It is 0538 EDT in a rural East Tennessee County, with one stoplight, as I type this. I live in a modest 124 square foot, cinder block home. The current temperature is 20 Fahrenheit and although my heat pump has been working overtime on Emergency Heat, I can still feel the cold air seeping in. I am wearing a Dickies hoodie I got from the thrift store during my weekly run into the food bank and it breaks the chill. Depending on where I stand in my house, sometimes I am able to see my breath when I exhale. Fact of the matter is that the block is dry stacked and there really isn’t a part of the home that air doesn’t leak. From the knees down it’s cold even with the HVAC set at 75. I cannot afford cable so rigging Kodi through an Amazon Prime Fire Stick provides what entertainment we get here. Even when I worked daily in the Mortgage Field Services Industry, food stamps were and still are a constant companion. Knowing hunger is visceral here. My son is on the free lunch program in school. In conjunction with the enormity of fraud, by and through chargebacks, each year we zeroed out on taxes allowing for a modest tax return — and that as a sole proprietor. Make no mistake whatsoever that US Government subsidizes this Industry, through welfare, at a far larger scale than Walmart itself. And for those whom say that the Trump tax plan will help? Name me one National Association of Mortgage Field Services (NAMFS) Member firm whom has raised wages. You cannot. Moreover, though, NAMFS Member fraud and consolidation is on track, this year, to eclipse even my most dire predictions, in years past, which have all already come to fruition. And that is what should have the ALL WHITE NAMFS Corporate aristocracy terrified!
Fact of the matter is, I have it better than many whom are still toiling in the Industry. NAMFS has worked, for the better part of three decades, to create one of the most criminal orientated economies on the face of the earth. Led by their Executive Director, Eric Miller, NAMFS and its Membership have, to their discredit, created a chattel environment of slaves paying only when they see fit and generally then only when sued. Miller, whose salary consumes over EIGHTY ONE PERCENT of all NAMFS Member dues, is a man whom poses a clear and present danger to Working Class America.
The fraud which Shari Nott and Chris Crandell wrought upon Minority Females and Labor is #Epic in scale. And never, since the time of the Civil War, have white people been able to force Minorities to work for free and without fear of retribution. NAMFS, with an ALL WHITE Board of Directors, oversaw that fraud, from afar. More on point, though, they directly benefited from that fraud as their Members like Reverse Mortgage Solutions (RMS) directly benefited from NFN’s refusal to pay. We are not talking about a company closing due to bad bookkeeping. We are not talking about the widget being produced, overseas, at a reduced price and imported in. We are talking about a systematic fleecing of Minorities ordered by white Americans whom collectively — albeit perhaps not overtly — worked in unison to accomplish the goal. And for anyone to state that NFN didn’t know what was going on, here is what one US Government official had to say,
I remain cautiously optimistic that if not NFN, that the mortgagees will step up and do the right thing, since NFN has essentially come forward as part of the settlement and admitted that the services were performed by their subcontractors uncompensated.
It is not as if the NFN case is singular, in nature. NFN is simply the most recent egregious assault upon the Working Class in America. Since 2013, the list of NAMFS Members whom have defrauded Minority Females and Labor has been as long as the indictment list of the Gambino Crime Family. And that list has had prominent names. Heather Berghorst, the now infamous and disgraced former NAMFS Secretary, defrauded over One Million Dollars from Minority Females and Labor. So heinous were her actions that Fifth Third Bank sued her for Willful and Malicious Fraud. Buczek Enterprises, the first NAMFS Member to pay settlements for misclassification of employees, defrauded yet another million dollars. Then came Boyd Property Preservation, a Bronze Level NAMFS Member contributor. Southeastern Asset Services (SEAS) hit the Working Class, in the gut, for another million dollars. And it wasn’t simply NAMFS Members outright stealing money, yet another NAMFS Member, InsuranceTek, defrauded tens of thousands of dollars upon insurance policies, with Vicki Boser now pending criminal investigation by Washington State Insurance investigators. Miller kept the insurance fraud hidden, for months, and to this day has never formally discussed why her policies were transferred to yet another NAMFS crony, the Cochran Agency.
At each and every juncture, Foreclosurepedia produced evidence directly to Eric Miller, the NAMFS Board of Directors, and NAMFS Committees. And at each and every juncture, Eric Miller purposefully refused to sanction the offenders instead choosing to continue to collect their money to finance his $120,240 annual salary.
