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Ellington Case

A must read for anyone dealing with Fairbanks/SPS is Case No: 1:07-CV-00421-LY-AWA Ellington Credit Fund, LTD and ECF Special Securities, LLC v Select Portfolio Servicing Inc, Manufacturers and Traders Trust Company, MBIA Insurance Corporation, Mountain West Realty Corp., Residential Real Estate Review Inc., Alta Real Estate Services Inc., AND Pelatis Insurance Agency Corp. Cause No. D-1-GN-07-001141 filed in the District Court of Travis County, Texas. I think it's fair to say that if the Plaintiffs in this particular matter contacted some of the actual borrowers whose loans make up the REMICS in question, they would be given a whole new education in what is really going on with the loan as opposed to what they think is going on. They might even find they have forgotten to name a few defendants.

The suit alleges, among other things that Fairbanks/SPS "was not content to make an honest profit from servicing the Subject Loans. Instead, Fairbanks undertook a systematic campaign to boost their profits by dishonest and illegal practices." The suit goes on to specifically lay out that Mountain West Realty Corp., Residential Real Estate Review Inc., Alta Real Estate Services Inc., & Pelatis Insurance Agency Corp., were created and are owned by Fairbanks for the sole purposes of boosting their profits while not actually performing any real function. This got us here at GetDShirtz wondering if there were any other companies that fall into the same category, even though they may not be part of this particular suit. Check out what we found.


GetDShirtz has done a little digging and has confirmed that not only are Mountain West Realty Corp., Residential Real Estate Review Inc., Alta Real Estate Services Inc., & Pelatis Insurance Agency Corp., are owned and operated by Fairbanks/SPS and that they share the same South West Temple address in Utah as the Fairbanks/SPS office but that they are registered to do business in other states. Interestingly enough, we have found that Pelatis Insurance Agency was formerly known as Fairbanks Insurance Agency up until the Curry class action lawsuit.

The suit alleges the following with respect to each of these companies. Following each allegation you will find a partial list (more to come soon) of links taking you to the Secretary of State website for each state where we have found a listing. In some instances you will need to enter the name of the company to do your own search and in others it will automatically take you to the document.

Mountain West Realty Corp.: "Through Mountain West, Fairbanks/SPS required the real estate brokers who actually did the work to pay Mountain West a healthy share of the commissions on the foreclosed home sales. At times, in the appraisal listing agreement, Fairbanks negotiated for itself  and a local broker a $2000.00 minimum commission. In those instances, neither the broker nor Fairbanks had any incentive to sell REO property for more than $60,000.00, demonstratably leading to fire-sale prices when the objective appraisals before and after the sale supported a much higher price."

 

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Pelatis Insurance Agency Corp.: "To profit from this practice [force-placing insurance] Fairbanks required that the insurance companies or brokers who actually placed such over-priced insurance on the properties pay a share of their commissions to Pelatis Insurance Agency, a front company that Fairbanks established to collect such commission in each state where it serviced mortgages."

 

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Residentail Real Estate Review Inc.: "A review of the Servicing Advances paid to the front companies demonstrates that Fairbanks ordered an excessive number of broker price opinions [BPO] on the defaulted loans in the securitization. Thus, in addition to paying itself for these fees through its front companies, Fairbanks paid itself more for more frequent broker price opinions and inspections than necessary to properly service the loans. Fairbanks took unauthorized payments through Residential Real Estate for over-priced and overly-frequent property inspections and broker price opinions..."

 

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Alta Real Estate Services: "Fairbanks took unauthorized payments through Alta for over-priced and overly-frequent property inspections and broker price opinions..."  

 

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Last modified on Thursday, 14 April 2011 17:14

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