The Arkley empire is slipping. From housingwire.com:
In a move that may prove to be the start of a trend, Moody’s Investors Service said Monday that it had downgraded the servicer quality ratings of SN Servicing Corporation to SQ3- from SQ3+ as a primary servicer of subprime loans, and SQ3 from SQ2- as a special servicer. The downgrade was driven mainly by the change in the servicing stability assessment from average to below average, the rating agency said.
SN is a wholly-owned subsidiary of privately-held Security National Master Holding Company LLC and is based in Eureka, California with offices in Sacramento, California and Baton Rouge, Louisiana.
SNMHC’s core business is purchasing and servicing distressed residential and small balance commercial mortgages — business that should otherwise be booming right now, especially in residential mortgages. (Fitch’s ratings exclude the commercial servicing business)…
[T]his is the first downgrade of a third party residential servicer by a major rating agency over such concerns, but our sources suggest it will likely not be the last. It’s an issue that has more than a few independent servicers concerned, too, based on our discussions with various servicing managers in the industry…
It’s not currently known how large of an operation SN maintains, but the parent company held a loan portfolio totaling $2.5 billion in June of last year.
(h/t highboldtage)
RSS - Posts
August 15, 2008 at 4:05 pm
get a life, heraldo. your disdain for arkley, the ER, etc., is boring.
August 15, 2008 at 4:22 pm
Defenses are up at the Eureka Reporter.
August 15, 2008 at 4:43 pm
yeah Heraldo, root for the destruction of a successful local business! Get over it.
August 15, 2008 at 4:47 pm
Taking note is not rooting. Or perhaps you’re explaining how ya’ll do your “reporting” over there.
August 15, 2008 at 4:48 pm
Are you so blinded by hate that you cant see how many people could lose their livelihood in this community if “Arkley’s Empire” goes to shit. Hundreds of decent paying jobs gone from an already depressed county if the ER and SN go down in flames.
Think about that.
August 15, 2008 at 4:50 pm
Where is the “hate” in this post. Or is there an unwritten rule that only the Eureka Reporter can write about the Security National Family of Entities?
August 15, 2008 at 4:50 pm
if you had just posted this one post, I could see “taking note,” but since you shit on the ER and SN as often as you can, I see “rooting.”
As for the ER reporting, just what about strikes you as any different from the TS or any other publication other than it being owned by Arkley?
August 15, 2008 at 4:51 pm
arkley’s local political power was downgraded months ago, when he tried to pick a fight with larry glass……..now his national power has been downgraded, as he wont be able to contribute as much of his $ to his pro-”back alley abortion” agenda…..
August 15, 2008 at 4:53 pm
Maybe the ER should try to make it on its own, and not continue to suck resources from the embattled RA.
August 15, 2008 at 4:55 pm
Thank you for admitting your own projections.
As to the allegation that I “shit” on the ER, I’ll have you know that Nate Rushton told me the higher ups liked the post The Eureka Reporter sez load up your bong and feel irie at Reggae on the River.
August 15, 2008 at 5:05 pm
CORRECTION: It was a copy editor that found it amusing, not a “higher up.”
August 15, 2008 at 5:08 pm
ok, that was a good post. It’s not the fact that you don’t post good things about the ER that pisses me off, its the fact that u always tie the reporting at the paper with Arkley and/or the opinion editor.
You’d be surprised how much freedom we have at the paper, and we all bust our asses everyday to put out a community newspaper. So the last thing I want to hear is that I’m a pawn of the rich guy who owns the paper just because HE owns the paper.
Not that you alone are guilty of that though.
August 15, 2008 at 5:10 pm
Ever notice that since Franco Simmons left the ER, pro-Reporter comments have skyrocketed here and elsewhere? GFS had a ban in place on workers making blog comments. It seems Diane Batley has no such rule, and ER reporters/employees are busily pretending to be someone else.
August 15, 2008 at 5:28 pm
Anon 508 you are wasting your time. Heraldo and crew hate Arkley and anyone associated with him, so don’t take it personal. Keep putting out a good paper. Notice about 75% of the comments on here are from total fucking fruitcakes. It is good for a laugh or to see how loony the far left in the county really are, but don’t believe for a second this blog makes up the average Humboldter’s beliefs. This is where the totally indoctrinated progressives sound off, critical thinkers beware.