Over the last 40 years, corporate profits as a percentage of GDP have increased from about six percent to about 11 percent, while wages as a percentage of GDP have fallen by about the same amount. That represents about a trillion dollars a year that used to go to wages, but now goes to shareholders and executives. At least those people get paid. In the Mortgage Field Services Industry, people have had a combined total of over Five Million Dollars stolen from NAMFS Members — and that is simply what I have been able to track.
If you think the status quo is going to remain constant, I am telling you to think again. In fact, Nick Hanauer, a plutarch, is saying the same. And I am praying that if his publicist is doing his due diligence, that the backlinks come up and s/he takes a read through truly how bad it is in the Mortgage Field Services Industry. This is an Industry that is responsible for converting the foreclosures back into habitable homes by and through federal funds. Here is what Hanauer said only a couple of years ago,
Here’s what I say to you: You’re living in a dream world. What everyone wants to believe is that when things reach a tipping point and go from being merely crappy for the masses to dangerous and socially destabilizing, that we’re somehow going to know about that shift ahead of time. Any student of history knows that’s not the way it happens. Revolutions, like bankruptcies, come gradually, and then suddenly. One day, somebody sets himself on fire, then thousands of people are in the streets, and before you know it, the country is burning. And then there’s no time for us to get to the airport and jump on our Gulfstream Vs and fly to New Zealand. That’s the way it always happens. If inequality keeps rising as it has been, eventually it will happen. We will not be able to predict when, and it will be terrible—for everybody. But especially for us. — Emphasis is mine.
John Galt, both a philosophical idea and the protagonist in Ayn Rand’s Atlas Shrugged, epitomizes what I am doing today, in the Industry. A veritable brain drain. At some point — and very soon — this Industry will have no more ability to recruit victims for the machine to chew up and spit out. It is a fact. The SEO power of Foreclosurepedia, today, is on steroids. You put in a term or name into Google and simply add Foreclosurepedia — sometimes even without the boolean addition — and pages upon pages churn out. It is not simply Google searches which are waking up the Working Class Americans. US Government agencies are now investigating. Here is what one US Government Source had to say about a concept which should invoke sheer terror into the Industry,
I agree that what you are referring to would potentially be a False Claims Act violation.
The False Claims Act. You add that to the Copeland Act which punishes with 25 years in prison with a $250,000 fine, per occurrence, the forcing of discounting upon Subcontractors to receive work, and I would say we have come light years. It is not the simple and salient fact that NAMFS Members, one and all, realize that crimes are being committed and families destroyed, it is the fact that it is becoming an Agatha Christie novel, And Then There Were None. Today, we have two major firms left, in the Industry: Safeguard Properties (SGP) and Mortgage Contracting Services (MCS). The former has more lawsuits pending than Carter has liver pills and the latter just settled millions of dollars in claims for misclassifying employees as contractors. And if you think it is going to get better, take a look at a 29% completed Pending Lien chart showing the clouded titles that are on the horizon for Fannie Mae and Reverse Mortgage Solutions,
It is not going to get better. In conjunction with modern technology, technology which even the Industry is incapable of mastering, Foreclosurepedia’s ability to connect with nearly 50,000 misclassified employees is in real time. National Labor Relations Board (NLRB) aside, the ability to have workers toss in the towel is real and visceral. I want that to sink in, for just a moment. No matter what you say about me publicly, many of the largest NAMFS Members rely upon a network of Minority Females and Labor I provide. And if you want to truly get out in the weeds, you ask yourself how long it would take to cripple the Industry if I called for a Working Class flu in strategic metropolitan areas.
Eric Miller has led the charge in placing chargebacks upon a sacred pedestal. The refusal by NAMFS Members to cease their illegal practices of going back years to steal while collecting the same from the US Government, will eventually be the downfall of the last two vampire squids lurking in the Industry cesspool. When you submit billing upon the FHA 27011 and are paid and then, in turn, take the monies you stated were paid to Minority Females and Labor and pocket those to, without returning them to the US Government, that is a felony — that is one part of the three prong indictment of the False Claims Act violations which Jeff Sessions and the Department of Justice (DoJ) ought to be looking at.
To put this a bit more vividly, here is the reality. Today, we have roughly 400K homes which are being serviced in the Industry. This is way down from the millions of homes at the turn of the 2008 – 09 crisis. And currently, the Industry is incapable of recruiting, even for this miniscule amount. You take that information and combine it with the fact that a recession is looming, and you have the recipe for disaster.
