CoreLogic, a Member of the National Association of Mortgage Field Services (NAMFS) Regime, is finally being sued for what I have claimed all along. Photos that Realtors and Contractors take are copyrighted. Now, Contractors would never have enough spine to come out of the shadows of Drama Book to defend their own rights, but Real Estate Photographers have and are seeking Class Action Status. This is not virgin territory. In fact, Realtors recently were awarded $2.7 Million against firms illegally using their copyrighted photographs. In the interests of Full Disclosure, Foreclosurepedia is currently involved with pending litigation against four Industry Companies which is yet to be filed.
Attorneys for two real estate photographers are seeking class-action status to represent others in a lawsuit against real estate data and technology firm CoreLogic Inc. alleging the company stripped identifying information from millions of home images uploaded to multiple listing services, making the images harder to protect against copyright infringement.
The complaint further alleges that CoreLogic illegally copied the images into its subscription-based RealQuest property database and sold access to them without photographers’ permission or authority and without compensating them. CoreLogic is the largest provider of technology services to MLSs in the U.S. — including 17 of the top 20 MLSs — and brought in $1.3 billion in revenue in 2013.
Perhaps seeing the writing on the wall, CoreLogic Director, Jaynie M. Studenmund, dumped 6558 shares of CoreLogic on 29 August 2014 according to the Securities and Exchange Commission (SEC) document Foreclosurepedia obtained as part of an in depth CoreLogic Investigation — that’s $182,640.30 for those of you curious which is also one third of what she has remaining. Matter of fact, Jaynie has been quite busy in the SEC Reporting Department if you care to read. Barclays reiterated an “overweight” rating on shares of Corelogic in a research note on 25 July 2014. This was in addition to analysts at Keefe, Bruyette & Woods whom downgraded shares of Corelogic from an “outperform” rating to a “market perform” rating. CoreLogic was also downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research note issued 11 September 2014.
The reality is that CoreLogic went on a huge spending spree — CoreLogic bought several Companies which I believe were to make them palatable to Altisource and they were hung out to dry — over the past couple of quarters and is having a hang over as a direct result. Word on the bricks is that CoreLogic is having some extreme difficulties keeping the payments flowing to Contractors. Let me rephrase that in the way that only a trained, media professional can do: CoreLogic, just like ALL NAMFS REGIME OFFENDERS I have reported upon, realize that Contractors will suck it up and never fight back — well, except with HomeStar Property Preservation which we report upon later this evening pertaining to the liens and lawsuits in Florida and Texas. It could be that the Prime Vendors CoreLogic hired; the same kind of Prime Vendors that Altisource hires, are not making the payments. I don’t know and really do not care much anymore. What I do know is that CoreLogic is in a world of shit and it appears to only be getting worse. Best thing they could do is sell off their foreclosure servicing portfolios pertaining to field services and concentrate on data — sounding like the predictions I have been making?! Whom are they going to sell to and when is an answer that those in the ISTAR Clear Base already know.
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