When the Mortgage Field Services Industry looks at foreclosure volumes, generally Wells Fargo tops the list with respect to both work orders and outsourcing their processing overseas. It is an irony which large portfolio holders are beginning to talk about privately, but far more loudly. And while the Obama Administration may be rubber stamping Wells Fargo’s reentry into the mortgage space — the Office of the Comptroller of the Currency (OCC) lifted their restrictions upon Wells and others — fact of the matter is that things are getting worse.
Wells Fargo & Co.’s stock slumped 0.9% to a four-month low in midday trade Thursday, which put it on track to suffer the longest losing streak since before the Great Recession, as the continued slide in Treasury yields pressured the bank sector.
With Wells Fargo’s stock in the toilet I performed a close flocking assessment of contributory reasons. Against the grain and common wisdom, Wells Fargo has decided that Conservative Fiscal Policy no longer makes sense. In a manner similar to a moth caught by the flame, Wells Fargo has Deep Sixed the GOP and embraced a completely left wing ideology.
Wells Fargo doesn’t seem to be particularly concerned with alienating conservatism, either. Their Twitter feed has become more of a billboard for the LGBT movement with seemingly every other Tweet pertaining to #Pride.
This is not a condemnation of the LGBT movement; this is a historical examination. Financial institutions rarely, if ever, embrace trends. It is not a mathematical concept either. The vast majority of enormous capital pools are conservative, heterosexuals whom believe in G-d, apple pie and flag waving.
The 54-story Charlotte Wells Fargo building was recently lit up in the “transsexual flag” colors in order to protest the allegedly “trans-phobic” North Carolina HB2 law. I hope that some day they will do the same with the Wells Fargo corporate building in Qatar. All of the genital mutilation done there is on an involuntary basis.
In another recent case which made national headlines, the seedy underbelly of the Mortgage Field Services Industry was revealed as directly connected to Wells Fargo,
“The middlemen responsible for maintaining the collateral have all kinds of fees and incentives to keep a property on the book for 60 percent more than what it’s really worth, as well as to milk investors for that monthly fee every month for as long as possible,” Epstein said. “Because what do they care? Their interests are not aligned with the real financial interests of the actual property owner, who’s losing money every month.”
When Wells Fargo’s recent boycott of the GOP Convention is taken into consideration, I think it is a safe bet that you are going to see some very interesting legislation pop up on the radar after Congress comes back into session.
The reality is that every since Wells Fargo’s Jim Taylor teamed up with Eric Miller, the National Association of Mortgage Field Services (NAMFS) Executive Director to bring forward Aspen Grove, the ineffective background check program for the Mortgage Field Services Industry, it has been business as usual for Miller and Wells Fargo. Miller, whose obscene salary has risen ten thousand dollars per year for years now, makes OVER ONE HUNDRED AND TWENTY THOUSAND DOLLARS PER YEAR CONSUMING OVER SEVENTY PERCENT OF ALL NAMFS MEMBER DUES.
What was originally touted to keep criminals out of houses now keeps criminals in control of the work order process. In fact, we are hearing that Aspen Grove will pitch the resale of Contractor information at the NAMFS Annual #FraudFest 2016 this year. NAMFS is NINETY FIVE THOUSAND SEVEN HUNDRED AND FIFTY DOLLARS SHORT with respect to their #FraudFest campaign. Adding fuel to the fire is the simple fact that NAMFS Executive Director Miller continues to stall releasing their IRS 990 Income Tax Form required by law.
I have no idea why I am paying NAMFS a single dollar. They haven’t helped me do a single thing! — Former NAMFS Member whom cut their Membership earlier this year.
Foreclosurepedia spent months documenting the fact that not only are Aspen Grove’s Background Check providers under massive class action litigation for providing the wrong information, but more on point, the applications used are meaningless. We release our findings next week.
Stay tuned for commentary on this and our discussions with the Internal Revenue Service (IRS) with respect to the W2 vs W9 phenomena.