August 15, 2008 at 5:28 pm
So if SN’s mission is to be “a primary servicer of subprime loans,” isn’t that an incredibly poor position to be in now that the subprime market has collapsed? Was it SN’s business model to buy up such loans and collect on them where other people could not? How can that work in today’s market where even many “fully qualified” borrowers are defaulting?
August 15, 2008 at 5:48 pm
So that would make you and “rose” a “totally indoctrinated progressive” 5:28? GFYS
August 15, 2008 at 6:13 pm
Months ago I noted here that SN would likely be taking a big hit from the popping of the housing bubble and associated exposure in the mortgage industry.
I remember “Yo..” or some similar conservative commenter replying with the claim that s/he was a finance expert, and just knew that the SN folks were too financially savvy to get caught in that vortex.
Well, maybe not. Real estate rained down money for so long, it created a momentum that could not be sustained, ultimately pulling down a lot of folks like SN that built their business model around risky mortgage debt.
August 15, 2008 at 6:21 pm
Red,
Go take a class in reading comprehension. Rose and I are in the 25% most of the time. GFYS = what?
August 15, 2008 at 6:44 pm
Glad you explained that. Now how about “total fucking fruitcake”, that would be you and “rose” right?
August 15, 2008 at 6:51 pm
Even a giant like Arkley can only take so many hits to his pocketbook. When you add this to the closing of his Las Vegas bank a few months ago, one has to conclude that he is struggling in thes trying times.
August 15, 2008 at 6:51 pm
I really hate to see any locally based business (or any business that employs people here in the U.S. instead of “outsourcing”) struggle like this. And thanks for tracking it, Heraldo: it is news of local interest we probably wouldn’t get anywhere else locally.
But I have to say I’m not unhappy to see Arkley have a little less profit at his disposal to power right wing national politics with, like he did to the tune of over a quarter mil (trackable) to oust Tom Daschle and grab Republican control of the Senate. We are all going to be paying an ugly price for that right wing power grab and tax grab for the wealthy elite for many, many, many years. It’s a small silver lining of this otherwise painful and sad depression we’re courting as a country.
Oil companies and private contractors make unheralded (sorry H) profits, and the rest of us get screwed for decades. Thanks Rob.
August 15, 2008 at 6:53 pm
People who think circular logic is critical thinking are pretty funny. But what can you expect?
August 15, 2008 at 6:56 pm
Just think how much better off we’ll all be once the Democrats control all three branches of the Federal government.
(Does anyone remember the late 1970’s?)
August 15, 2008 at 6:59 pm
Actually, Steven what “yo” was saying, and I remember the thread, was that SN was not to blame for the sub prime crisis,
(as there were people here heaping blaming SN),
that it was in their best interests that loans get paid back not defaulted on, as that would hurt them cash flow wise.
August 15, 2008 at 7:05 pm
Hummer read the whole paragraph. The concept was that 75% of the posts are from fruitcakes and this is where the indoctrinated progressives come to sound off. This does not mean that everybody is an indoctrinated progressive, it means that they come here to sound off. It does not mean that everybody who sounds off is indoctrinated or a fucking idiot, just most of them. Of course that is only my opinion. And to think, I had you in the non-fucking fruitcake, non-indoctrinated column. Perhaps I misunderstood some of your previous posts. What is GFYS?
August 15, 2008 at 7:09 pm
I remember the late 70’s. We had OPEC cutting back on oil shipments and Reagan and Bush making traitorous deals with Iran to hold the hostages until Reagan got elected to embarrass Carter. We all remember (except for Reagan) Iran / Contra where Reagan paid off his debt to Iran by authorizing illegal arms sales and using the money to fund the Contra terrorists. Boy, those were the days!
Wouldn’t you think they would have learned what happens to the economy when oil prices skyrocket?
August 15, 2008 at 7:10 pm
Do you know how to drive a moron crazy, 7:05?
August 15, 2008 at 7:14 pm
And how about those WIN buttons from the Ford administration? “Whip Inflation Now” ah yes.
Stagflation is the Republican disease. Nixon/Ford, Reagan, and now Bush.
Borrow, steal, and spend.
have a peaceful day,
Bill
August 15, 2008 at 7:15 pm
Does anyone think Pappy Bush used his connections with OPEC members to encourage the reduction in oil shipments? The neocons do love it when oil prices are high. They are doing everything they can to drive them higher with their saber rattling at Iran and now messing around in Georgia. Anything to disrupt the oil and gas supply. Aren’t they lucky that they prosper as the country goes down the toilet?
August 15, 2008 at 7:16 pm
GFYS means “go find your self”.
