Buczek Enterprises, a National Association of Mortgage Field Services (NAMFS) Regime Member and former Altisource Provider has continued to stall on payments to Contractors on the heels of Buczek’s pleas for calm. With thousands of properties from New York to California now being entered into Property Baggage, a real time Potential Contractor Lien Platform, it is looking more and more like Buczek Enterprises could be looking to file bankruptcy. In a bizarre twist, Amanda Lynn Burke Buczek, Adam Buczek’s wife, took the extraordinary step of attempting to Subscribe to Foreclosurepedia’s Twitter Feed this morning. I guess the door-to-door make up artist gig didn’t pay off.
Where the rubber meets the road, though, is in the fact that many Contractors are now approaching New York District Attorneys and the New York Attorney General. This has dire implications for Altisource, whose parent is Ocwen. Ocwen is already under fire in New York for buying up Portfolios like a yard sale.
Moody’s began sounding the alarm against Ocwen, Walter Investments and Nationstar on the heels of Ben Lawsky’s investigations into Ocwen and Nationstar — Lawsky is the New York Banking Regulator. More on point, though, one would think it not a good idea to allow the percolation of Contractor defraudment up to Lawsky, et al. It would appear that Altisource could give two shits. I mean why have a tsunami of questions rolling uphill to be used as ammunition?
The reality is that while Buczek Enterprises has put Altisource in the cross hairs, Bill Shepro is still heavily dependent upon Ocwen — dependent to the point that Moody’s assigned a B1 CFR / B1 SSBCF to them citing the dependency. One must inquire as to the wisdom of Altisource being allowed to dally around with potentially millions of dollars of fraud and the potential of TENS OF BILLIONS OF DOLLARS in liability should Contractors get off their lazy asses and begin filing liens!
Industry Sources, speaking on condition of anonymity, discussed Altisource’s interests in purchasing CoreLogic. With CoreLogic’s recent cornering of Marshal Swift; taking into account the fact that CoreLogic’s Field Services Division has rarely if ever made a profit, the real question is whether or not Altisource wishes to identify itself with the potential of Sherman Act complications as a Foreign National.
This is a friendly reminder to Altisource and Ocwen that simple investments in that which is proper have a positive influence on the world around them. In the meantime, we would advise Contractors that they should pursue asymmetrical means to bring pressure. We highly recommend that they begin to engage local media outlets such as their TV Stations, and have their issues profiled. The telephones of Contractor’s Representatives and Senators — state and federal — should NOT STOP RINGING!
