National Association of Mortgage Field Services (NAMFS) member Safeguard Properties (SGP) has been quietly forcing Labor to continue to take price cuts during the National Pandemic. I want that to sink in, for just a moment. As opposed to the inordinate amount of chargebacks — whether legal or illegal remains for a Tribunal to determine — SGP levies upon the shoulders of Minority Females and Labor, SGP is now forcing a bidding war campaign to obtain inspections. I bullshit you not. SGP, as opposed to looking for the highest quality personnel, is now farming its work out to the lowest bidders with many inspections averaging three dollars each. That is not a typo. Safeguard Properties has, once again, become the Poster Child of Predatory Preservation.
There are always those, though, whom will capitalize upon a catastrophe. Even worse than Safeguard Properties, Eric Miller, the National Association of Mortgage Field Services (NAMFS) Executive Director, continues to collect over ONE HUNDRED AND TWENTY THOUSAND DOLLARS PER YEAR. Miller’s salary consumes nearly EIGHTY PERCENT of all NAMFS member dues.
It is not going to end well for anyone. Over two million missed mortgage payments by the end of March and the Crisis hadn’t even set in yet. And the financial institution’s response — after receiving TRILLIONS in bail out money — is that 30 days after any moratorium is lifted, all monies are due and they will file foreclosure immediately if not paid. Call JPMorgan Chase if you do not believe me. And speaking of JPMorgan Chase, several days ago, JPMorgan Chase reported that they would not move on any new mortgages whom did not have a FICO of 700 and over with a minimum of 20% down. Almost all financial institutions followed. And today, JPMorgan Chase was the first out of the gate announcing that they are stopping all home equity lines of credit (HELOC) as reported by American Banker,
JPMorgan Chase has temporarily stopped offering home equity lines of credit due to the nationwide surge in unemployment and projections that U.S. home prices could decline substantially amid the coronavirus pandemic.
This is coming on the heels of 22 Million Americans now out of work — that is 15% of the entire workforce — and those numbers are artificially low due to most states incapable of processing all unemployment claims. Moreover, though, many of the Small Business Administration (SBA) loans earmarked for small businesses are being farmed out to insiders at the larger financial institutions. Fox Business interviewed one such victim whom described how many people were awarded loans from JPMorgan Chase whom had applied after him.
The characterization of Labor as mere commodities to be purchased or discarded at will demonstrates the most malignant symptom of NAMFS: the subjection of all Minority Females and Labor to the vicissitudes of the market, regardless of the individual or societal costs.
For years, NAMFS members have perfected the art of defrauding Minority Females and Labor. And if anyone believes it is going to subside during the Pandemic, I have some work orders I will gladly send them. If — and that is a BIG if — any of the firms which have not been consolidated do not bankrupt out, the only way they will stay afloat is by extending terms of payment and increasing their illegal chargebacks. Moreover, though, go no further than EVERY SINGLE NAMFS member ordering Labor to perform grass cuts in Michigan where they are illegal and misclassified employees are being fined.
It isn’t just Eric Miller’s incompetence and lack of leadership that has left the Mortgage Field Services Industry unprepared. Decades of employee misclassification and illegal chargebacks have gutted the Industry’s economic and social resilience. Decades of stagnant wages and Gilded Age levels of inequality have left 80 percent of Industry households unable to handle even a $400 emergency expense, let alone the requirements to submit to strawman bidding for inspections now demanded by Safeguard Properties. To that point, not a single offer has yet been made to assist those in the worst hit areas whom are putting their lives on the line — NOT A SINGLE PENNY IN HAZARDOUS DUTY PAY!
US housing starts in March dropped 22.3% from the previous month, reaching a seasonally adjusted annual rate of 1.2 million units. Apartment and condo starts were down 32.1% according to the Associated Press.
Alarming stats, but here is how it will be pitched, mark my words,
Do not focus on the price reductions or the longer terms of payment. We promise you that the volumes will make up for your loses.
Why in the world would anyone continue down this road? Why would Labor refuse to band together under the banner of the International Association of Field Service Technicians (IAFST) and stand in solidarity to improve their conditions? It is a question that I have been unable to answer to this day.
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