Ben Hallman, Senior Financial Writer over at the Huffington Post, released an Article today on the roll out of Background Checks upon Contractors. Novel. While I like Hallman; he and I have spoken several times in the past, the reality is that he and HufPo are missing the mark, as usual.
I agree that Background Checks are a relatively good thing; they ensure that some pencil pusher is able to check a box and really verify nothing as not a single Firm is capable of verifying whom is actually sending in the information.
The reality is that the Mortgage Field Services Industry vis-a-vis Wells Fargo have simply created a Cash Cow in an attempt to shore up the erosion of inventory. With respect to the literally BILLIONS of Work Orders which have flowed through the pipeline to date, where the largest problems exist is in the National, Regional and Otherwise Unspecified Order Mills and their lack of Background Checks and US Government Regulation.
I empathize with Hallman’s plight: The need to write upon relevant Industry Information which is palatable to his AOL Masters. To do such, time and time again, at the expense of the Contractors is ignoble at best. There are multiple examples of documentation on here and elsewhere attesting to the Criminality at the Order Mill level with one case even gaining the attention of Senator Bob Corker. Oops, my bad. That would tend to implicate some of the wealthy which doesn’t make for as good a read nor recurring advertising contributions. Damn, where is John Galt when you need him, ‘eh?!
I rarely agree with Robert Klein of Safeguard Properties; however, I do in the instant case. The reality is that the latest salvo of Background Checks are going to do jack shit. Now, how Klein and I reach that conclusion are markedly different. Klein’s position would appear to be that the Industry is self regulating just fine; that those complaining are simply sore sports. My take is that the reason Background Checks will do jack shit is because I have documented that Safeguard Properties and Mortgage Contracting Services, two of the most MASSIVE Order Mills in the Industry both hired wanted felons whom had a FELONY CRIMINAL HISTORIES AND DOCUMENTED CASES OF FRAUD A MILE WIDE! Hallman is intimately aware of those facts. Where is he on that? Oh, that’s right. The Drive By Media wants no association with the facts; bad for advertising I suppose. Asleep at the helm of the journalistic credo or perhaps trying to, “… get the widow on the set… ,” to quote a bit of Dirty Laundry.
The reality is that both the Industry and their lackeys in the Drive By Media need a scapegoat which does not implicate the National Association of Mortgage Field Services (NAMFS) Regime. The continual hammering home of the point that corruption exists in bliss and comfort; protected and supine, required the churning out of yet another Anti Labor piece of Propaganda. More and more it is becoming apparent that HufPo is perhaps more Anti Labor than the Republican Caucasus.
This piece is a travesty, really. As an advocacy journalist whom merely documents that which I opine upon the pages of my Blog, bias is expected. When, though, people look to Credentialed Members of the Media, classically trained, one would have expected a double edged sword — or, maybe not as it is perhaps that which was anticipated. Another day in the life of the Drive By Media.