This is a copy of the letter that I have sent to every Attorney General in the country. I have also sent the same letter to many regulatory agencies and to a few media outlets.
You might want to do the same.
Consumer complaint form
filed against
fairbanks capital corporation
Date of Complaint:
Name of Complainant:
Address of Complainant:
Telephone / Email of Complainant:
Agency Complaint Filed With:
Agency Address:
Dear Madam or Sir:
This complaint is being filed with your agency regarding my personal experiences with Fairbanks Capital Corporation, a Utah based "mortgage-loan servicer, " with offices in Pennsylvania, Texas and Florida. The complained of company now services approximately 600,000 mortgage loans, and, I believe, that their wrongful, deceptive, unfair and/or fraudulent business practices are very negatively impacting the lives of scores-of-thousands of American families, most of which families are comprised of the working poor, ethnic minorities, and retired taxpayers.
In a Federal Judge opined, in Maxwell v. Fairbanks Capital (United States Bankruptcy Court, D. Massachusetts - No. 00-14283-jnf, adv. 00-1568): Fairbanks, in a shocking display of corporate irresponsibility, repeatedly fabricated the amount of the Debtor's obligation to it out of thin air. There is no other explanation for the wildly divergent figures it concocted in correspondence with the Debtor and her agents and in pleadings and documents filed with the bankruptcy court.
The complained of wrongful, deceptive, unfair and/or fraudulent business practices that I believe Fairbanks has perpetrated against me and my family are those that I have placed a checkmark [ X ] above within the following list of allegations, which allegations have, thus far, been widely alleged against Fairbanks inside of dozens of individual and class-action civil lawsuits publicly-filed in the state and Federal courts of America.
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Fairbanks, I believe, fails to apply mortgage payments upon receipt, and/or in a timely manner. Such payments are continually posted late in order to facilitate the company's ability to profit by wrongfully/fraudulently applying "late fees."
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Fairbanks, I believe, continually applies borrowers' mortgage payments first to "corporate fees, " then to "principal and interest, " which practice is contrary to the terms of most of the "serviced" mortgages and notes.
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Fairbanks, I believe, continually intercepts, diverts and misapplies borrowers' funds that are specifically designated to be placed into an "escrow account, " which account is the legal property of such borrowers, is "administered" by Fairbanks in a fiduciary capacity, and is designed to pay property taxes and hazard insurance on behalf of said borrowers. Said "escrow account" was not established to fund or satisfy the unlawful fees that are being charged by this company. The "interception and diversion" of these funds from payments being made by borrowers is wrongful and/or fraudulent. It is estimated that Fairbanks holds and controls in excess of one-half-billion dollars in borrowers' "escrow accounts" on any given day.
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Fairbanks, I believe, forces borrowers, under extreme duress, into entering adhesion-based "forbearance agreements" to save their homes from foreclosure. Such "agreements" call for the payment of unearned, outrageous and unconscionable fees, and contain "hold-harmless" clauses that prohibit signatory borrowers from "ever" pursuing their rightful claims against the company at law. Such acts constitute extortion against the lawful interests of consumers/borrowers who are exponentially-lesser bearers of sophistication.
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Fairbanks, I believe, fails to maintain proper records of borrowers' payments, and is knowingly using false and fraudulent payment histories - called "activity statements" - in their attempts to collect outrageous and illegal fees. Such "activity statements" cannot be audited using Generally Accepted Accounting Practices (GAAP) and are used to "support" virtually all of the wrongful foreclosures attempted and/or undertaken by the company.
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Fairbanks', I believe, commits wrongful actions that leave borrowers with no option but to pay a lawyer thousands-of-dollars to protect their rights and to forestall wrongful non-judicial foreclosure actions. Many borrowers with few or no other debts are forced to file for Bankruptcy protection solely to "save their homes from wrongful foreclosure."
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Fairbanks, I believe, applies thousands-of-dollars in fees to borrowers' accounts, which fees are fraudulently represented as legal fees, when, in fact, Fairbanks has incurred few or no "legal fees" with outside counsel. This practice seems to indicate that Fairbanks is "practicing law, " in violation of State and Federal statutes.
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Fairbanks, I believe, applies "force placed" hazard insurance on a borrowers property when the borrower already has their own insurance in effect. Fairbanks marks up the cost/value of "force placed" hazard insurance, by between 200% and 600%. The "insurance agency" used to place the insurance is personally owned by Fairbanks officers and directors, who personally benefit from the unconscionable markups through commissions paid to them by the insurer, Balboa Life and Casualty insurance company.
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Fairbanks, I believe, applies "force placed" hazard insurance on borrowers' property when borrowers' own policies have been cancelled due to Fairbanks' failure to pay the premiums on said policies with funds previously paid by such borrowers and intended to be deposited into Fairbanks-administered "escrow accounts."
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Fairbanks, I believe, applies "forced placed" hazard insurance on borrower's property "retroactively, " thus, charging the borrower's account for the "retroactive premiums, " and causing a "default" to occur that results in a "foreclosure status." This unlawful practice is followed by the application of unearned "legal fees" to the borrowers' accounts, and results in wrongful foreclosures.
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Fairbanks, I believe, "force places" hazard insurance with coverage far in excess of the unpaid principal balance due on the "serviced" loans. Many times, such coverage may exceed the actual fair-market value of the mortgaged property.
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Fairbanks, I believe, may have provided a financial statement to my State's commerce regulators, in conjunction with their licensing application (s), that contains false, misleading and/or deceptive information.
