Complaint Review: Fairbanks Capital Corp. - Jacksonville Florida

The following letter was sent to NYS Banking:

March 12, 2004

State of New York Banking Department

Superintendent of Banks, Diana L. Taylor

One State Street

New York, NY 10004-1417

Attn: Mortgage Complaint Division

Re: Predatory Lending by; (Loan: 9999999999)

U.S. Bank National Association, f/k/a

First Bank National Association Trust,

EQCC Home Equity Loan Trust

Dear Banking Department Mortgage Complaint Division:

In June of 1998, we were victimized by EQCC, when they gave us this predatory loan. Despite the fact that my wife and I had very good credit scores, EQCC charged us several points, gave us a rate of 10.75% on a first mortgage.

On August 7, 2001, Homer Funding Corporation was convicted of predatory lending. (Indictment no. 2760N/00, Nassau County). Hon. Daniel J. Cotter, County Court Judge, ORDERED HFC to pay Nassau County Probation Department, as the designated restitution agency, the following:

Restitution / Reparation $6,117,015.56

Designated Surcharge (5%)

Penal Law s60.27(8)

Nassau County Court designated me as the beneficiary of restitution in the amount of $54,613.56.

I sent copies of this judgment to EQCC to freeze this amount on my mortgage until they investigate. EQCC stated it would take a few months to investigate; therefore I stopped making payments until EQCC's investigation was complete. EQCC agree to place 3 months payments at the end of the loan. On the forth month (December 2001), EQCC notified me they were transferring my loan to Fairbanks Capital Corp.

After sending the first two payments, Fairbanks Capital Corp, contacted us in February 2002, and said "we were in default". I provided them with copies of the 2 payments. Fairbanks Capital Corp said I would have to pay the 3 months that was placed at the end of my loan by EQCC to bring our mortgage current. If we didn't comply with their request, they would foreclose and take our house.

We paid the 3 months to bring the loan current.

We attempted to refinance and was denied because Fairbanks Capital Corp reported we were 6 months behind on our loan. When I contacted Fairbanks Capital Corp about this error, I was informed they were charging us $10,000.00 for default fees. Fairbanks claimed they never received the 3 month payment and to reinstate the mortgage, we would have to pay the default fees, late fees & the 3 months (that was lost) for a total of $20,000.00. We have been forced to file Bankruptcy in an attempt to save our home from Foreclosure.

We seek your help in the following ways:

We would like any discounts or refunds we might be entitled to under the laws versus predatory lenders.

We would like the order to cease their repossess activities by the Federal Trade Commission and HUD to be applied to our foreclosure and house sale.

Fairbanks Capital Corp. has become notorious for one thing, stealing homes. We would like your help in stopping Fairbanks Capital Corp. & Fairbanks Capital Holding Corp. along with their attorneys; Thomas M. Hefferon, Esq., Goodwin Procter LLP, suite 500, 1717 Pennsylvania Ave, N.W. Washington, DC 20006.

Fairbanks Capital Corp. proposed to settle class action suit (03-12219-DPW & 03-10895-DPW) by paying 10% on each dollar they ripped off consumers. Is that fair? The company should be completely dismantled and liquidated with all proceeds distributed to its victims.

We are trusting, GOD-fearing people. When they told us that no one could make a better deal, we took their word for the truth. It is now very apparent that they lied.

FAIRBANKS CAPITAL CORP. SHOULD BE TREATED LIKE TERRORIST.

Sincerely,

Cc Attorney General, Eliot Spitzer

US Senator, Hillary Clinton

US Senator, Chuck Schumer

Governor, George E. Pataki

Congressman, Jose e. Serrano

Thomas

Bronx, New York
U.S.A.

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