All this talk about Secretariat.

So the Syndicate's got a new policy.

No, we are moving to syndicate his breeding rights.

And they're going to form a syndicate.

Syndicate lawyer named Piquett, Louis Piquett. We all use him.

Now, we know Berman. He's been supplying cars to the Syndicate since Capone.

Rick Mm hmm.

Hey, Lone Ranger.

Did you get the loan?

I can pay off my bank loan!

And then they're also going to have people riding along them, other banks.

Let's say I make another loan for 300.

The mortgage...

OK, so now we're in an interesting situation.

They didn't make loans and then sell the loans.

I want more time

I got a mortgage. I got car payments.

Empress of the Lone Islands!

Or they might even start to buy things that aren't Treasuries.

And just to be clear, so the asset within this entity are the loans.

Who knows?

Most of the loans we're familiar with in our personal

Let's say it's um let's say its 10 billion of commercial mortgages.

I took a loan against the equity that

Maybe a billion of these are a loan from bank B.

So they just kind of held fast and didn't sell their CDOs.

So let's say, this person goes to a bank.

So let's think about how we manage our money.

So right here are a whole bunch of people's mortgages.

So what just happened?

So we get a 50 recovery.

What, bullets?

And let's say you still owe pretty close to 150 thousand on the loan to the bank your loan might have even been an interest only loan but even after a year or two you're probably not going to pay down the balance of your loan too much it might be like 140 thousand, or 145 thousand

How many payments will it take to pay off this loan?

Interest on loans is high at present.

Let me just do one more loan.

lender, that has maybe similar terms.

This is what I do. Okay?

My mom couldn't afford the mortgage.

Home equity line, 30,000. That's 1 37,000.

Do you own outright, do you have a mortgage?

Well I have the original mortgage on my house.

The loan carries 5.5 interest.

I suffered from my mortgage loan.

Let's say I make out some loans for different projects.