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Fairbanks, I believe, uses a company known as RRReview, Inc., - owned in part by Fairbanks' officers and/or directors - to render "Brokers' Price Opinions" (BPOs) and "drive-by-appraisals" on borrowers' properties that are allegedly in "default" by 20-days or more. The "mark-ups" on these unnecessary and useless "services" are massive, unearned, unlawful, and are used to help "justify" wrongful default-declarations that are used by Fairbanks' attorneys nationwide in both judicial and non-judicial foreclosure actions.
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Fairbanks, I believe, appears to be charging their "securitized investors" the same marked-up "BPO fees" that are being charged to borrowers. This form of "double-charging" seems not to be provided for in many of the "Asset Purchase Agreements" issued and "serviced" by Fairbanks. (This allegation primarily applies to complainants who are making investments in - and/or insuring/guaranteeing/bonding investments - that may be subject to oversight and/or regulation by the Securities and Exchange Commission.)
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Fairbanks, I believe, pays cash to "nationally recognized" "rating agencies" for the purpose of securing a "positive rating" in support of its "sale and servicing" of "securitized mortgages" to third-party investors. Such "ratings" are required in order for Fairbanks to entice "investors" into purchasing "shares" in the "securitized pools, " and such ratings cannot possibly be issued on an objective and "arm's length" basis when the same are being "purchased" by the company seeking the rating. (This allegation primarily applies to complainants who are making investments in - and/or insuring/guaranteeing/bonding investments - that may be subject to oversight and/or regulation by the Securities and Exchange Commission.)
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Fairbanks, I believe, repeatedly engages in acts of "mail fraud, " when it knowingly uses the United States Postal Service to deliver to borrowers documents - "activity statements" and "demand letters" and "delinquency notices" - that contain knowingly-false financial information and are designed for the sole purpose of causing the recipients of such documents to pay money that is not lawfully due and owing.
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Fairbanks, I believe, wrongfully and knowingly reports negative and false information to national credit bureaus, in an effort to thwart borrowers' lawful attempts to refinance their mortgages with third-party legitimate lenders. Such false reports violate Federal and State laws and regulations.
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Fairbanks, I believe, wrongfully and knowingly reports negative and false information to credit bureaus, in an effort to thwart Federally-allowed attempts by borrowers to cancel "private mortgage insurance" contracts attendant to borrowers' mortgages. Most such "insurance" is issued by the PMI-Group (NYSE/PMI). PMI owns more than 55% of Fairbanks Capital Corporation.
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Fairbanks, I believe, by and through its "sometime subsidiary" - AAMES Home Loans - has conspired to violate numerous TILA and RESPA regulations. The result of this conspiracy has damaged consumers nationwide.
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Fairbanks, I believe, by employing its written policy known as "combat-collection, " has continually violated numerous provisions of the FDCPA. The results of these practices have damaged consumers nationwide.
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Fairbanks, I believe, through its failures to fully comply with the terms of Federal regulations regarding the "transfer of mortgage-servicing rights, " has deprived borrowers of the consumer protections afforded by those regulations.
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Fairbanks, I believe, through a complex network of real estate brokerage firms, moves wrongfully foreclosed properties (Real Estate Owned, or REO) through a series of "sales" designed to create the illusion of "losses" on the resale of such properties for the purpose of obtaining "deficiency judgments" against foreclosed borrowers residing in states that allow such judgments.
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Fairbanks, I believe, through a complex network of real-estate brokerage firms, moves wrongfully foreclosed properties (Real Estate Owned, or REO) through a series of "sales" designed to create the illusion of "losses" on the resale of such properties for the purpose of obtaining "tax deductions/credits" in connection with its IRS filings.
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Fairbanks, I believe, through a complex network of real-estate brokerage firms, moves wrongfully foreclosed properties (Real Estate Owned, or REO) through a series of "sales" designed to create the initial illusion of "losses" on the resale of such properties, but which ultimately result in the sale of such properties by Fairbanks or its associates at prices which are in accord with "fair-market value."
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Fairbanks, I believe, through a complex network of real-estate brokerage firms, moves wrongfully foreclosed properties (Real Estate Owned, or REO) through a series of "sales" designed to generate "rebates" and "commissions" that are paid directly/indirectly to Fairbanks by such brokerage firms. This form of "fee-splitting" may contravene state laws and regulations.
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Fairbanks, I believe, in the course of its efforts to wrongfully foreclose on borrowers' properties, has misled attorneys retained by it from/through a "service" known as United States Foreclosure Network (USFN), in a manner designed to cause said attorneys to wrongly believe that such foreclosure efforts had merit and were lawful when in fact said foreclosure efforts had no merit whatsoever and were not lawful.
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Fairbanks, I believe, wrongfully delays any and all refunds that are due to its "customers" following accidental overpayments, and overpayments made at the closing of refinancing transactions. This "serial practice" allows the company to enjoy the time value of the money thereby wrongfully withheld from its "customers."
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Fairbanks Capital Corporation, its owners, its officers, its directors, and its employees have, through their herein complained of intentional acts and failures to act, caused me and my family to suffer severe financial damages.
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Fairbanks Capital Corporation, its owners, its officers, its directors, and its employees have, through their herein complained of intentional acts and failures to act, caused me and my family to suffer severe emotional distress.
If you require further information from me regarding this complaint, please do not hesitate to contact me immediately. I will quickly provide whatever details/documentation may be required by you to help me resolve this matter and put an end to this national scandal and personal nightmare.
If you want simple "anecdotal evidence" in support of my complaint, please visit usacomplaints.com, and peruse the many complaints against Fairbanks that have recently been posted therein.
Thank you very much for your prompt attention to my very serious complaint.
Respectfully Submitted,
Complainant's Signature
Jack
Fairbanks, Alaska
U.S.A.
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