Sun Feb 5 2:34:20 EST 2023
Home#OpNAMFSCaroline Reaves: Why Ego May Cost A Fortune

Caroline Reaves: Why Ego May Cost A Fortune

Concentric Equity Partners (CEP) and TDR Capital have a serious problem. They have a Chief Executive Officer (CEO) with an ego a Texas mile wide by the name of Caroline Reaves. Whether the ego stems from a daddy inferiority complex or otherwise is immaterial. What is material is that the US Department of Housing and Urban Development (HUD) has taken aim at Reaves’ borderline maniacal gutting of Asset Management Specialists (AMS). Hey, everyone knows the modus operandi for the National Association of Mortgage Field Services (NAMFS) Regime; don’t want to say “I told you so,” but I predicted how it would go down as well as over at Field Asset Services (FAS), now Assurant Field Asset Services.

When CEP and TDR Capital came in to assimilate the trifecta of Mortgage Contracting Services (MCS), Vacant Property Specialists (VPS) and Asset Management Specialists (AMS) they appointed MCS CEO Reaves as CEO over the entirety. Sometimes, it is not a good idea to appoint the fox over the chicken house. There leaves little doubt, in my mind, that Reaves will either have to be removed or AMS will permanently forfeit all HUD work. I would venture the guess that the FannieMae situation is identical.

Even as Rome proverbially burns down, Reaves is playing the lyre; the final opus. With multiple potential lawsuits ranging from the sexual harassment of a former rape victim; the dumping of toxic materials into California storm drains; discrimination; and the big Independent Contractor vs Employee Status — this would be the natural extension from the current FAS suit already in Court — AMS is an unwanted step child; redheaded at that. We haven’t even touched upon the true ownership and when that part went down — gotta love these foreign nationals.

HUD had several problems vis-a-vis the CEP/TDR Acquisition. First and foremost, AMS held (and still holds according to a Freedom of Information Act Request filed by Foreclosurepedia) HUD Marketing and Management Contracts in 1D, 2D, 1P and 3P Areas. My hunch is that there is a current Stop Work and/or Cure Notice which was issued on each of these four Contracts. Why, you may ask? Well, here is where Reaves’ ego completely fucked CEP and TDR,

A Source speaking on condition of anonymity stated, “HUD has brought the AMS contract to HUD legal for review, as we have not received acquisitions for the last two months, and has argued that the removal of Gregg Harrison, Ernie, and Jerry (all of whom signed the AMS contract) voids the contract, as Caroline can not sign as the MCS CEO.”

Reaves’ statements back in August, 2013, not only rang hollow, but now have come back to haunt her,

“The common ownership of these three companies, with their unique strengths and proficiencies, will strengthen our collective ability to serve our clients and expand opportunities to develop ancillary services across multiple customer channels. In addition, an expanded field level vendor network will result in leveraged compliance and regulatory response capabilities. These benefits will reaffirm our commitment to remain as leading field service companies in the mortgage industry.”

Ms. Reaves adds that there will be no immediate changes to the three companies’ business processes and they will each continue to be managed independently.

Ernie Stefkovic must not have had any idea what was coming down the pike. Now, I am convinced that he had his suspicions and partial verifications IN RE: Mertins, et al.; however, by-in-large Stefkovic is a Client’s Man. His Statement, released with Reaves, confirms at least the public facing position,

“Our immediate goal and focus is to continue providing exceptional performance and customer service to the existing customers of MCS, AMS and VPS,” says Ernie Stefkovic, CEO of AMS, “And to continue protecting and preserving communities across the country.”

Was it the perfect coup d’état? I don’t think so. First, Stefkovic and others are not spring chickens. Stefkovic and other Contractual Signatories had to of at least believed that whomever was allegedly at the Helm of Ahab’s nautical catastrophe had enough common sense to realize that if you fire the Contract Holders, the M&M Contracts are rendered null and void. And let’s not bullshit around, HUD knows full well that the Conflict of Interest; the mere appearance of violation of HUD 5.1.12.5, is not something to have bantered around in the current REO to Rental Climate — more on that story this weekend.

While many may turn a blind eye to the C Number situation; the 20711A documentation, etc., the reality is that I believe AMS was syncing their database to the EMS Vorticity System. We’re not just talking about the higher C Level folks either; staffers and temporary help were being given access like beer being passed out at a fraternity house on homecoming.

On this point, we have begun to track down many of the temporary and former employees with respect to the Service Contract Act (SCA). The reality is that those whom performed services upon HUD Properties were entitled to prevailing wage, health benefits, paid time off (PTO) and other fringe benefits. Yes, that would apply to those whom were implicated in the Screen Shotting as well.  😉

In the upcoming Chapters in this Saga, we are going to drill down on the systemic culture which permeated from the top down with the Rank and File Staffers catching the Heat. We are going to track down where the Fab Five are today and what Contracts they will be bidding upon as well. Folks, we are just beginning to scratch the surface. Sources are beginning to corroborate each other. Foreclosurepedia is calling on all former and current AMS Employees and Contractors to encourage your friends and colleagues to speak with Foreclosurepedia. Being a Patriot is not always the popular thing; it is the RIGHT thing! Help us help you today!

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