Mortgage Servicing News, in its infinite wisdom, sends me a hard copy of their publication. If you can read between the lines it really isn’t a bad rag to read. With that said, the May 2013, Volume 17, Number 6 Edition on Page 19 has a hell of a Title!
SERVICERS BRINGING REO MANAGEMENT IN-HO– USE TO CONTROL COSTS
As inventories shrink and the REO landscape shifts again, the need for out sourced management decreases, too. We’re seeing mortgage servicers and banks bringing REO management in house…
Ronald Jasgur , President of Woodward Asset Capital is the author. He has 20+ years in financial and business development experience in the real estate industry so I figure he can do some basic take offs in his head. Granted, the article somewhat deals with the Asset Management end, the message is clear. And why not?
Banks stole the real estate fair and square. At the end of the day folks like Dimon over at JPMorgan are not the type that like to get screwed by double billing, padding of line items and outright fraud.
The writing is on the wall. I stand by my prediction that this year will be the final Whale for the Nationals. I am not saying P&P is coming to an end; what I am saying is that the “Let’s f*ck every human being in the Industry,” mentality is going to sink the ship. This isn’t simply speculation either. I was on the phone today with a well placed Source at the Regional/National level talking about the new wave of demands to create line items that simply did not exist. Now, this is the norm and not the exception. My weekend article will delve deeply into this nefarious trend.
With that said and studying the Housing Bubble built upon the US Government Debt Bubble I anticipate a rocky ride for Klein and his minion in the coming months. As a side note and part of next weeks Headlines I will post, Sentinel is going down along with A2ZFS and quite possibly PK Management. Word on the streets are that the Q1 results look like water testing in Angola! You CANNOT continue down a path fraught with incompetence. Half a billion in underbidding is lose-lose no matter how you look at it. Remember, I called it first here!