I woke up pretty late today; I never answer a phone until I take a shower, grab some coffee and decompress for a few minutes. I sat down and started rolling through a mountain of email and came across HousingWire’s latest, revised pronouncement upon the DJIA — That’s Dow Jones Industrial Average for those of you living under a rock. It is upon that which I am going to briefly opine.
HousingWire has been up and down about the volatility of not only the Dow, but NASDAQ as well. They use what they call the HW30, a pick of a few tried and true stocks tied to housing, to base their assumptions off of I guess. On 24AUG15, HousingWire had this to say,
The HW 30 — HousingWire’s proprietary list of major players in the space — was down 4.75% as of 10:09 a.m. ET.
That compares to the Dow, down 3.12%, and the Nasdaq, down 4.72% at the same time.
The Street was expecting volatility today — the New York Stock Exchange invoked Rule 48 in an effort to speed up and smooth trading at the market open. The 2007 rule means that designated market makers will not have to disseminate price indications before the bell, making it easier and faster to open stocks.
I like HousingWire and most of the writers there sans Paul Jackson, but that is for a personal reason as he took some swipes at a fellow blogging colleague of mine. With that said, Foreclosurepedia predicted, almost to the day, when both the Mortgage Field Services Industry would begin to tank and likewise both the Dow and the Housing Stocks. We did this almost 18 months ago. How did we do this; how was Foreclosurepedia capable of looking at the same data which was available to everyone, but apparently only seen by Foreclosurepedia?
Foreclosurepedia is not held hostage to advertisers. What I mean is this: When you look at the Mortgage Field Services Industry whom are down in the Big Easy this week fist bumping each other in a way which only middle aged, Caucasian men are capable of doing, a close examination of their product renders answers to questions one may postulate.
Any swinging dick is capable of cutting grass, changing a lock and doing such in a timely manner. What requires attention to detail is both the selection methodology of those aforementioned and the technological infrastructure moving the results up and down the pipeline.
The Mortgage Field Services Industry is in a technological world of shit and Foreclosurepedia has stated this for nearly four years now going all the way back to when A2Z Field Services was using Aurigma as their photo uploading package — they used it without the required licensing and a version which was deprecated, by the way.
There never has been and I venture the guess there never will be an honest article on HousingWire or any of the other Industry publications pertaining to the true state of affairs on the Industry. Simply look at the National Association of Mortgage Field Services (NAMFS). They spent $46,794 on advertising for FY2014. Now, remember, NAMFS brings in just about $181,000 in NAMFS Member Dues. $120,215 goes straight out the door to pay Eric Miller, the Executive Director, NAMFS. For the latest FY that NAMFS has reported upon, they made about four thousand dollars. The FY before? They lost over FIFTY THOUSAND DOLLARS!
A portion of the above went to the placement of a rebuttal to FHFA OIG, in HousingWire for two months in late 2014, which tended to lend the appearance that HousingWire actually sought out the opinion of NAMFS. The fact of the matter is that NAMFS was under the gun to say something about the FHFA OIG’s report pertaining to the sad commentary on inspections — nothing has changed, by the way.
NAMFS released this statement as part of their dog and pony show,
In April, NAMFS published a white paper providing an industry perspective on the FHFA OIG report titled FHFA Oversight of Enterprise Controls Over Pre-Foreclosure Property Inspections.
Are you fucking shitting me? A White Paper?! Does NAMFS mean that two page rag with typos and all Eric Miller threw together after what must have been an all night bender?! If that is so, let me tell you something straight up: You people are fucked only in a way which could be appreciated by an infidel at an Islamic State kegger party! Here is how Foreclosurepedia described the NAMFS White Paper and I use that term loosely as only the paper was colored white,
Before addressing the pithy comments the NAMFS Regime churned out sans an author’s name, I wanted to talk a bit about display and grammar. You know, when a Regime whose Membership is under fire for fraud and corruption has typos in the first five paragraphs, you know there is a problem in Rome. The fifth paragraph, last sentence has a run on of “resultsas.” Even more on point, the non justification of the paragraphs themselves presents an extremely unpleasant reading experience.
There is a problem in Rome as it is burning down all around us. The law no longer means anything to anyone. Case-in-point, Eric Miller states that in 2013 they amended the NAMFS By Laws, but forgot to publish them — that’s the only conclusion I might reach as they sure the fuck aren’t on the NAMFS Website. This references giving voting rights to anyone as now Associate Members are able to both vote and be directors. It does not bode well for the Industry going forward. And as most of you are now lining up for the Conference I am reiterating the fact that whomever is elected to the NAMFS Board, Foreclosurepedia will dedicate every hour of every day to ensure that your Firm gets the publicity is so deserves. And as for that little gay parade wherein the NAMFS Membership will march down to the boat, I am sure it will make for a great photo opportunity! 😉
