Fairbanks Capital Corp A Public Letter to Craig Kenney Salt Lake City Utah
The following is being posted as an open letter to W. Craig Kenney of Bowwowershelp.Com
Craig,
I must say I am a bit disappointed in the lack of public response from you and Brian to the continued actions being posted every day on Rip-Off about Fairbanks. While I understand that you have come to a personal settlement with them, many of us have not and wish that you would take a stand either by saying publicly, that you are now in their employ and under an NDA as to current happenings or that you are now acting as a consultant and consumer ombudsman for them and wish to assist people with problems directly or provide them with information as how to help themselves. You can also, of course, say you got yours and you are done with it if that is your choice (which I doubt). You are well aware that I have been one of your greater supporters on RIP-OFF since you joined up with PMI but am finding it harder and harder to do so as the reopening of Borrowershelp.Com has now been pushed back twice and there is still no public comment from you.
Continued postings in Rip-Off and my own personal experience last week with Fairbanks indicates that little if anything has actually changed. Confirmation of a dispute and IMMEDIATE posting of the dispute with CRAs is a Federal Requirement with which Fairbanks still does not comply. While changing the behavior of 2400 employees, most of whom appear to have a 3rd grade education, takes a bit of time, there are certain things that can change immediately. One of these is immediate follow up by someone who actually can do something about reported problems. Just think of what would happen if after calling in a dispute or writing one the phone were to ring the next day with
Mr. Smith, this is Ms. Jones with Fairbanks Capital (No debt collection warning here). I understand that you called/faxed/wrote yesterday about a dispute on loan # XXX. I am the person who will personally be dealing with this problem. Please explain to me in your own words what you think the problem is so I can understand it better.
Mr. Smith, please be advised that this may take us XX days to research and verify or correct our records. In the meantime we will report to all CRAs that the amount due/past due/etc. is in dispute in accordance with FCPA regulations. All collection calls relating to this dispute will stop and no additional penalties or negative reports to CRA's against this account will be filed until such time as we have sorted things out.
Or how about.
Mr. Smith, this is Ms. Jones at Fairbanks Capital Corps foreclosure department. Your loan number XXX has been forwarded to us because our records indicate that you are XX months/dollars in arrears. Before we proceed with further action such as filing a Notice of Default that can effect your credit record for seven years do you dispute this information?Can you provide me with documentation as relates to this dispute?very good Mr. Smith. I will hold everything in abeyance till next Wednesday while you copy and FAX/FEDEX the documents over to me and we have a chance to go over everything together on the phone.
Of course it takes more than a reasonable chat on the phone to fix things but this is the starting place. This is where things can be done to better the operations. The data received from the Borrower must then be followed up and Fairbanks must actually follow through on any promises made. Additionally, KILL THE d**n DIALING MACHINE!!! Have a real person call, not a machine that places the customer on hold. The Clients time is MORE important than that of a minimum wage debt collector. If Fairbanks shows some respect to their customers they will get a lot further in their PR war.
I suspect that any efforts by Fairbanks/PMI are already too late. As I stated a few weeks ago, this thing has reached critical mass as far as I can see. Maryland has stepped in to join the Feds. I expect several other states to do so as well in coming weeks. The decks are stacked against Fairbanks at this point and I believe PMI will soon see this and along with FSA withdraw their pledge of additional financial support to cut their losses. I hope I am wrong as if this were to occur we would all loose and our problem records would be passed on to some other servicing outfit mistakes and all. The only chance I see for Fairbanks to survive is for the FED and the States to see that things actually are improving. Taking the steps mentioned above could assist in making that showing.
I urge others with problems that have not been rectified with Fairbanks to add their own thoughts to the posting.
LA_Bill
LA_Bill
Los Angeles, California
U.S.A.
Click here to read other Rip Off Reports on Fairbanks Capital Corp
9 Updates & Rebuttals
Charleen
Mountlake Terrace,Washington,
U.S.A.
Re: Fairbanks Ex-Employee
#10Consumer Comment
Fri, June 13, 2003
I think the key word here is Ex employee. Could it be that the "new" management team is weeding the out the bad apples?
Out of that $55,000.00 salary, how much of it was for bonuses on Western Union payments or misapplying payments?
Most of us are not unsophisticated borrowers. We are literate well-eduacated people that had things happen in their lives that we couldn't control.
