Thursday, May 13, 2021
Home Altisource 24 Asset Management: The Red Flags Are Everywhere

24 Asset Management: The Red Flags Are Everywhere

Fannie Mae, Freddie Mac and Ginnie Mae are in the hot seat right now for overlooking warning signs about Taylor, Bean & Whitaker. There were numerous warning signs all over the place and the three GSEs continued with business as usual. In the same way, the Mortgage Field Services Industry doesn’t just overlook red flags it apparently runs to them. When looking back over the time leading up to the biggest collapses in the Industry whom were all Altisource Vendors — the disgraced and former National Association of Mortgage Field Services (NAMFS) Regime Secretary Heather Berghorst of Berghorst Enterprises and the NAMFS Regime Legacy of Buczek Enterprises — warning signs were all over. The reality is that Altisource is not really doing much different today than when they hired their failed Vendors and allowed the Contractors to shoulder Altisource’s failure to conduct initial or ongoing Due Diligence.

While Regulators are somewhat loathe to tread into the minefield of the Mortgage Field Services Industry, Contractors are becoming more and more pro active. One name that continues to come across my desk is 24 Asset Management. Headed up by Eduardo San Roman, it is yet another cookie cutter Miami NAMFS Regime Production as best I can tell.

The biggest warning signs for Contractors to spot when looking to work for a new Firm is pricing. If it is too high or too low, run. The numbers I am seeing bantered around the forums pertaining to 24 Asset Management are, at best, impossible. Let me clarify what I mean. So, I had a guy call me last week stating that 24 Asset Management was offering “…$50 a cube… .” Two other Contractors stated that the trip charges were astronomical. Those comments and the others aside, the $50 per cubic yard is deeply troubling if that is truly what they are offering. The reason being is two fold: First of all, $50 per cubic yard is an arbitrary number on a chart as the maximum allowable. Second, it is unsustainable. We actually reached out, twice, to 24 Asset Management for comment and none was forthcoming. On par, though.

Anything from Florida is suspect to me. The list of collapsed NAMFS Regime Members is long and distinguished there. In fact, the origination of criminal activity ranks higher in Florida than any other state I have found, to date. Dean Counce comes to mind. Counce was a huge supporter of the NAMFS Regime. Beyond the fact that Florida is a cesspool for Industry corruption, the reality is that the volatility in the 24 Asset Management Portfolio sets off alarm bells for me personally as it should for Clients and Contractors alike.

24 Asset Management and their sidekick Assero brought on Lee Mertins & Co. — Lee Mertins and Brian Nesbit — from Asset Management Specialists (AMS) so that they could count their time on the US Department of Housing and Urban Development‘s (HUD) Marketing and Management (M&M) Contract with AMS as 24 Asset Management – Assero’s own Time in Rank. Well and good even though I believe this violates the spirit of the law. Mertins & Co., though, have a horrendous track record of fucking Contractors. I don’t mean the simple, run of the mill fucking. I am taking about the brutal rape of Contractors and then the spitting upon them when done. Mertins and his henchmen tried to fuck me out of money when their faggot boys Jason Mathis and Brandon Lambert were out screwing people nationwide. Needless to say, AMS paid up.

So, here is the deal with 24 Asset Management, et al.,  that makes me uncomfortable. In similar manner to countless other National, Regional and Otherwise Unspecified Order Mills companies seem to spring out of nowhere. With no real way to confirm whom they are, where their money originates nor precisely whom all they owe allegiance to, a perpetual state of Battered Contractor Syndrome (BCS) is ever present. While San Roman alleges to have a long and lengthy career within the Real Estate Industry, a simple Open Source Intelligence (OSINT) Background Check does not exactly support such. In this, what I mean is that for a gentleman whom has been involved in Real Estate for his entire adult life, there is relatively little about him available. What information that is available pertaining to both 24 Asset Management and Assero is well documented within the ISTAR Clear Base.

Let’s talk about Assero. So, there are two Assero beginnings. The first was Assero Services, Inc. which originated in Pennsylvania on 05 DEC 2013, and in barely six months was out of business — it closed doors on 06 MAY 2014. Then, in Pennsylvania which is going to be a common theme with San Roman, Mertins and Nesbit, on 19 May 2014 Assero Services LLC was formed. Interestingly, on 16 JAN 2014, Assero Services LLC was additionally formed in Delaware. Then, on 16 APR 2014, Assero Services LLC was formed in Florida.

