Each day I come in and get to sorting and selling. We do little buying these days.

The economists I track are not the ones you see on Bloomberg or CNBC and these men and women are pointing to factors that will reduce the values of all US Real Estate regardless of location and class or type by a minimum of 19 to 25%.

I have a son that is 16 and this problem of over all real estate depreciation is likely to still be with us after he is able to take a legal drink of booze. My mother lives on a fixed income and I have reviewed her holding as well as my and my wife's and we all have investments that are related to RMBS, CMBS and CDO's. So I have a family that is at risk of serious impact should the the banks I work for kick this can down the road.

I recommend that you call your congressperson, governor, and senator and demand that the banks make whole the investors, retirees, pension funds and bond holders to which they knowingly sold trash and called it gold.

Now one tid bit of FYI there are in 5 holding companies not controlled by a GSE that are holding 135,000 single family homes across the nation. These homes have been sitting for months and we were told in June that they would all be sold off by end of year.

Only 30,000 were sold and the every same holding companies today still have the same 135,000 homes in them. Supply is increasing and sellers are not selling. This business is about to explode or the national economy blow up instead. The time has come to demand the banks and GSE sell off or the government must step in and take over the banks via the reconveyance trust NOW!