It always starts slowly. A blip here and a dip there. And then, just like boiling a frog, it is on top of you and you never saw it coming. MSI is a good example. Monies disappearing, for months, even as Foreclosurepedia was sounding the alarms about non payments and bounced checks. National Field Network — the Jack Jaffa and Shari Nott Involuntary Bankruptcy — is another example. The ramping up of chargebacks by Safeguard Properties (SGP), going back years, as their leader, Robert Klein, is dead and buried. Mortgage Contracting Solutions (MCS) has begun what appears to be a roulette system of determining whether or not Minority Females and Labor get paid,
The National Association of Mortgage Field Services (NAMFS) is in a world of hurt as volumes tank and regulations begin to be enforced. Eric Miller, NAMFS Executive Director, also appears to be on the outs like a bad episode from The Wire. Miller, whose OVER ONE HUNDRED AND TWENTY THOUSAND DOLLAR ANNUAL SALARY has been unable to even keep what few Members he has let alone add new ones. And as Miller’s salary now consumes over EIGHTY SIX PERCENT of all NAMFS member dues, the reality is the jig is up.
It is not simply the fact that Miller and his criminal gang of ALL WHITE NAMFS BOARD OF DIRECTORS are hurting for cash. Many are now both bankrupt and convicted criminals like child molester Mickey Snow.
Eden businessman Mickey Dale Snow, 78, pleaded guilty Thursday in Rockingham County Superior Court to one count of aid and abet a prostitute who is a minor. He was given a split sentence, with 31 days of credit for time served in the Rockingham County Jail. The rest of the 19- to 32-month sentence is suspended. Snow was placed on supervised probation for three years and must obtain a sex offender assessment. He cannot contact the victim and must not reside in a household with a minor under 18.
To truly understand how much money firms like PK Management Group, Doral, Florida, and other NAMFS members paid to Snow Enterprises and Tongsua Management, another Mickey Snow Front, simply open this map up.
Jack Jaffa of Jaffa and Associates out of New York City is also taking a fall. Jaffa owned 100 percent of National Management and Preservation Services dba National Field Network (NFN). NFN was forced into Involuntary Bankruptcy earlier this year. Shari Nott, Jaffa’s designated CEO, was paid OVER ONE MILLION DOLLARS during the period in which Jaffa and NFN claimed to be broke.
And how about the other ONE MILLION DOLLARS loaned, in the last months, to All The Right Movers, a front which Nott, et al., used? Moreover, though, how about the simple and salient fact that Nott spun up Eviction Support Services (ESS), operated by frontman Joe Granito on behalf of Nott? A million dollars funnelled out and OVER TWO HUNDRED people owed millions. I mean you really have to hand it to Miller and his cronies. Take, for example, the NFN Three whom are suing Jaff and Nott. At every step of the way their lawyer, David Shaver, has bowed down and allowed these financial terrorists leeway. And at every step of the way Shaver has made damn sure he had his hand out to collect monies that may have normally gone to the victims, those innocent Minority Females and Labor whom have shouldered the burden. Here are the monies coming in and out while NFN continues to make hundreds of thousands of dollars, pay health care plans, and continue to receive free passes from the NFN Three,
Many of you know that I am a libertarian. With that said, I subscribe to quite a few conservative based outfits like CRTV, Rush Limbaugh, and a great blog called The Notorious R.O.B. Rob had a couple of great points that came through, the other day, and are as follows,
- In Q1/2003, the median sale price in the U.S. was $186,000.
- In Q1/2007, the very height of the Bubble, the median sale price was $257,400. The difference between the two was $71,400 — meaning that the median house in the U.S. cost that much more in 2007 than it did in 2003.
- In Q1/2018, the median sale price was $328,000, or $70,600 more than it was in Q1/2007.
When you couple that with the current and mainstream belief that we are moving into a yield curve inversion, the reality is that the Mortgage Field Services Industry is in a world of trouble. For those of you whom have no idea what a yield curve is, simply understand that,
[T]he U.S. economy is a year away from surpassing the record 120-month 1991-2001 expansion, according to data from the National Bureau of Economic Research[,] according to an article put out by Reuters the other day.
And if you think firms like MCS are strong, you have lost your mind! Moody’s just reported their downgrading of — and wait for this amount of debt — FOUR HUNDRED AND EIGHTY MILLION DOLLARS to a junk bond rating. Moody’s stated,
[M]oody’s expects continued weakness in the company’s operating performance, including revenue declines and ongoing pressure on profitability.
The negative ratings outlook specifically reflects Moody’s view that operating performance will remain pressured, and that liquidity could weaken further over the next 12-18 months.
Here is the document Moody’s issued,
Mortgage lender HomeStreet shut down offices and laid off more than 100 full time employees, according to HousingWire. CEO Mark Mason announced the cuts in a second-quarter earnings call with analysts and investors.
Given the persistent shortage of new and retail housing and increased interest rates, reducing demand for both purchase and refinanced mortgages, along with recent decrease in our composite margins, we took additional steps in the quarter to streamline our mortgage banking operations by closing, consolidating or reducing space in 20 single family offices. These steps also include a reduction in headcount of approximately 127 full time equivalent employees. — Mason on Q2FY2018 Earnings Call
So, you have SGP with no one at the helm — anyone whom believes that Alan Jaffa can call shots like Klein did is nuts. To that point, his brother, Jack Jaffa, is embroiled in an Involuntary Bankruptcy with NFN, ergo, not many firms want the headaches. I mean am I missing a NAMFS national player here? And as Foreclosurepedia predicted nearly 19 months ago, to the day, we have moved into a Regional setting.
So, whom are the Movers and Shakers? Well, you may start with the International Association of Field Service Technicians (IAFST). The IAFST is pending their IRS 501 (c)(6), non profit status. Up and running for several years now, IAFST has onboarded a significant portion of the Regional members currently involved in the Industry today. Several Position Papers have been issued by the IAFST with respect to the Misclassification of Employees within the Industry. Indeed, while NAMFS simply continues to exhibit the inhumanity which white men are capable of exerting upon Minority Females and Labor, the IAFST has been committed to building the bridge between Management and Labor for nearly two years, now.
Show your support with #MIGA — Make the Industry Great Again — that is what it is all about!