I opened HousingWire today and just about fell out of my chair laughing. Paul Magaha, National Association of Mortgage Field Services (NAMFS) Regime Treasurer was hired by Assurant Field Asset Services (AFAS) to head up their Compliance Division. I mean the only thing that has chaged with Magaha is that his dorky handlebars have been exchanged for a grey goatee. You really have a sterling combination here. When it comes to serving up the bullshit over at HackWire, Brena Swanson gets an A+. I am not the only one whom keys to that, either, when you go over some of the comments on her other articles.
“Paul’s vast compliance and risk management expertise will be a great asset to our clients and our team,” said Paul Carlson, chief operating officer. “He will further develop our existing GSE and FHA processes and our internal audit process.”
Vast compliance and risk management? I mean is Swanson drunk on the Eric Miller Kool Aid or is Paul Jackson so hard up for AFAS Advertising that he has to cosign the bullshit as opposed to deciphering the truth? So, Magaha whom set by silently when NAMFS Regime Member after Member were documented to have committed fraud and then his pet buddy the disgraced former NAMFS Regime Secretary Heather Berghorst performs the swan dive and screwed countless Contractors, Clients and Financial Institutions alike is a telegraph to precisely what direction Magaha is going to steer the drunken USS AFAS ship. Now, in all fairness, he studied under Captain Eric “Ahab” Miller. So, this should be one hell of a production to say the least.
I mean it must be in the water with these Yankees. All of their photos have this distinct phallic look to them; they have a distinct Muno look from Yo Gaba Gaba. Now, I am not saying that that the Mortgage Field Services Industry is comprised completely of dick heads. What I am saying is that there seems to be a genetically predisposed attitude to turn a blind eye to fraud and corruption. While Magaha and Company over at the NAMFS Regime may be able to bury their heads in the sand over Berghorst, the Consumer Financial Protection Bureau (CFPB) are going to have a field day with this putz in his new AFAS Position.
Virtually each and every Member of the National Association of Mortgage Field Services (NAMFS) Regime Board have a Lender Processing Serivces (LPS) connection. Magaha is not unique. Now, personally I like LPS with respect to how they treat Contractors, their Chain of Command and politics are another matter. With respect to Magaha I would anticipate that he will bring the same incompetent ability to address fraud and corruption within the NAMFS Regime to AFAS. This, in turn, will translate into CFPB nightmares for AFAS and being that Insurance is one of their biggest components, the question which presents is whether or not AFAS is willing to contend with the potential landslide of REO/P&P Complaints opening the door into their dark and nefarious Insurance World.
Paul Magaha has never really held his own in the Mortgage Field Services Industry. I am hard pressed to find an example of where he ran his own business for any period of time as he has always had some other Company foot the bill for his mistakes. LPS is additionally risking a tremendous amount of intelligence leaking over to their Competitor AFAS.
At the end of the day, we are seeing Companies now beginning to raid each others talent pools. This is a disturbing trend as it telegraphs that the margins are becoming quite tight. When juxtaposed with my predictions of a Dow around 8400 by Q1 2015, people should be a bit nervous. This, coupled with the fact that MCS AMS Subholdings LLC is going to have one hell of a time paying their multimillion dollar loan off at the 7 percent level Bank of America and Company demanded is a recipe for collapse and centralization of the Industry into several hands. If people thought that the Safeguard Properties monopoly was bad, they have no idea what is coming down the pike.
