The Articulation Of A Hustle: How The Industry Is Crumbling

With the National Association of Mortgage Field Services’ (NAMFS) shindig getting underway in less than 48 hours, we wanted to bring some facts, figures and opinions forward for others to contemplate. The incorporation of Religious based organizations is, in my  opinion, an all time low. For an Industry which has absolutely no regard for the Contractors whom toil day in and day out, it would appear that the Propaganda Machine had to work overtime for this one.

Wells Fargo is at the forefront of the latest assault upon Contractors. Wells Fargo put taxpayers on the hook for up to $36.9 BILLION in bailout funds and programs plus an unknown amount from the Federal Reserve’s $8 TRILLION in emergency programs. This money was supposed to help the banks get the economy going again. But little of this money has gone to relieve struggling homeowners and increase the flow of credit to small businesses.

Wells Fargo is a major funder of the payday loan industry that preys on cash strapped working families by providing short term loans with annual interest rates typically around 400%. Wells Fargo provides credit to six of the seven largest publicly traded payday lenders; this credit is indispensable for the payday lenders’ operations.

Wells Fargo also functions as a payday lender itself, despite the fact that regulatory agencies have ruled against various forms of bank involvement in the industry on several occasions. Since 1994, Wells Fargo has offered direct deposit cash advances that now have annualized interest rates of 120%.

So, right from jump, the cozy relationship — THE FAR TOO COZY RELATIONSHIP BETWEEN A NON PROFIT BUSINESS LEAGUE AND A FOR PROFIT OUTSOURCER OF US JOBS — is spurious, at best. With lawsuit after lawsuit mounting up against Wells Fargo pertaining to the US Department of Housing and Urban Development (HUD) one really, REALLY wonders what is rolling through the mind of NAMFS Executive Director, Eric Miller.

When Wells Fargo discovered problems with the loans, it failed to notify HUD, which administers the FHA program, as required, a recent lawsuit stated. The action alleges more than 10 years of misconduct.

“The extremely poor quality of Wells Fargo’s loans was a function of management’s nearly singular focus on increasing the volume of FHA originations – and the bank’s profits – rather than on the quality of the loans being originated,” Bharara’s office said in a statement.

How much outsourcing, one might ask, is Wells Fargo doing? In addition to the latest attempt to force Foreign Nationals in the form of Aspen Grove Solutions down the throats of Contractors while shielding Order Mills whom employ Felons whom have Internal Revenue Service (IRS) Tax Liens and Credit Judgements, Wells Fargo is moving up to $11 BILLION in employment overseas,

The effect of business outsourcing in the economy and jobs in California alone is staggering at 12% unemployment rate which is higher than 3% against the average rate of unemployment in the U.S. and California’s budget deficit of $25 billion for 2012.

Wells Fargo is also one of the biggest employer in California with over 270,000 employees in the United States alone.

In the Philippines, the effect is different. The Philippines is the biggest recipient of BPO contract in the world next to India. It employs 630,000 in the call center industry with BPO revenues worth $11 billion and job creation in the Philippines is estimated to rise by 126,000 alone in 2012 or 18% more in 2012.

Odd, really, when NAMFS is parading around like they support the Franciscan Outreach. Maybe they do. Look, it’s great they are going to spare 4 hours of elbow grease. It would seem to me to be quite the opposite from a reality standpoint, though. The bringing in of the Franciscan Outreach is really a new low in my opinion. Here NAMFS Members are refusing to pay Contractors left and right; without pay Contractors will eventually end up at the Franciscan Outreach, yet no one even raises an eyebrow. The most recent rehiring of known felons and people with a track record of screwing Contractors and an apparent targeting of African American women in the Southeast is just par for the course.
Franciscan’s whom abhor excesses must really question the enormous raise for the Executive Director of the NAMFS,
The Executive Director of the NAMFS was paid $40,000 as reported on their IRS Form 990 in their 2008 Filing. By the 2010 Filing it had skyrocketed to an astronomically obscene ONE HUNDRED AND FIVE THOUSAND DOLLARS! The reason? Well, the Executive Director had to work a 40 hour work week. Odd, really, as every time we ever attempted to call we got a call forwarding service which went to a voice mail.
Hey, everyone needs a good prop. The Franciscans get their name mixed in with the Foreclosure Industry; the very same Industry which some of the Franciscan’s own Clients are victims of. Hell, maybe Wells Fargo can partner up on this one and spare a foreclosure or two for the homeless? Yeah, right!
From NAMFS:  We will be helping to clean, paint and do repairs at two of their facilities on Thursday, September 5 from 8am-12pm.
Mighty charitable for an organization whom spent HUNDREDS OF THOUSANDS OF DOLLARS on Conferences last year alone!
While my opinion may seem harsh, many feel it isn’t even close to what should be printed. The NAMFS and Big Business have made their Policies clear to this journalist. They will stoop to any level to ensure that the business as usual Wild West is defended to the death. With a Federal Racketeering lawsuit pending against its largest Member, Safeguard Properties (SGP), and countless other Complaints pending including one against their Big Sponsor Southeast Asset Services (SEAS), where does it all end?
Over the next 24 hours we are going to get out some further Profiles and Claims against these Enterprises. The tragedy is this: the NAMFS is well aware of how its Members is treating Contractors and has done absolutely nothing to get to the bottom of it. NAMFS and Wells Fargo have the audacity to propose shoveling Foreign Nationals down the throats of Contractors for Background Checks when both know full well that NAMFS Members have felons working as employees. They both further know that Contractor after Contractor are being defrauded; that Contractors are not being paid for their Services.
We pray that sooner or later the US Government will become involved in this mess and investigate. We further hope and pray that the Federal Reserve Board will begin to investigate these and thousands of other Claims pending against the Property Preservation Industry. Having felons work on Confidential Financial Data invites the eventual movement of Organized Crime into the Industry.
While many may take issue with my opinions in this OpEd, perhaps they should take a good, long look in the mirror. How many Contractor’s lives must be destroyed by outfits like GM Property Services, a firm ran by Brandon Lambert and Jason Mathis, before law enforcement does the right thing?!

Search

Click To Advertise

Click To Apply

Credible Application

You must be logged in to post a comment Login