National Association of Mortgage Field Services (NAMFS) members are on edge after an announcement that the US Department of Justice reached a $13.2 million settlement with Universal American Mortgage Company to resolve allegations that the lender violated the False Claims Act by falsely certifying that it complied with FHA lending standards. It would appear to be a 180 from claims that the US Department of Housing and Urban Development (HUD) was poised to almost do away with these claims. Whether Secretary Ben Carson is looking to replenish the massive budgetary cuts President Trump has proposed in his FY 2019 Budget Proposal or not, fact of the matter is that HUD is signalling that they are more than comfortable with recouping monies from criminal enterprises — and NAMFS members could very well be on the list.
As we reported upon last week, the testimony from Shari Nott, purported co-owner of National Management and Preservation Services dba National Field Network (NFN) and its CEO, put the finishing touches upon multiple False Claims Act filings.
The problem with the entire NFN Involuntary Bankruptcy is that it has rolled out like an episode of CSI: New Jersey. It has all the hallmarks of lawyers on both sides pitting their clients against themselves. And while not normally noteworthy, what is is the changes of personnel at nosebleed levels at places such as Fannie Mae and Freddie Mac. According to sources speaking on condition of anonymity present, Nott was federally deposed last week and threw everyone and everything under the bus pertaining to Fannie Mae — there was no quid quo pro. And yet David Shaver, Counsel for the Plaintiffs, some of whom have personal Judgements against Nott, appear unwilling to do anything other than create smokescreens on behalf of Jack Jaffa of Jaffa and Associates whom also owns NFN outright.
As Foreclosurepedia reported two months ago, Fannie Mae announced President and CEO Timothy Mayopoulos is resigning from Fannie Mae. This is the same Mayopoulos whom had an affair with Heather Russell, former chief legal officer at Cincinnati-based Fifth Third Bancorp, Ohio’s largest bank which caused Mayopoulos’ separation from his wife, Amy Lefkof. Fifth Third does an enormous amount of business by supplying Fannie Mae and its sibling company, Freddie Mac, with mortgages that are later bundled into securities guaranteed by the government. Mayopoulos kept his job while Russell was lost hers.
Handlers. It is always about the handlers. And when it comes to the ability of NAMFS to financially co-opt even the licensed whom swear an oath to the law, the results are always the same. What is poised to change those results, though, is the False Claims Act (FCA). And the FCA is easily triggered by testimony given by Shari Nott in her deposition last week.