According to the current Bloomberg listing:
“Altisource Solutions, Inc. provides real estate disposition services, closing services, and mortgage servicing offerings that include residential real estate owned (REO) asset management operations. The company provides lenders and servicers with a full suite of services for managing their REO portfolios, ranging from pre-marketing through asset sale, including property valuation, property preservation, property management, marketing, asset disposition and closing. The company was incorporated in 2009 and is based in Atlanta, Georgia. Altisource Solutions, Inc. does not have any Key Executives recorded. Altisource Solutions, Inc. operates as a subsidiary of Altisource Portfolio Solutions S.A.“
Altisource Solutions, Inc. appears to be a frontispiece for the Luxembourgois Corporation “Altisource Solutions S.A.” located at 40 Avenue Monterey, L-2163 Luxembourg, Luxembourg. That’s where all the officers can be found, not in America.
Evidently the Better Business Bureau of Atlanta, Georgia feel that Altisource Solutions Inc. is a “Pillar of the Community” with an A+ rating. (strange bedfellows?) Yet, how do they get to keep an A+ BBB rating when the only comments on the Atlanta BBB site are 2 negative customer reviews an 72 unresolved registered complaints? If you read some of the reviews and complaints – you can see how having an internationally absent executive staff impacts ordinary people trying to do business with them. We bet that if you are a bank or servicer, you’ll get a free pedicure with every phone call -LOL.
The BBB names Mr. John Vella as President/CEO and Ms. Jacqueline Marcucci as Director of Customer Service. (Try to remember their real customers are banks and servicing companies not scrawny creatures like you.) However, Altisource’s own website makes no mention of John Vella as CEO… Rather it shows William B. Shepro as CEO, the hand picked successor by Altisource founder William Charles Erbey – also of OCWEN de-fame – who remains a fugitive of US law enforcement in Malta. See how easy it is to create fake perceived realities on the internet?
On to our meat and potatoes (or tofu & potatoes for our vegan pals):
1) Altisource Solutions Inc., registered in Delaware (go to DE SOS and type in File Number 4665143), is an independent private corporation and is not a federal or state banking association franchisee under alternative control of Illinois or federal banking regulations or the Comptroller of Currency – therefore has no protections or exemptions afforded by law to banks.
2) The Illinois Business Corporation Act of 1983 (“BCA”) (805 ILCS 5 et. seq.) requires all foreign businesses doing business in Illinois to obtain and hold a valid registration with the Illinois Secretary of State and establish and keep current an Illinois based registered corporate agent for service of process and other matters. Altisource Solutions Inc. has never registered with the Illinois Secretary of State under the BCA nor has ever established or maintained an Illinois based registered corporate agent.
3) Under Illinois law, (225 ILCS 454, et. seq and others) the services which Altisource Solutions Inc. state they actively perform in Illinois, including but not limited to a) real estate disposition services, b) closing services, and c) mortgage servicing offerings that include residential real estate owned (REO) asset management operations, each and all require licensing and administration in Illinois by the Division of Real Estate of the Illinois Department of Financial and Professional Regulation (“IDFPR”). Altisource Solutions Inc. has never applied for or been issued such license and continues to perform these acts without and in defiance of Illinois law.
4) In fact, according to the corporate records of the Illinois Secretary of State, no Altisource named entity performing the types of business services cited by Altisource Solutions Inc., much less Altisource Solutions Inc. or their foreign parent corporation Altisource Solutions S.A. themselves, has ever been lawfully registered under the BCA.
5) In fact, according to the records of the IDFPR, no Altisource named entity performing the types of business services cited by Altisource Solutions Inc., much less Altisource Solutions Inc. or their foreign parent corporation Altisource Solutions S.A. themselves, has ever been lawfully registered with the IDFPR.
6) In addition, there are numerous Cook County and City of Chicago ordinances requiring registration of ANY outfit doing business in the county or city – which we won’t go into now but you are free to research.
7) In fact, Altisource Solutions Inc. has performed numerous removals of Illinois citizens and their personal property from their homes, with or without foreclosure, acting under agreements with servicers like their sister company OCWEN Loan Servicing, LLC (recently was given an ORDER TO CEASE AND DESIST AND PLACING LICENSES ON PROBATION by the IDFPR), and the like, since their creation in 2009, unlawfully dispossessing People and disposing of hundreds of thousands of dollars of Illinois citizens’ personal property – some irreplaceable memories and family heirlooms and treasures, even cremation remains!
8) In summary, we can only conclude that Altisource Solutions Inc. is an interstate, international PIRATE “breaching the close” (crossing the threshold) of the State of Illinois to unlawfully enrich themselves by taking the wealth and property from the People of Illinois without returning anything, in total defiance of our laws. The legislature, courts and administrative officials of Illinois must put a stop to this immediately. If Altisource Solutions Inc. wants to profit on the backs of the People of Illinois, then at least force them to play by the same rules as all other respectful businesses and corporations who mind our laws.
Please write your governor, legislators, aldermen, talk show hosts and media outlets to help stop this.
Greg da’ Goose
P.S. If someone can prove we’re wrong, please show us and we’ll apologize.
Opinions expressed are the author’s and do not necessarily represent the position of The Gallant Goose & Friends.
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The author Greg “‘da Goose” is the founder and host of “The Gallant Goose & Friends” TM internet radio show and podcast heard on Talkshoe channel 139335. The show focuses on consumer and homeowner defense and attack strategies and provides a forum for guest attorneys, accountants, brokers, bankers and other professionals, activists and “thinkers” to share their general thoughts and opinions with the audience and give the listeners an opportunity for live call-in Q&A with the guests.
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