We Borrowers are not theones being investigate for Fraud.
BushkillGal
E. Stroudsburg,Pennsylvania,
U.S.A.
Response to Ex Fairbanks Employee
#10Consumer Comment
Thu, June 12, 2003
My mortgage was acquired by Fairbanks not because I had bad credit, but because the mortgage holder had bad credit. IMC (Conti) declared bankruptcy. JP Morgan was appointed trustee of the mortgage portfolios, CitiFinancial did the servicing of the loan. When Citi had to "dump" its mortgage servicing because of Fed inquiries, it entered into a sub-servicing agreement with Fairbanks. And therein lies my rapid decent to "bad credit". Re: your statement that most Fairbanks' employees start at $55K - that is not a lot of money for "college grads", first of all. Second, shame on Fairbanks for recruiting from the "bottom of the barrel".
I also question whether you are justifying Fairbank's illegal activities. You shouldn't be so smug. Someday you may experience something that is not your fault, but has the potential of bringing your world down. Don't judge another person until you have walked a mile in their shoes.
Why don't you come forward and tell this forum how you were instructed to handle the inquiries and complaints from Fairbank's victims; how their mortgage payments were "lost", where the payments were "lost" and what happened to the "lost" money? Why don't you tell this forum about RRR? When you are willing to do that, your comments will be welcome. Until then, please keep them to yourself. Also, why are you visiing this forum? Are you receiving some sort of pleasure by reading about other's misfortunes? You are definately not a person I would want to know personally. May God help you.
BushkillGal
E. Stroudsburg,Pennsylvania,
U.S.A.
Response to Ex Fairbanks Employee
#10Consumer Comment
Thu, June 12, 2003
My mortgage was acquired by Fairbanks not because I had bad credit, but because the mortgage holder had bad credit. IMC (Conti) declared bankruptcy. JP Morgan was appointed trustee of the mortgage portfolios, CitiFinancial did the servicing of the loan. When Citi had to "dump" its mortgage servicing because of Fed inquiries, it entered into a sub-servicing agreement with Fairbanks. And therein lies my rapid decent to "bad credit". Re: your statement that most Fairbanks' employees start at $55K - that is not a lot of money for "college grads", first of all. Second, shame on Fairbanks for recruiting from the "bottom of the barrel".
I also question whether you are justifying Fairbank's illegal activities. You shouldn't be so smug. Someday you may experience something that is not your fault, but has the potential of bringing your world down. Don't judge another person until you have walked a mile in their shoes.
Why don't you come forward and tell this forum how you were instructed to handle the inquiries and complaints from Fairbank's victims; how their mortgage payments were "lost", where the payments were "lost" and what happened to the "lost" money? Why don't you tell this forum about RRR? When you are willing to do that, your comments will be welcome. Until then, please keep them to yourself. Also, why are you visiing this forum? Are you receiving some sort of pleasure by reading about other's misfortunes? You are definately not a person I would want to know personally. May God help you.
BushkillGal
E. Stroudsburg,Pennsylvania,
U.S.A.
Response to Ex Fairbanks Employee
#10Consumer Comment
Thu, June 12, 2003
My mortgage was acquired by Fairbanks not because I had bad credit, but because the mortgage holder had bad credit. IMC (Conti) declared bankruptcy. JP Morgan was appointed trustee of the mortgage portfolios, CitiFinancial did the servicing of the loan. When Citi had to "dump" its mortgage servicing because of Fed inquiries, it entered into a sub-servicing agreement with Fairbanks. And therein lies my rapid decent to "bad credit". Re: your statement that most Fairbanks' employees start at $55K - that is not a lot of money for "college grads", first of all. Second, shame on Fairbanks for recruiting from the "bottom of the barrel".
I also question whether you are justifying Fairbank's illegal activities. You shouldn't be so smug. Someday you may experience something that is not your fault, but has the potential of bringing your world down. Don't judge another person until you have walked a mile in their shoes.
Why don't you come forward and tell this forum how you were instructed to handle the inquiries and complaints from Fairbank's victims; how their mortgage payments were "lost", where the payments were "lost" and what happened to the "lost" money? Why don't you tell this forum about RRR? When you are willing to do that, your comments will be welcome. Until then, please keep them to yourself. Also, why are you visiing this forum? Are you receiving some sort of pleasure by reading about other's misfortunes? You are definately not a person I would want to know personally. May God help you.