You must seek enlightenment, grasshopper.
August 15, 2008 at 8:04 pm
A loan portfolio totaling 2.5 billion dollars in June 2007. That’s alot of smackers. I wonder how much of that is cash to Rob?
August 15, 2008 at 8:42 pm
The sad thing is I wouldn’t be surprised if he blames Democrats or bad luck or terrorists for our country going down the tubes. Never in a million years would he see the obvious.
August 15, 2008 at 8:54 pm
I think you got that 3/4 right Bill. I don’t think the “F” stands for find.
August 15, 2008 at 9:18 pm
OMGWTF. Remember FDR? The New Deal = America at work, fighting the good fight. The Greatest Generation = Democrats in all three houses. Grandpappy’s tossin’ mad!
August 16, 2008 at 4:11 pm
So Heraldo steals a post from Highboldtage, who he links in this entry but won’t even put a link up to on his blog list. Lame.
August 16, 2008 at 4:20 pm
Actually, I’m directing traffic to his site. That must bother you terribly.
August 16, 2008 at 5:49 pm
4:11 If that’s the best you can up with, Heraldo must have really hit a nerve in the inner sanctum.
August 16, 2008 at 7:22 pm
Heraldo, Thanks for the “h/t”.
Note to 4:11, I don’t care how other people run their blogs it is not my business. Go find your self.
Yes Heraldo this must have hit a nerve because the wingnuts are in full fright.
have a peaceful day,
Bill
August 18, 2008 at 7:53 am
I am a recovering wing nut, card carrying member, and I agree with those that post on here that your hatred for Arkley is not helpful in our small community. Your tone is divisive, drop the anti-arkley BS, why dont you go after the Chinese that run the pulpmill and outsource our resources and then ship it back to us at a premium?
There are a lot of families with jobs and -healthcare- that depend on that arkley empire, so if not him, then who?
oh…you want the chinese to own it all? heraldo is a commie lover.
August 18, 2008 at 7:55 am
Again, can you point out the hate in this post?
August 18, 2008 at 8:24 am
can you kill the anit-arkleyville sticker on your site? you want me to explain how people read between the lines?
August 18, 2008 at 8:35 am
Maybe after the Marina Center project gets officially shelved.
But FYI, it was suggested I put it back up after removing it some months ago. You can’t please everybody.
August 18, 2008 at 8:44 am
I am not looking for you to please me, I am simply pointing out that one can read between your lines, easy, in part due to your outright stance and previous backing of haters. No biggie, just dont try to play the ‘I am neutral’ card.
August 18, 2008 at 8:47 am
I’m not neutral on the Marina Center. As for backing “haters” you’ll have to be more specific. But that term is a little divisive which, as you say, doesn’t help our small community.
August 18, 2008 at 8:48 am
“previous backing of haters?” pu-leeeezzz!
Is pushing around a city councilman an act of hate or an act of love?
August 18, 2008 at 8:59 am
Oh, Please, Copernicus. It’s much more honest of Heraldo to display the “no Arkleyville” sticker than to pretend to be neutral or middle of the road. I’d like to get several of them myself for the upcoming election. Are they still available?
August 18, 2008 at 9:06 am
jump on the bandwagon Harlow, all I am saying is Heraldo needs to not pretend to be neutral in her anti-arkley stance. You all need to understand he is one guy that employees a lot of Eurekans, and provides healthcare for the families. Just a consequence.
I do not agree with Arkleys politics, but who you going to find to replace the payroll in your -we all live in a cloud- economics?
I am listening.
August 18, 2008 at 9:07 am
Where on earth did you get the idea that Heraldo claims to be neutral on Arkley or that he should be neutral on anything?
August 18, 2008 at 9:12 am
The right wing prescription for the homeless in Humboldt is simply to “get a job” and “take care of themselves.”
If this is so easy for the homeless, the broken, the mentally ill and the addicted, then those former Arkley employees should have no problem at all getting a job, with their bright shiny resumes.
McDonalds is hiring. If you are under 25 or over 65.
have a peaceful day,
Bill
August 18, 2008 at 9:13 am
Where does Heraldo advocate for the failure of Security National, or wish those who work for the company to lose their jobs?
The issue is not letting Arkley use his money to buy political influence so he can shape Eureka in his image. We want to live in Eureka, not Arkleyville. Many Eurekans who like and admire Rob for his contributions share the same concern as Heraldo.
August 18, 2008 at 9:41 am
Thanks for proudly displaying the no arkleyville sign!
