I have opined on here that Benjamin Lawsky has been attempting to shake down Ocwen even before it was en vogue and long before the rest of the Drive By Media like HousingWire. Dick Kovacevich, former Wells Fargo chairman and CEO, was quoted over on CNBC stating that the $16.65 Billion Dollar Bank of America Settlement is basically extortion. In some ways, I agree with that. More on point, though, I subscribe to Kovacevich’s question about why the Companies are forced to pay these fines — extortion — and why those individuals personally responsible for that which happened are not being criminally charged.
The implications of what is going on within the Beltway vis-a-vis the targeting of both financial institutions and portfolio holders are far reaching. I want to be quite clear here: There IS NO AMOUNT OF MONEY which will do homeowners any good as they will never receive it. The vast majority of these funds are going into the coffers of the state and federal government.
Kovacevich’s statements, though, are very interesting when you look at the Mortgage Field Services Industry. Ocewn aside, when you look at Ocwen’s subsidiary Altisource, a very interesting can of worms opens up. As many know, Altisource has been the most well documented and recalcitrant Company Foreclosurepedia has reported upon. With hundreds of innocent men and women defrauded by Altisource Vendors, the question presents whether or not Altisource purposefully allowed this to happen. The reason this will never be answered; the reason that Altisource will always be considered a suspect, is because there are no laws, rules or regulations which cover the Due Diligence process — until the Consumer Financial Protection Bureau (CFPB).
Now, the argument could be made that these are all primarily civil crimes. The problem is that Foreclosurepedia broke the story about yet another Altisource Vendor, Jay Goscinski of Michigan Realty Solutions, whom has been implicated in forged Mold Remediation Testing. The Goscinski matter is most poignant in that as early as November, 2013, Altisource had knowledge of financial accusations by Contractors against Goscinksi for failure to pay. Goscinski also had a previous bankruptcy — an identical situation with Altisource’s other Vendor, disgraced and former National Association of Mortgage Field Services (NAMFS) Regime Secretary Heather Berghorst. In fact, Berghorst filed yet another bankruptcy while a Vendor with Altisource while Altisource had gone to the extreme of allowing Berghorst to receive both money and work under an illegal company known as Heritage Home Solutions.
In the Goscinski matter, the fact of the matter is that human lives are potentially in danger now. This transcends the civil and potentially enters into the criminal. If Altisource in engaged in a cover up on behalf of Goscinki would this not be criminal? Here is what I mean: Altisource, to date, has refused to discuss the matter and in fact has continued to send a steady stream of money and work to Goscinski. To date, we have no idea whether this is an isolated incident or if this is a wide spread issue. Why? Well, Altisource refuses to answer anything.
Altisource reached out to clarify their “Enough is enough” statement to me. I perceived the statement to be an implicit threat against myself and my family; I believed it to be a veiled threat that if I did not back off my opinions, we would be harmed. TWELVE DAYS LATER, I was told that no harm would come to us and that was not the intention — how encouraging. Back off the rhetoric and we can have a conversation is what I was told. So, I sent an email requesting dialogue and nothing but silence. Screw me, though. What about these Mold Reports?! I mean what is the situation here and if these reports are verified, has a full scale investigation been launched?
Unless and until both the administrative and legal men and women of these Firms are held responsible for their actions or deliberate inactions, I fear that we are going to see an ever increasing rise in fraud and corruption within the Mortgage Field Services Industry. Unless and until the NAMFS Regime is held accountable for their non compliance with Regulation Z with respect to non profit organizations, we are going to continue to see people like disgraced Heather Berghorst continue to be allowed to have command and control at the highest levels. In fact, Berghorst is still listed as a Member in Good Standing with the NAMFS Regime and is scheduled to attend the NAMFS Fraud Fest 2014 in Orlando next month.
If Firms like Altisource wish to stem the tide of not only CFPB Complaints which may be filed here, but additional protracted and asymmetrical administrative nightmares, perhaps they should have their proxy take the time to respond to emails which he initiates.
At the end of the day, for far too long, National, Regional and Otherwise Unspecified Order Mills have been perpetrating unspeakable atrocities against innocent men and women throughout the United States and its Territories. In the same way that a pharmaceutical firm calculates the death/injury/litigation rate for any new medicine, so it would appear that there is an Industry Wide formula to guestimate how many victims before there is a critical mass. I stand here today to inform the Industry that a Critical Mass has been achieved.