Amie
Richmond,Virginia,
U.S.A.
Dear John-(who used to be an employee)
#10Consumer Comment
Thu, June 12, 2003
Your response is a perfect example of the kind of treatment that most borrowers received at Fairbanks. I never thought anyone I spoke to was stupid...perhaps ignorant, or suffering from a superiority complex, but never stupid. Fairbanks CSR's had to be smart to create the verbal confusion that sufficed for conversation when a borrower called.
Bad credit does not mean you are a bad person, or deserve to be treated rudely or unkindly.
John, have you ever had cancer? Has your spouse ever lost a job that decreased your income by 50%? Has anyone in your family ever become disabled and had to hire a lawyer three times before they were able to receive SSI? These are some of the things that happen to other people who are less fortunate than you that cause them to have to decide which payment to make with this paycheck, and what to save until the next one.
Most of us choose paying our mortgage as one of the first pressing needs. When you make that payment on time, but the creditor holds the check, posts it on the wrong account, looses the check, or pays a fee that was created outside of the terms of the mortgage note, and then sends you a foreclosure notice....the creditor is at fault, criminal fault in some cases, not the borrower. However, that creditor gets to report that company's version of what occurred to the world, (through the credit bureau) while the borrower has no recourse except to hope that his or her federal or state authorities can do something about the creditor.
Many of the borrowers who ended up at Fairbanks mercy, had no prior knowledge of the company or it's practices. Other than a forum such as this one and the one that Craig Kenny offered, most of us had no place to log our information on the lender, as the lenders do us through the Credit Bureau.
Aside from all that, part of the American dream is for everyone, not just the well educated and high-income people, to be able to own/buy a home. Consumer laws were created to protect borrowers from organizations that operated like Fairbanks did/does. Did any of you reps realize that obscene language and abusive use of the phone is a felony or a misdemeanor in most states? DID ANYONE CARE? Probably not, since most reps probably felt that borrowers on class B & C paper are something that they scrape off their feet.
Thanks John, for supporting our claims of the condescending, rude treatment most borrowers received, and for providing an excellent example of the mindset of the average Fairbanks representative.
J
Pleasant Grove,California,
U.S.A.
b & C credit DOES NOT Necessarily mean POOR Credit
#10Consumer Suggestion
Thu, June 12, 2003
To the moron who claims that B and C "Paper" credit means people already don't pay their bills and that's why they end with a corrupt company like Fairbanks.
Many of us B and C credit HOMEOWNERS got this crummy rating because we NEVER extended ourselves to purchase on credit. Many of us have waited until our 40 plus years to scrimp and save for that almighty, hard earned down payment on our first home only to be victimized by a greedy mortgage industry that won't give you a decent line of credit because you NEVER EVER had any "PAPER" debt. No, the minority of hard working, middle class, family of 5 with a mother staying home with the children because we felt we shoud raise our own with our own values and morals while the father supports the family, did not go into credit card debt, buy vehicles on credit, but purchased all items by the old fashioned values of our forefathers, paying in cash,or worked for and traded with other FINE families and friends,, then get "screwed" because we did the "non typical" and "unusual" method of saving, scrimping and doing without to buy that first home. Rented and were subjected to interfering landlords, and then end up with a company like Fairbanks and employees like you.
Don't start "judging lest you be judged". I'll bet you have more debt and heartache than I'll ever have to deal with because at least we Got our home HONESTLY and d**n will fight to preserve and get what is ours.
Go back under your rock, or where-ever and wake up and smell some coffee--If you can over the stench you live under.
John
Los Angeles,California,
U.S.A.
I used to work for Fairbanks.
#10UPDATE EX-employee responds
Wed, June 11, 2003
The first message posted here makes many assumptions that their debt collectors don't have any education and are paid minimum wage.
In reality, most have college degrees or are currently in school and the starting anual salary is about 55K/year. That's probably more than most people make who post on this site.
Oh, and by the way, if you are a customer of Fairbanks, YOU ALREADY HAD BAD CREDIT. Fairbanks only buys loans that are B and C paper.
Bad credit (which again, you already had) results from not making payments on time or at all.
