HML just rebranded to PML to give the borrower the illusion that their rates would be lower or terms easier.folks are always looking for that PML who will lend for far less than market.. and as you mention those would generally be individual lenders.ANY COMPANY PML or HML that advertises and holds them self out as a lender no matter what they call themselves are HML or PML they are one in the same.what your getting at with the larger companies is where they get their money..

Direct to the guy who is direct, who is direct to the barber who heard of a package that's being sold by a guy who knows a guy.Currently I am directly in line to the illusive Lehman REO... via 7 people of course.

As that was happening, the illusions of large pool trades prompted some brokers to lie and misrepresent truths about their identity and the owner of the capital and the owner of the loans.

"Risk-free" is an illusion in investing, flying, or life, so risk mitigation and risk awareness, as you said, are the key.I think the best at this in the investment world is Warren Buffett.

Unless you are actually saving or investing the difference between your current rents and market rates, you are living an illusion of financial security.  

It's an illusion of the mind.

All that does is give you the illusion you are:A - suddenly making money (if you are attempting to correct negative CF), or... 

I still want to improve my cash flow to the point where I can retire, but I'm now under no illusions that it will be a quick or easy process. 

I have no illusions about the difficulty of doing so. 

A lot of people quit after 1-2 mailings with illusions of amazingly high response rates.