Fri Oct 22 2:19:13 EDT 2021
Home#BlackLivesMatterDSNews Magazine SNAFU And Is MCS Up For Sale?

DSNews Magazine SNAFU And Is MCS Up For Sale?

The Five Star Government Forum conference, held yesterday in Washington, DC, proved to demonstrate precisely why questions must be asked of the Watchers. The afternoon Keynote Speaker, Richard Cordray, Director, Consumer Financial Protection Bureau (CFPB) was tied up on Capital Hill with hearings and delegated David Silberman, Acting Deputy Director, to speak in his stead. Complimentary copies of the March 2017 DSNews were being handed out with Pages 27 and 28 missing. For those who do not know what the Article was in question, it was entitled, Counsel’s Corner, and is located here. The Article dealt with the torches and pitchforks which have come out against CFPB with respect to Big Money and their hatred of all regulatory oversight. The problem with those missing pages is that they had some extremely opinionated language with respect to CFPB. There was no labeling of the Forum Magazines, which were distributed, informing the consumer that two-thirds of the Article had been excised. In fact, those two pages were either mechanically, or by hand, cut out of the DSNews Magazine present at the Forum.

We reached out to DSNews, earlier today, and received this from Rachel Williams, Editor-in-Chief of Five Star Institute Publications,

Thank you for reaching out to me on this. Rest assured that was no intent to misrepresent the news. Page 28 was removed due to a printing error, that was too late to fix in the versions that were mailed out, hence why only the Government Forum copies had this change.  There was no mal intent and we are proud to run the Counsel’s Corner piece discussing the PHH vs. CFPB case in our mailed copies and to our online audience.

I applaud Ms Williams for her rapid and forthright answer. It is rare and I sincerely mean that I appreciate her reply. It was a legitimate question, though, in light of the Deep Pocketed Masters within the National Association of Mortgage Field Services (NAMFS) Regime. Many NAMFS Members are advertisers and sponsors at Five Star Institute events and within the DSNews printed and digital media. Moreover, though, it is troubling that DSNews and HousingWire, the two predominate publishers in the Mortgage Field Services Industry, continue to refuse to address the rampant and wholesale fraud against Minority Females and Labor which additionally undermines the interests of US Taxpayers.

Daily, we are witnessing the tentacles of the NAMFS and its leader, Eric Miller. Miller, whom presides over an all white NAMFS Board of Directors, continues to refuse to investigate people like Patricia E McTaggart and Altisource whom have crafted a Do Not Use list. We are publishing the entire Blacklisting Paper presented to the ERR Committee of the ABA Labor and Employment Law Section, from 2011, for those whom Eric Miller and his retaliatory NAMFS Offender Members continue to say does not exist. And while Miller and his white aligned NAMFS Board continue to bury their heads in the sand, why is DSNews and others refusing to ask these kind of questions? Blacklisting innocent men and women for demanding pay; refusing to allow Minority Females and Labor to earn a living, is illegal. Further, though, we are putting together a list of those whom have been injured. There is NO STATUTE OF LIMITATIONS. Even if you have been advised that there was no work available in your area, chances are pretty good that you were on a Blacklist. Why not join the 26 other injured Members of Labor, whom are actively putting together a Class Action lawsuit against NAMFS and its Membership?!

MCS Attempting To Sell Under Weight Of Vinson v AMS – MCS?

Word on the bricks is that Mortgage Contracting Services (MCS) has been making some not so subtle inquiries with respect to selling off MCS. Coming on the heels of Foreclosurepedia revealing that MCS had security issues with their protection of data (now fixed), some are asking whether or not this is the beginning of the end which we predicated nearly two years ago. Many are aware of Foreclosurepedia’s original reporting upon Caroline Reaves and the insane purchase of Asset Management Specialists (AMS). We also reported upon MidFirst Bank suing MCS — and they will win. Finally, MCS is going to loose the third round of Employee Misclassification litigation in federal court in California cited as Vinson v AMS – MCS. And what have the busy little bees over at MCS been doing to prepare? Glad you asked.

MCS is now going back, nearly a decade, in their quest to find chargebacks. With the vast majority of these chargebacks upon properties which have already been paid upon by the US Department of Housing and Urban Development (HUD), MCS has felt comfortable that there will be no way to lien properties or object to their illegal actions as they, like Altisource, maintain an active Do Not Use list.

Where it becomes a problem, though, is that these chargebacks deal with properties which financial institutions were compensated for under the HUD – FHA Insurance program. The form, FHA 27011, is extremely meticulous in recording whom was paid what and when it happened. Why would MCS want to do this; what is worth taking risks which could potentially put you into prison for years? Glad you asked that, as well.

MCS is in a world of shit, to put it lightly. They are potentially looking at Margin Calls. It is not simply the debt they have which looks like Atlas on Steroids. It is not simply the fact that they are staring down $30 Million or so in the Vinson v AMS – MCS litigation. It is not simply the liability they will face when their Do Not Use list comes to light. MCS needs to fluff their revenue, on paper, to make it palatable. In the same way MCS bought a lemon, other firms are doing some due diligence and have even reached out to firms to do Industry surveys.

We will discuss this as well as the NAMFS Member Blacklist tonight in the Foreclosurepedia Podcast broadcast live on the Foreclosurepedia Radio Network. You do not want to miss it and you may catch up on other Podcasts here.

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COVID Interview With Industry Veteran

Paul Williams
Linux addict buried deep in the mountains of East Tennessee.
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