Sign in to follow this  
deniserich

Fairmont Capital pays 40 million

Recommended Posts

...it speaks volumes as to why monthly statements are so necessary!! Check out the complaint, most specifically, #15 on...exactly what I have been speaking about!!

Fairbanks Capital is paying $40 Million to consumers for illegal loan

servicing. http://www.ftc.gov/os/2003/11/0323014comp.pdf

see actual complaint as well...at:

http://www.ftc.gov/bcp/conline/edcams/fairbanks/

FAIRBANKS CAPITAL CORP. SETTLES FEDERAL CHARGES OF LAW VIOLATIONS

Settlement results in $40 million for consumers harmed by illegal loan

servicing practices

----------------------------------------------------------------------------

----

Fairbanks Capital Corp. has paid $40 million to resolve FTC and HUD charges

that it engaged in widespread loan servicing abuses. The settlement will

provide refunds to consumers whose loans were serviced by Fairbanks between

January 1, 1999 and December 10, 2003. The deadline to submit claims was

April 24, 2004.

Please sign my petition to allow us to verify through the benefit of a monthly statement how our payments are being applied.

http://www.ipetitions.com/campaigns/monthlystatements/

Share this post


Link to post
Share on other sites

I signed the petition and here's why.

People are being robbed blind on their mortgages and student loans because lenders use coupon books instead of monthly statements. Without monthly statements, people can't tell if late fees are being charged. They can't tell if money that should go toward principal is being applied for interest, fees, or someone else's account.

Imagine paying on your mortgage for 30 years and when you think you are paid up, the lender claims you owe thousands of dollars in interest and fees. You wouldn't be able to prove you didn't owe. You would have no recourse.

Please sign the petition to require lenders to issue monthly statements instead of using coupon books. If consumers get monthly statements, they can quickly detect and correct accounting errors made by the lender. With coupon books, mistakes may not be detected until many years later when the borrower can't produce records and is at the mercy of the lender.

If you or someone you care about has a mortgage or student loan, please sign the petition.

Share this post


Link to post
Share on other sites

Excellent point, consumercity.

I wonder what the cost comparison is between printing a book of coupons and sending out monthly billing statements...

Share this post


Link to post
Share on other sites

Doc Don, you're right. It would cost them more to send monthly statements. People could opt in to get monthly statements and pay a few bucks a month extra. It would be well worth it to be able to monitor accounts and catch the lender's mistakes while there is still time to correct them.

I think we really need a law that gives us the option to receive monthly statements so we don't have to blindly trust the lenders.

Share this post


Link to post
Share on other sites

I welcome your complaint!!! these stools have been a thorn under my saddle for years!! never never over 30 . and we have had people take pictures of our home!! they sent them out!!! we complained and was told we can do this !!! 5.00am in the morning these idiots start flashing!!! or while were on vacation!!! good neighbors watch!! i would envy a class action suit and close them!!!!! more than willing to help! :evil::evil::evil::evil::evil::evil::evil:

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this