Mertins and Nesbit Take The FL Helm
Mertins and Nesbit Take The FL Helm


The Parent 24 Asset Management
The Parent 24 Asset Management


Now, Eduardo San Roman. Lee Mertins and Mertins’ close, close friend Brian Nesbit have been busy little beavers. As you will remember, Assero Services LLC was spun up in Bristol, PA. On the same day, at the same address and bifurcated through both Delaware and Miami, Visneta LLC was formed on 16 APR 2014.

In 1986, Eduardo and Jose San Roman began sharpening Eduardo’s teeth and getting some of them knocked out. First Service Realty II, Inc. was formed 28 JUL 1989. It was Involuntarily Dissolved on 13 OCT 1989. Another of the less successful endeavors was a concept not dissimilar to Terry Platt’s QC University. San Roman put together First Service University, Inc. on 26 NOV 03 and it shut down 26 SEP 08.

24AM FSR Homes And Yes The Klein Family Foundation

Between 2004 and 2010 a lot of interesting formations and collapses occurred. As many remember, the disgraced and former NAMFS Regime Secretary Heather Berghorst had a nasty habit of spinning up a company and bankrupting it out while bringing in yet more companies under her name with Altisource. Now, I don’t know ALL OF THE REASONS for what San Roman did, but I found that he created Cape Homes Investment LLC on 05 APR 2005 which shuttered its doors in less than a year. On 13 APR 2006 San Roman spun up Cape Homes Investment Three LLC right on the heels of the original. Pine Island Professional Offices LLC spun up 03 August 2005. This is where we see Ronald G Klein (65) of Klein & Fortune PA enter the Game. During the same time period we saw the cluster fuck orgy, for want of better words, of FSR Homes Inc. with Cape Homes Investments LLC, under the watchful eye of Klein & Fortune as they were .

Some of the key players in the aforementioned, include Eddie Junior whom is working as a Real Estate Agent (George C Jalil calls the shots there and is a Member of the Knights of Columbus #1746). This is kind of where we see the morphing of Real Living and First Service, as names, along with the entry of Tri County Associates and TCA Appraisers. Maria San Roman moves in and out of the spin ups with primarily a name only interest. 04 AUG 2005 saw FSR Homes take an additional active interest in Pine Island Professional Offices LLC with handwritten instructions to include Miguel Rodriguez. Raul and Miguel Rodriguez are each over in the ISTAR Clear Base with more specific information detailing the 24 Asset Management and Assero connections to PK Management Group. In 2009, we begin to see the migration away from Hollywood, FL, and the new centralization down in Miami vis-a-vis the Key Biscayne conduits. FSR Homes took yet another interest in another of San Roman’s Companies known as 1937 Santa Barbara Place LLC. Plus Title LLC was probably the shortest lived Company in the San Roman dossier we maintain on the ISTAR Clear Base as it was formed 06 SEP 11 and dissolved 28 OCT 11. GE Ventures LLC brought in Greg Swanson 0n 30 SEP 11 and went by the wayside on 27 SEP 13. Gregory Seale is familiar with both GE Ventures LLC and Swanson — as best I can tell 😉  Franseca San Roman Schaeffer — odd she doesn’t include the San Roman officially — is 24 Asset Management’s In House Counsel and graduated from Loyola University New Orleans College of Law. She became involved in the spinning up of WEI Investment LLC on 07 DEC 11.

