i think you're definitely right about t.h.e.m. being the villains, but in a different way. santa being h is rather unlikely, since bosco mentioned t.h.e.m. before santa went to hell. i already posted my theory on the other villain thread, but either it was lost due to timeout or got deleted on purpose, because i was right.
anyway, bosco is afraid of t.h.e.m. and at first it seems as if this is just his regular paranoia, but in season one he usually talked about government conspiracies. so this might be something different altogether. the newxt two episodes will probably make us believe that the force behind all this indidents is some kind of mysterious organisation or supernatural/extraterrestrial entities, but is only a diversion to hide the obvious. it's a single person.
bosco actually knows the villain, but is to ashamed to talk. who else has also been mentioned in connection to bosco this season?
t.h.e.m. is no other than bosco's mother...