In the land of economic statistics, a curious dichotomy emerges. While headlines boast of a bustling U.S. economy with “strong job numbers” and “a slowing rate of inflation,” a different reality persists for millions of Americans locked in a minimum-wage struggle and those who work for National Association of Mortgage Field Services (NAMFS) members. These workers, the very backbone of our Nation, face a stagnant wage floor that has remained unchanged since the 20th Century, frozen in time, as their minimum wage colleagues exist in a slave wage at a meager $7.25 an hour.
Against this backdrop, a stark injustice unfolds. Labor in the property preservation industry, crucial for maintaining foreclosed homes, has not seen a price increase in 33 years. Shockingly, this stagnant pay persists amidst skyrocketing profits for the Industry’s Prime Vendors from Fannie Mae, Freddie Mac, and HUD. These entities have granted hundreds of millions of dollars in price hikes to the management companies holding property preservation contracts, enriching themselves while the workers who toil on the ground remain locked in a financial straitjacket.
The consequences of this wage stagnation are dire. The cost of living, fueled by rampant inflation, has skyrocketed. A dollar earned in 2009 buys only 70% of what it did back then. Rent, groceries, essential household goods – these basic necessities demand a wage that the federal minimum simply cannot provide. Families struggle, savings vanish, and debt accumulates, painting a grim picture of economic insecurity for millions.
While some pockets of the economy, like retail giants like Target, raise their minimum wage to more livable levels (up to $24 an hour!), the vast majority of minimum wage workers are left behind. This is not just an economic issue; it’s a human one. Nearly 58% of those set to benefit from upcoming wage increases are women. People of color are disproportionately represented, with 9% Black and 38% Hispanic workers included in this group. And over a quarter of those receiving pay bumps are parents, struggling to raise their families above the poverty line in the face of inadequate wages.
None of those receiving a pay raise above work for NAMFS members. In fact, the average pay for an inspection is $5. Think about that. NAMFS members are paid $35 for exterior inspections and $45 for interior inspections. Labor is paid $35 for an initial grass cut and NAMFS members are paid $525 for Fannie Mae initial grass cuts.
In July, a glimmer of hope emerged with the introduction of the Raise the Wage Act of 2023. This federal legislation proposes a gradual increase in the minimum wage to $17 an hour by 2028. However, its fate remains uncertain, and millions of Americans continue to navigate the treacherous waters of economic scarcity while others reap hefty profits from their labor. There is no such fate for Labor in our Industry. In fact the below people, representing the NAMFS Board of Directors, have made damn sure that Minority Females and Labor are left out in the cold.
The tale of two wage wars demands action. We cannot celebrate a robust economy while turning a blind eye to the human cost of stagnant wages and exploitative practices. It’s time to recognize the critical role minimum wage workers play and ensure their compensation reflects the realities of life in 2023 and beyond. Only then can we truly claim to have an economy that works for everyone, not just the NAMFS Board of Directors.
