- One thing that puzzled me was the statement by both AACM and CAI at the Hearing that they represent Homeowners. Yet when I checked the fairly recently amended Articles of Association for AACM, they represent COMMUNITY MANAGERS. That’s a pure conflict of interest because of the supposedly arms-length relationship with the HOAs.
- CAI was formed in 1973 to fix the mounting problems with the nascent HOA governments. These problems still exist for over 44 years as a result of CAI failing miserably to resolve them.
- 62 million homeowners live in HOAs. Those homeowners pay $75billion annually in dues. With $50billion of cash. All those monies are handled and managed by a shadow banking system called totally unlicensed Management Companies. Plus, we have an industry ignoring the Patriot Act, abusing the ACH money transfer system raising the spectre of ISIS intrusion. There’s more. FDIC insurance we believe is faulty. But the worst is where because of PUD riders in mortgages for HOAs, if FirstService disappeared, millions of homeowner’s current on mortgages could be in default.
- To be continued…