We are receiving multiple reports that Lee Mertins & Co. — read Eduardo San Roman — have received a large swath of the Fannie Mae Contract. While this is normally a benign issue, the reality is that there is a tremendous amount of discord within the Fannie Mae environment. Sources speaking on condition of anonymity stated to Foreclosurepedia that within the past week, Sentinel Field Services has removed themselves from their portion of the Freddie Mac Contract awarded less than six months ago. This is extremely significant as Sentinel, the powerhouse created by Brian Huggard and steered by one of the brightest minds I know of, Phil Johnsen, would not make a move like this hastily. When additionally coupled with the fact that Safeguard Properties (SGP) is almost incapable of performing upon their Northeastern Area of Operations (AO) for Fannie Mae even with overnighted checks including per diem stipends, the reality is that Fannie Mae will ultimately have no choice other than to issue yet another Request For Proposal (RFP) over the next month or so.
Time and time again, I am hearing horror stories pertaining to Freddie Mac. Reductions here and arguments there, Freddie Mac appears to be the red headed step child with respect to GSEs.
What I mean by this and to note a correction I made above pertaining to the change from Fannie Mae to Freddie Mac with respect to Sentinel Field Services is that fact that Fannie Mae appears to be the work horse, with respect to Portfolios which work if you work, Freddie Mac is completely the opposite.
Foreclosurepedia’s enormous network of Sources has recently revealed that Assero will be awarded the Washington DC sector, Pennsylvania, West Virginia, Maryland, Delaware and Virginia. We place the veracity of this in the upper ninety percentile.
Problematic in the awards to Assero go further than the simple fact that Lee Mertins was instrumental in some of the most heinous and prolific fraud ever revealed by Foreclosurepedia. In addition to the millions and millions of dollars in fraud perpetrated against the US Department of Housing and Urban Development (HUD) with respect to the fraudulent submission of Work Orders by and through the HUD P-260 Portal, Mertins was identified by multiple Members of Labor as the orchestrator of a complex scheme wherein Members of Labor were defrauded for millions of dollars in payments through a systematic scheme implemented during his tenure at Asset Management Services (AMS).
Above and beyond the normal siphoning off of what I term as equity in these portfolios — in this I mean that SGP, Assero and other National Order Mills come in and suck out all of the allowable and over allowable fees and then dump the trash back upon Portfolio Holders to then collar a new schmuck to clean up the mess — Assero is now in a direct contravention to HUD 220.127.116.11 with respect to those Florida Firms whom move HUD assets up to be serviced by and through Assero.
This weekend, Foreclosurepedia begins the first in a weekly #TownHall Podcast Series. We are reaching out to Aaron Aviero, Richard Law and Terry Platt to begin dialogue with respect to the issues of the Industry as they present themselves. Those whom are in the Mortgage Field Services Industry and are interested in participating, will be invited to call in and toss a question into the mix and allow us to debate both the merits — if any — and comprehensively issue answers from three, unique points of view.