When the ticking subprime mortgage time bombs of the 2008 crisis began detonating, it created a great storyline in that they were addressed and that, with proper regulation and oversight, they would disappear like the Big Bad Wolf. Problem is that it was only a byline in Aesop’s Fables. And for all of the hooplah out there about a great economy; pay raises for all; and the Green Deal for everyone, the reality is that the Trojan Horse of 2008 is back and back with a vengeance! Marketwatch has a great article out pertaining to the Residential Mortgage Backed Security (RMBS) collapse which is underway in the financial sector as I type. According to the Securities Industry and Financial Markets Association (SIFMA), there are more than $800 billion of these bubble-era loans still outstanding as of the third quarter of 2018.
For all of the rosy lens speeches being given on how incredible the economy is, the reality is that it is a bunch of bullshit. No two ways around it. Look, here is the reality: High rental costs are a burden in many metro areas, and for many who live in the 50 largest metros, average incomes cannot match up with the average rent costs. In a report, Freddie Mac takes a look at not necessarily where rents are highest, but where rents are unaffordable for the average person. I want that to sink in, for just a moment. We have a timebomb ticking away and left over from the 2008 Crisis while simultaneously the ability to rent, in 50 of the largest metro areas, are unsustainable. Add to that the fact that real estate prices are plunging.
The market has become both schizophrenic and the information out there is propaganda. Let me demonstrate this in a way that only a trained media professional such as myself is capable of doing. First, here is an article from The Real Deal,
The U.S. housing market keeps slowing down, with January having marked the sixth consecutive month of declining sales. It was also the biggest year-over-year inventory increase in a decade — 6.4 percent — according to Re/Max’s National Housing Report for January. But the drop in sales and rise in inventory could make homes more affordable to more potential buyers, according to the report.
Pretty straight forward, right? Not so fast, here is Forbes contradicting themselves in less than 30 days with respect to the Miami housing market,
It is all smooth talking bullshit. And the problem is that this is a hyper vacillating echo chamber where people like Eric Miller, Executive Director of the National Association of Mortgage Field Services (NAMFS), exist. It is a netherworld in which only finely dressed white men with big cigars occupy and dole out their lies in fifteen second sound bites. And in a time when people like Abraham Goodman continue to defraud firms like Property One Preservation, out of thousands of dollars, closer scrutiny needs to be focused upon the Robert Klein era legacy which continues to deprive Minority Females and Labor from putting food on the table. Make no mistake whatsoever, the International Association of Field Service Technicians (IAFST) has every intention of organizing against Goodman and Brookstone Management. In the same way in which an Involuntary Bankruptcy collapsed Goodman’s great friends over at National Field Network, so to will Brookstone Management be soon defending its very existence in a New Jersey Bankruptcy Court!
First Of Nine Sheets Of Debt Owed By Brookstone Management