Speaking of marina center WTF? Where is that EIR, that the Planning dept of the City of Eureka rewrote several times for “sweet rob” prince of bullies.
Hows that “violation of the clean water act” lawsuit against UP and SN coming?
What happen to Rob’s boondoggle Water front drive extension?
Downgraded fortunes indeed!
August 18, 2008 at 9:51 am
I am in no way deriding your idealistic sense of society Harlow, but that is what politics are, influence to the highest bidder. Unless your in denial.
I am not saying its right, but the man has the right to build a dance studio, rework the Vance, build the center for the arts… why the anti-arkleyville trip- you all that paranoid?
BTW- I would love to see someone else step in and clean up old town and Eureka, but my grow buddies seem to be the stingiest bunch with their monies… anyone else want to clean up the town, I will get behind, doesnt mean I need to agree with their politics.
August 18, 2008 at 10:04 am
No one denied him the right to do all those great things, Copernicus. It is his ideas for retail development that people have a problem with and the suspicion that it is vindictiveness that drives him. Some of us want to end the corruption in politics, not just accept and excuse it.
August 18, 2008 at 10:21 am
I am down anon 10:04 – but other than voting 3rd party for the last 18 years, I am at a loss as to what to do.
August 18, 2008 at 10:39 am
About a month ago SN suffered a huge setback when the Plymouth Rock Studio opted not to occupy an Arkley’s property in Plympton, MA. SN had dedicated a great deal of time and resources to closing this deal and its collpase hit the office like a death in the family.
August 19, 2008 at 10:49 am
Right wing power and tax grab. Lets see, The top 1% of all income earners earned 22% of the money and paid 40% of the taxes, almost double their share of income. Those greedy bastards.
Look at the Arkley Family, show me one other group that has given as much to Eureka. You dipshits are liking the fact that he along with the whole county are having financial difficulty. Its his ideas of retail development that people have problems with, you make the money then you can develop it however you fucking want.
If you want to live in Eureka not Arkleyville, go out and put stuff together. Don’t just try and stop every opportunity for jobs and positive growth.
August 19, 2008 at 11:01 am
ba-a-a-a
August 19, 2008 at 11:32 am
So glad to see all the rich dip shits funding Bush’s war and enriching no bid defense contractors with their hard earned tax contributions.
August 20, 2008 at 4:45 am
i just wanr you people to know , i do not know mr. arkley , but he has effected my life , his company .sn servicing, is taking my home on aug 27, and i can tell you first hand, they are a very underhanded firm and i feel bad for anyone who gets into their clucthes, mr arkley and his company have ruined my familys life here in new york, and also a couple other families around me that have the same horror stories, they are not a company i would be proud to have in my home town
August 20, 2008 at 7:24 am
You should pay your mortgage.
August 20, 2008 at 8:23 am
25 ” If you lend money to any of My people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest.
26 “If you ever take your neighbor’s garment as a pledge, you shall return it to him before the sun goes down.
27 “For that is his only covering, it is his garment for his skin. What will he sleep in? And it will be that when he cries to Me, I will hear, for I am gracious. (Exodus 22:25-27)
—————-
35 ‘ If one of your brethren becomes poor, and falls into poverty among you, then you shall help him, like a stranger or a sojourner, that he may live with you.
36 ‘Take no usury or interest from him; but fear your God, that your brother may live with you.
37 ‘You shall not lend him your money for usury, nor lend him your food at a profit. (Leviticus 25:35-37)
—————
19 ” You shall not charge interest to your brother — interest on money or food or anything that is lent out at interest.
20 “To a foreigner you may charge interest, but to your brother you shall not charge interest, that the LORD your God may bless you in all to which you set your hand in the land which you are entering to possess. (Deuteronomy 23:19,20)
————–
10 “I also, with my brethren and my servants, am lending them money and grain. Please, let us stop this usury!
11 “Restore now to them, even this day, their lands, their vineyards, their olive groves, and their houses, also a hundredth of the money and the grain, the new wine and the oil, that you have charged them.” (Nehemiah 5:10,11)
have a peaceful day,
Bill
August 21, 2008 at 12:32 pm
Kindegarden, grow up and pay the piper
August 21, 2008 at 6:51 pm
There is a reason that Rob never did much business in the town he lives in (other then having his offices here) and the story from the person from NY is why. SNC is hated in Louisiana and Alaska and every where else where he has always foreclosed on people’s homes.