The National Association of Mortgage Field Services (NAMFS) Regime issued their Rebuttal to the Federal Housing Finance Agency (FHFA) several days ago. Before I lay into #TeamRegime, I will give the Regime some credit; I will give Eric Miller some credit, at least Miller and the Regime did some work for the OVER ONE HUNDRED THOUSAND DOLLARS A YEAR SALARY WHICH NOW CONSUMES WELL OVER SEVENTY PERCENT OF ALL REGIME MEMBER DUES.
Before addressing the pithy comments the NAMFS Regime churned out sans an author’s name, I wanted to talk a bit about display and grammar. You know, when a Regime whose Membership is under fire for fraud and corruption has typos in the first five paragraphs, you know there is a problem in Rome. The fifth paragraph, last sentence has a runon of “resultsas.” Even more on point, the non justification of the paragraphs themselves presents an extremely unpleasant reading experience.
Now, I am not the grammar nazi. What I am pointing out here is that when you are allegedly speaking for a Multi Billion Dollar Industry one might think you would take the time to proofread. Let’s not bullshit around, when the FHFA Office of the Inspector General (FHFA OIG) is pointing out that there are serious issues within the pre foreclosure inspection process, it really does not bode well when the Trade Association; the NAMFS Regime, is stepping upon its proverbial dick like a freshman at prom groping along in the dark.
As we reported upon in the racial disparity lawsuit pending against Safeguard Properties, the National Fair Housing Alliance (NFHA) used a miniscule sampling ratio and has been successful at bat multiple times. Miller’s (I say Miller as I am loathe to think that a professional drafted this piss poor attempt to challenge the FHFA OIG) presentation is actually a disservice to the Industry. Hell, even Klein has enough common sense to weather the storm.
The reason the NAMFS Regime did not perform their own sampling; the TRUE REASON that the NAMFS Regime did not commission an independent, third party study, is that they knew they could not bury the true scope of atrocities currently being perpetrated against homeowners. If you open a can of worms, you are still responsible for the presentation of the negative.
Salon had a similar article entitled Massive new fraud coverup: How banks are pillaging homes — while the government watches which came out yesterday. While pertaining to the Financial Institutions out raping and pillaging, the importance of this is that the Drive By Media are beginning to take notice of the fact that the pre and post conveyance process within the Mortgage Field Services Industry are inherently fucked up. At some point in time, a lame duck Congressperson is going step to the soap box and realize this Industry is ripe for taking pop shots at for votes. And make no mistake whatsoever, with drunk Captain Ahab’s like Miller manning the helm, we are in for a true Greek Tragedy on Steroids!
You cannot have the fox watching the henhouse. Dovetailing into my huge series upcoming on the conflict of interest of real estate brokers involved in both the preservation side of the industry and the actual selling of the properties, the conclusion is that the Consumer Financial Protection Bureau (CFPB) is going to enter the fray rapidly.
