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A Fiscal Cliff is how it is seen from the side of the agency that has been accumulating debt. Seen from the perspective of the Principals for whom the Agency works, it can be seen as a near avalanche of debt-based assets that have not been collected or redeemed. Homebuyers are persuaded that the promissory note is an obligation to pay, when, in fact, the promissory note is changed into a security by the bank and becomes the funding that pays for their house. It's the law ... but VERY few people know that. Just as the Federal Reserve creates money, out of debt, so does the bank in the Federal Reserve System. The promissory note is identical to the funny money the US Treasury prints--based on debt. Almost all homebuyers think that they owe a debt, but in reality the debt is owed to them.