Early reports are coming in that multiple inspectors in Alabama, California, and Mississippi have called it quits. Several providers had reached out to Foreclosurepedia, earlier today, requesting information about hiring new contractors in the area, which we declined based upon the average of $10 per inspection. Additional inquiries were made of the International Association of Field Service Technicians (IAFST), around lunchtime, which included Connecticut, Georgia, and Florida. Based upon the per inspection pricing of $9.75, these were turned down, as well. And by the looks of much of the social media out there today, the mirepoix, Holy Trinity of Fannie Mae, Freddie Mac, and HUD price hikes went straight from the US government — Fannie Mae and Freddie Mac are under US government conservatorship and HUD is a US government agency — into the pockets of greedy Prime Vendors.
It was coming and everyone knew it. With the lowest volumes in history combined with the highest price increases ever, totaling hundreds of millions of dollars to Management and not a single penny to Labor, no one in their right mind would stay in the Industry. And as Foreclosurepedia has a multitude of hedge funds and servicers direct whom are willing to pay real world money in two weeks or less, why would you stay?
In light of the fact that yet another firm, Assero, has gone south on Labor’s money to the tune of nearly $1 Million with liens filed against both LoanCare and Fannie Mae, the reality is that now, more than ever, we need regulation in this Industry. Assero’s parent company is 24 Asset Management, the recent HUD M&M FSM Awardee with tens of millions of dollars in contracts issued with the oversight of Craig Karnes, HUD’s Acting Deputy Chief Procurement Officer. There needs to be oversight not just over Management, whom continue to commit wage theft, but also of the firms and US government agencies making these Awards.