The big problem that Eduardo San Roman has with his new friends Lee Mertins and Brian Nesbit is that Mertins & Co. can never change their ways. So, when you go to take a deep look inside Visneta, you come to discover Asset Management Specialists (AMS) Documents which are proprietary. Now, maybe Carolyn Reeves gave Mertins & Co. permission to publish AMS Documents — and a shit load of other information from around the block — and maybe she didn’t. What I do know is this:

AMS Proprietary Documents Stored In Visneta

This document and the potential plethora of others should be extremely troubling for those involved in the Current HUD M&M Contract Cycle. Look, Assero is clearly Eduardo San Roman, Lee Mertins and Brian Nesbit. Both Mertins and Nesbit are former AMS Employees. Eduardo San Roman on boarded Mertins and Nesbit to benefit from their HUD Time In Rank status. I have a hunch that Concentric Equity Partners (CEP) and TDR Capital, the two firms whom in August, 2013, bought out Mortgage Contracting Services (MCS), Asset Management Specialists (AMS) and Vacant Property Sspecialists (VPS) would not be too happy to know that their material is sitting on Visneta. In fact, if I were Carolyn Reeves, I would build my Discovery Requests around all documents on Desktop, Laptop, Pen Drives, SD Cards first. I would then extend the parameters to include emails, fax transmissions, file transfer protocol (ftp) dumps — you get the point. In fact, I believe it safe to say that there were a Set of Documents on a D Drive in August of 2011 which existed in the subfolder of EMSFSM_SVN and that is far as I am going to go.

The far larger ramifications of Eduardo San Roman’s refusal to head the advice of Foreclosurepedia and others is that 24 Asset Management’s entire Contractual Activity is suspect since the beginning of communication with Mertins & Co. I believe it would be arguable that if 24 Asset Management or Assero are Awarded any Contracts from HUD, Fannie Mae, Freddie Mac or any other GSE, that the Awards would be potentially tainted. That’s my opinion as I am not a lawyer. We all remember, though, when I recommended that Contractors sue the disgraced, former NAMFS Secretary it resulted in Fraud Charges being filed in Federal Court on very similar grounds which I brought up.

I have no horse in the race. What I mean is that I do not work in the Mortgage Field Services Industry other than performing Consulting Services and doing a few rehabs for investors. My interests in the aforementioned is that there is a HUGE PROBLEM within the HUD Procurement Process. I mean when you have Industry Companies like PK Management bidding and being awarded Contracts by the Environmental Protection Agency (EPA) for NEARLY THIRTY MILLION DOLLARS; when EPA filed its own Protest in that they did not want PK Management because they felt they were not qualified, we are beyond the level of tolerated corruption inherent in most federal contracting. More on point, though, how is it that PK Management is qualified as a Small Business? Oh, that’s right, it’s the Matt Martin Real Estate Group all over again! Steven Koprince, over at SMALLGOVCON, sums up precisely how the cesspool of the Mortgage Field Services Industry is now seeping into the rest of federal contracting.

The GAO’s bid protest decision in Coastal Environmental Group, Inc., B-407563, B-407563.3, B-407563.4 (Jan. 14, 2013) demonstrates the power of the SBA under its certificate of competency program to second-guess procuring agencies’ determinations with respect to corporate experience, the resumes of key personnel, and other responsibility matters.

PK Management Group was the apparent low bidder, with a total bid price of approximately $23.9 million.  However, the EPA determined that PK did not meet the solicitation’s requirements.  The EPA noted that PK was a real estate management company with no experience in removing hazardous materials in soils in residential yards and that the resumes for PK’s proposed key personnel did not demonstrate the required experience.  The EPA also identified other problems with PK’s bid, such that PK’s proposed subcontractor appeared to be performing more than half of the effort. The EPA concluded that PK was non-responsible.
But that did not end the story.  The EPA referred the matter to the SBA under the certificate of competency program described in FAR 19.6.  The SBA subsequently notified the EPA that it considered PK responsible and that the EPA was required to let the award to PK stand. The EPA appealed the SBA’s certificate of competency finding, using an internal SBA appeal procedure, but lost.  The EPA then made award to PK.
The ISTAR Clear Base has far more conclusive information including in depth bios on not just 24 Asset Management and Assero, but virtually every National, Regional and Otherwise Unspecified Order Mill — NAMFS Regime Member and otherwise. ISTAR Clear Base additionally maintains a large quantity of files on Contractors and third party providers — the third party providers include folks whom provide software, IT Support, Materials, Media, etc. If you are a Firm; Management or Labor, whom requires assistance with virtually any facet of the Mortgage Field Services Industry, why not reach out to Foreclosurepedia for a Free Initial Assessment TODAY!

Paul Williams
Linux addict buried deep in the mountains of East Tennessee.



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