Why should ANYONE assume that you suddenly make payments on time and all your problems are because of Fairbanks? My suggestion is to take some responsibility for your own actions.
Amie
Richmond,Virginia,
U.S.A.
In Support of Craig Kenny
#10Consumer Comment
Tue, June 10, 2003
I think all of us who've suffered under Fairbanks 'rule' need to take a breath and realize:
Craig didn't have to include us in his crusade, he could have just battled and settled with Fairbanks without providing us knowledge...a long time ago.
He also didn't have to finance the crusade on our behalf...it is not a requirement to create a website and resources for others you find in the same situation as yourself. It was a good and kind thing that Craig freely gave.
Getting even isn't always the best soulution. Whomever you regard as your Spiritual Center, God, the Universe, the Goddess, Budda, Alah....will settle the score in the long run. Focus your energy on a solution that benifits the whole (as Craig did...does), hatred and vengence solve nothing. You simply sink to the very same level that you despise, that which Fairbanks sunk to & to the very methods they employ.
We all still have a long way to go. There will be an election this fall...we all need to make note of who our supporters are, and which party best represents the 'average Joe'. The root of the problem has a lot to do with regulation (or the lack thereof-deregulation-) and elected representatives who support big business over the rights of consumers and individuals. Has big business benefitted you lately.
It takes a good amount of time to just jot off a comment like this, how would you like to reorganize a website that had over 347,000 hits? Do any of us think it can be done overnight? Craig stuck it out with us, I think we need to support him. You had faith in him when he stuck his neck out for all of us, shouldn't we take a breath and stick our neck out for him? I haven't seen any offers to help him or Brian with the effort.
I'm sure the former CEO & CFO would like nothing better than to see Craig fall from grace. Do YOU want to do anything that either of those former 'officers' would derive pleasure from?? I don't.
Robin
Waldron,Arkansas,
U.S.A.
ALERT! The little red imps have escaped Fairbanks' offices and have infected Fairbanks' BORROWERS! ALERT!
#10Consumer Comment
Sun, June 08, 2003
*********PUBLIC ALERT*******
The little red imps, once contained entirely in Fairbanks' offices, have escaped nationwide, infecting many borrowers! "Little Red Imp Syndrome" is extremely contaigious and very dangerous, sometimes causing a huge rise in blood pressure, followed immediately by screaming tantrums and unreasonable demands.
The symptoms, once noted ONLY in Fairbanks' employees, are as follows: the sufferer feels a strong desire to put enormous amounts of pressure on others, even if they are trying to help. An infected person shows a strong desire to have whatever he wants right NOW! There are signs of petulance, selfishness, and an almost irresisitible desire to point fingers at innocent people.
The most severe cases may also show signs of acute paranoia and a propensity to make mindless accusations. Sufferers of this disease tend to mutter about lost websites and discussion forums and claim that "everything is moving too slowly" to suit them. Do NOT, for your own safety, try to reason with the sufferers of this syndrome: they do not want to hear or accept that the mess at Fairbanks that took years to develop is not likely to be cured in two or three weeks. They do not want to hear that Fairbanks employees cannot be rehabilitated overnight or acknowledge that the system will not be revamped in the twinkling of an eye. They are each set on their own demands and cannot see the picture beyond their own small part in it.
"Little Red Imp Syndrome", if left untreated, turns formerly rational borrowers into what they once loathed; folks that act exactly like Fairbanks employees! Demanding, unyielding, rude, suspicious and insulting!
The treatment for this syndrome is not earthly as distrust has hardened sufferers' hearts. Prayer is their only hope because, God knows, this flock has lost its way! Mr. Kenney never claimed to be able to work miracles, but he offered you a refuge in your trouble for two years. I have yet to hear one of you ungrateful brats offer a "Thanks" for that service! Shame on you and your absolute egotism! You certainly are not doing anything to improve your own situations.
Cosidering the enormous task at hand, perhaps Mr. Kenney is just a wee bit too busy to fart around with answering posts here. You want the work done NOW, and demand that your individual hands be held at the same time. Can't have it both ways, sorry.
God is mighty and was able to create the world in just seven days, but even HE might need more time to clean up Fairbanks! Mr. Kenney is just one human being who has been through the same trauma you have. Give it a rest. Be charitable for awhile and wait and see!