As Foreclosurepedia predicted nearly 17 months ago, 2019 would be the year for fire sales and those sales would be towards the end of the year. Mortgage Contracting Services (MCS) just announced the purchase of M&M Mortgage. In a very coy fashion, here is what Caroline Reaves had to say,
Integrating M&M with MCS allows us to expand our operations in Miami and strengthen our vendor network nationwide [… .]
A press releases states Armando Sanz, M&M’s VP of Operations, will be joining the MCS management team to oversee the Miami office and ensure a smooth integration and an established service level for M&M’s existing portfolio.
What this means is that they will come in and assimilate M&M’s contracts and temporarily retain key personnel. When they have picked the flesh from the bones of Labor and Management, they will do what MCS does best — digest the profits and excrete chargebacks.
More on this breaking story as it continues to unfold.