In December, the US personal saving rate fell to 2.4% of disposable income, the lowest level since 2007, which itself was low by historical standards.
But saving is all about preparing for the unexpected. The economy may be booming now, but there are plenty of reasons to be skeptical it will last. Productivity numbers don’t justify the headline growth figures. Many people think the stock market is overvalued and due for a correction. It has been eight and a half years since the last recession, and the natural oscillation of the business cycle suggests we may be due for another one soon. Low saving rates are often seen before a recession.
And for folks like Brian Mingham, National Real Estate Solutions (NRES) — Google his Company Name and read the Reviews On Page One — whom continues to refuse to pay Minority owned firms, a business finance lesson is in order. Those real estate bubbles that you are seeing in the vast majority of the 147 metropolitan areas, are going to burst and very do such very soon. In fact, the Federal Reserve Board (FRB) has been quietly dumping roughly $40 Billion of toxic debt it purchased, during the last crisis, in order to rid it’s balance sheet of over $1 Trillion of assets. To put it in terms which Eric Miller will understand, this means that we are fast approaching a repeat of the 2008 crisis. Securitized bags of shit are still the name of the game — we simply renamed Sub Prime as Sub Tranche. With home values reaching all time highs, the reality is that wages are not keeping up to support the payments. Shen Lu, MagnifyMoney, wrote a pretty startling piece which said,
Total household debt increased to $12.84 trillion in the second quarter of 2017, up $114 billion, or 0.9 percent, from the same quarter last year, the Federal Reserve Bank of New York reported in August. This was a new high since the third quarter of 2008, the peak of the mortgage crisis. People may feel they can get access to funds by borrowing when it is needed, rather than holding money in savings, said Andrew Opdyke, economist at the First Trust Advisors.
And Building upon the fact that hurricanes do not come cheap, Lu continued by saying, the Federal Reserve reported that in 2016, 44 percent of Americans could not come up with $400 in cash to cover emergencies.
$400. Now, think about that. We have, in upwards of TWO MILLION DOLLARS stolen by Shari Nott and Chris Crandell over at National Field Network. That Nott, et al., defrauded Minority Females and Labor, is not contested as their lawyer, Victor A Deutch stated they will file bankruptcy and take twenty cents on the dollar or go to hell. So brazen was Vic, that he threatened to sue Foreclosurepedia for bringing the matter to light! It took seventy two hours from when Vic got ignorant to when he was forced to announce the bankruptcy of National Field Network. Granted, I spent 24 hours drinking Scotch or it would have been less.
Meanwhile, back on planet earth, the financial sector is getting a swift kick in the balls by Janet Yellen. On Yellen’s final day in office, yesterday,
Warren Buffett’s prima dona, Wells Fargo, took a step too far. Several hours after markets closed, on Janet Yellen’s last day at the Federal Reserve Board as Chairman, the Fed confirmed Foreclosurepedia’s predictions, months before. And the sanctions against Wells for a myriad of consumer crimes and lack of auditing dating back to any of half a dozen nefarious scandals, barred Wells from expansion beyond their end-2017 levels. Additionally, as predicted by Foreclosurepedia, the Fed ordered it replace three current Wells Fargo Board Members by April of this year and a fourth by the end of 2018.
Here is how the Federal Reserve Board put it,
Responding to recent and widespread consumer abuses and other compliance breakdowns by Wells Fargo, the Federal Reserve Board on Friday announced that it would restrict the growth of the firm until it sufficiently improves its governance and controls. Concurrently with the Board’s action, Wells Fargo will replace three current board members by April and a fourth board member by the end of the year.
In addition to the growth restriction, the Board’s consent cease and desist order with Wells Fargo requires the firm to improve its governance and risk management processes, including strengthening the effectiveness of oversight by its board of directors. Until the firm makes sufficient improvements, it will be restricted from growing any larger than its total asset size as of the end of 2017. The Board required each current director to sign the cease and desist order.
“We cannot tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again,” Chair Janet L. Yellen said. “The enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely and with the protections needed to manage all of its risks and protect its customers.”
Better something than nothing, I suppose. And for those of you servicing Wells Fargo assets, make no mistake whatsoever, Wells is coming for your money. That means if you are working for Safeguard Properties or Mortgage Contracting Solutions, you are going to be raped by the financial arsonists. And these people are going to have to burn it to the ground to make ends meet.