By now you know that I’ve raised several concerns about Freddie Mac and their seemingly exclusive partnership with First American in the California real estate market. (See my earlier stories here)
At a time when our country is desperate for lack of jobs, when our President in his State of the Union calls for a new jobs program, how, I ask, is it possible that our government is continuing support companies and programs that outsource critical jobs to India?
Like you, I am extremely worried about the dwindling number jobs in the CA real estate industry. Especially when a major player like, First American, is dramatically off-shoring American jobs to their subsidiary company First Indian Corporation.
I am not naïve. I understand the cheap labor pool and other corporate benefits of off shoring. But First American’s First Indian isn’t just handling mortgage services for Indian properties. They are doing the work that Americans use to do for transactions on American soil. And they are not just performing the services for First American clients, but those of Freddie Mac as well.
So what First American jobs are being performed in India? According to their press release, “The First Indian Corporation’s primary areas of focus include title insurance, property tax, flood certification, default management services, and credit and property information. The company assimilates and delivers information that helps First American customers make decisions, operate their businesses and advance their lives.”
To give you an idea of the scale of how many jobs they are shipping to India’s Bangalore & Hyderabad, check out this link: http://jobsearch.monsterindia.com/searchresult.html?co=xfirstacinx&cat=22
In 2008 the US government stepped in and bailed out Freddie Mac in an effort to save the mortgage industry – jobs and all. In 2010, President Obama’s State of the Union Address restated his desire to help keep the American worker employed.
So why, I ask, would this government-owned company, Freddie Mac, continue to align themselves with a partner who so obviously sends these jobs off-shore, away from the American worker? Why haven’t they found a partner who provides both the quality information needed as well as support American-based jobs? We know Freddie Mac will have many responses to their RFP from America companies. They need to choose one. Now.
As you know, we sent a note to Freddie Mac last week, looking for answers on why they refuse to complete their own RFP process. So far we have had no response. We welcome you to contact them, as well as others politicians, like the ones below, to try to get some answers.
- Freddie Mac
- HUD (Housing and Urban Development)
- FHFA (Federal Housing Finance Agency)
- GAO (General Accounting Office)
- Senator Feinstein
- Senator Boxer
Filed under: Buying property, RESPA violators, title companies | Tagged: First American, First Indian, Freddie Mac, HUD, NHD. Natural Hazard Disclosure, off-shoring |
RE INSIDER 
As a former employee of FATCO, I have first hand experience of them trying to do everything they can to move jobs overseas. What was once a bustling office with over 200 people in our county is now down to 15 with almost every one of those jobs now being done by someone in India. The corporate meetings were a joke with them telling us how easy our lives were going to be with the help that our counterparts in India were going to give us. My life is GREAT with my job gone, my 401k gone, my health insurance gone. Thanks FATCO!
Oh yes, and they closed our office completely with one days notice. Eight employees and families on the street. They acted like no big deal, sorry! Well now I take time everyday and educate realtors and others that these companies outsource jobs. We should stop giving business to those who don’t give us jobs period…..Please pass this on and on or were doomed!
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