Coming on the heels of Foreclosurepedia reporting about Lender Processing Services shuttering their entire Ohio Operations, Asset Management Specialists (AMS) is apparently doing the same in Michigan. Although no Worker Adjustment and Retraining Notification (WARN) Act statements have been issued, we have received several statements from personnel close to the matter. Sources speaking on condition of anonymity stated,
AMS Field offices in Michigan are shutting down on 8-29-14 all employees will be layoff. 2 offices in Michigan that run there in-house crews.
23921 Freeway Park Drive, Farmington Hills, MI 48335 [and] 625 Ann St NW Grand Rapids, MI 49504
This came only hours after the following was leaked and we reported upon back in July, 2014,
On August 1, Fannie Mae is adding two additional National Field Services Companies: [Redacted] and GTJ. They will join AMS, Cyprexx and Safeguard in performing all Field Services work at properties across the country. Because of the addition of these two new vendors, it is necessary to realign several states. [Read up on GTJ if you do not know whom they are 😉 ]
Over the course of the next several weeks, [redacted] assigned properties will show the reassignment of the Field Services Company from AMS to GTJ, one of the new National Field Services companies.
Starting August 1, 2014, GTJ will replace AMS as the Field Services company for all new inventory assignments in your state. AMS will remain as theField Services company on all existing inventory where field services tasks have already started. For properties that are currently Occupied or in a status where there has been no field services work performed, GTJ will be assigned.
We confirmed the shake up via C Level Personnel at Firms other than AMS. So, it looks like the dire predictions I have been making are finally coming down the pike. I mean it really isn’t rocket science; one does not need a crystal ball.
What we have here is a collapse of epic proportions within the Mortgage Field Services Industry. It amazes me how a redneck in a county with ONE STOPLIGHT is able to garner high quality, actionable intelligence — THE ONLY OUTFIT WITH INTELLIGENCE — while the Shot Callers all seem to be caught with their pants around their ankles in the public restroom.
I was thumbing through HousingWire this evening and stumbled upon the latest revelations about multi billion dollar pay offs — they aren’t fines — for criminal misconduct that Eric Holder and the rest of the Obama Administration seem content upon receiving instead of issuing jail sentences. North of SIXTEEN BILLION DOLLARS is what Bank of America is up for — this time. JPMorgan ponied up THIRTEEN BILLION back in November, 2013. Citi is on the hook for SEVEN BILLION. Now, for those of you living under a rock, these are the latest rounds and do not include the Consumer Financial Protection Bureau (CFPB) and their army out collecting alms for the White House.
In April, Bank of America got hit for just under a billion on yet another scheme by CFPB. JPMorgan caught nearly half a billion in fines. Both cases involved screwing people on credit cards. CapitalOne got in on the CFPB action with a cool TWO HUNDRED AND TEN MILLION for shitty marketing practices. Feeling lonely, AIG figured they had better get in the mix and caught 15 Million for kickbacks to the rest of the Good ‘Ol Boy Network. United Guaranty and Genworth will both pay $4.5 million, while Radian will pay $3.75 million and MGIC $2.65 million. Wells Fargo? Shit, their Manual is a, “Textbook for fraud.”
I’m not too good with the math thing, but CFPB seems to have FINED people somewhere near TWO POINT SEVEN BILLION DOLLARS in FY2013. 2014 is already off to a great start as well and we’re only crossing the mid point.
Lender Processing Services was hit for fraud in the $127 Million Dollar neighborhood back in February, 2013, and its subsidiary had to take a criminal plea with respect to DocX which cost another $35 Million. In fact, by February, 2013, the Justice Department had filed nearly 10,000 financial fraud cases against nearly 15,000 defendants including more than 2,900 mortgage fraud defendants.
So, for those of you out there playing amateur hour on the Drive By Social Media Pundit Circuit, it might be time to figure out that the days of the one man order mill fraud fest are coming to an end. You see, I am running out of bodies and still have so, soooooooo much more space. Truth be known, I just bought myself a new keyboard! 😉 In the end, the Industry is following a matrix which has been laid out; it is a matrix which had anyone read, I laid out in painstakingly precise terms. I mean even the blind are able to navigate without assistance when informed via the Foreclosurepedia App. Labor is actively preparing for the inevitable Nationwide, now. The reality is that as the herd has thinned out both on the Management and Labor spectrum, the impossible is now possible. That is why soon — very soon, in fact — I plan to call upon the Ordinary to do the Extraordinary. The Revolution will not be televised. While those on the Social Media Circuits are preaching a good game, the reality is that they have never been able to bring it to the real world. Florida FAST 2014 did that and we paid particular attention to those whom were absent. In summary, always expect the unexpected.
We will now return you to your otherwise dreary Mainstream Drive By Social Media.