Some years ago, Alan Bunker sold off a large chunk of Spectrum Solutions to real estate and data mogul Matt Martin. Today’s iteration is known as Spectrum Solutions Acquisitions LLC. Now, for years Chronos Solutions, another Matt Martin creation, had attempted to become involved in the HUD M&M AM. In fact, the recent finalized Awards in the 3.9 iteration, was originally protested here, in 2020, by Martin’s Chronos Solutions. The ongoing story of Martin and his build up and sell off of firms, such as Chronos to Covius, owned by today’s Rithm Capital, is the fulfillment of cradle-to-grave shops I predicted around the same time. To set the stage of the mentality of Matt Martin, former owner of Chronos and current CEO and owner of Spectrum, you need to understand how HUD rated their performance,
For eight of the first ten months of contract performance, Chronos failed to meet certain metrics of this scorecard and received “unsatisfactory” ratings. See AR, Tab 19, Contracting Officer’s Determination, at 461‑462 (explaining that Chronos received unsatisfactory scorecard ratings for the months of June, July, October, November, and December in 2019, and January, February, and March in 2020).
So, not only did Martin and his Team fail 80 percent of the time, they had the gall to Protest how hard earned US taxpayer money was to be spent. These are the words not only of HUD, but of the Government Accountability Office (GAO). Bad management and imprudent waste of US taxpayer funds is the ongoing theme that keeps cropping up when you look at Matt Martin and his Team. Take, for example, the recent cut in pay for Contractors as Spectrum took over $37,408,366 in obligated Awards on the HUD M&M FSM Awards.
Let’s break this down in only the way that a trained media professional like myself is capable of doing.
Of importance here is that Matt Martin and Spectrum have decided to drop inspections pricing from the 5 year price point of $35, set by the former FSM Awardee, to $6. That is not a typo. So, how did we determine this? Well, as you see above, the Routine Inspection Fee is $12 according to Spectrum. The issue here is that it cites performing the HUD HPIR which includes both an interior and exterior inspection. So, two inspections for $12 equals $6 per inspection. In addition, Martin and Spectrum offer to buy your tools — the HUD Keys necessary to gain access to the assets. More on that in a minute.
Here is the tip that Foreclosurepedia received on the potential violation of Executive Order 14026,
Here is what a Senior HUD Official had to say about EO 14026,
The CFR flow down provisions of Executive Order 14026 (including the recent rate increase) are pretty clear for SCA and Davis Bacon covered contracts, so it would apply to all tiers of subcontracting under HUD’s M&M contracts.
EO 14026 raised the minimum wage paid by those contractors [Matt Martin and Spectrum] to workers performing work on or in connection with covered federal contracts to $15.00 per hour, beginning January 30, 2022, and beginning January 1, 2025, the Executive Order 14026 minimum wage rate will increase to $17.75 per hour. Now, both Troy M Routh, Spectrum’s Chief Operating Officer, as well as Matt Martin know this — Martin, even more so, as he goes back to the Boris Whiteside days at HUD.
HUD is aware of this and Foreclosurepedia is awaiting comment. More pressing, though, is what the legality is for Martin and his Team to purchase the necessary tools to perform the work as they are allegedly independent contractors. In the instant case, the above letter outright states that they will give you a discount code — read the keys are free — if you will work for the $6 per inspection.
Currently, Spectrum is the lowest paying firm performing inspections in the Industry that Foreclosurepedia is capable of documenting. Remember, Inspectors are required to make $15.00 per hour; $17.75 per hour in January 2025, and when you factor in a vehicle, insurance, phone, software, internet, and fuel, there is no way that is possible. Accordingly, Foreclosurepedia has blacklisted Spectrum and advised the International Association of Field Service Technicians (IAFST) about our decision.
