Well, its about time people are realizing that practices like Fairbanks Capital are not just unethical, immoral but should be rulled 100% illegal.

Too much is going on in my head to know where to start on this rant...Perhaps at the beginning (don't worry, I'll make it as brief as possible). My mother purchased a home in 1977, I was 13 at the time. I am now 39 and my mother is STILL paying on this shit. Hard to believe?? Believe it or not, its true.

Her first mortgage company was Guardian. Guardian was fine at first, then they changed the rates on her and raised her payments. They call this flipping nowadays. Anyway, Guardian sold her loan to Aames Home Loan who inturn began their practices of flipping, adding insurance that we already had and forcing insurance on her that we clearly didn't need. For example, 'flood insurance' was forced on her statement with a take it or else to boot.

The house is in Compton CA, nowhere near a dam, not to mention its not a flood hazard community either. I always complained about these lenders, but was told there wasn't anything that could be done about it. Aames continued to add on hidden charges, charged late fees (when my mother had mailed the payment off 2 weeks in advance), and the principal never seem to go down. Then she received a letter from Aammes stating that they sold her loan to Fairbanks.

In actuality Aames is dba Fairbanks Capital! Under this King of crooks company name, they have managed to add more ridiculous insurance, charge late fees again that should of clearly posted ahead of time. My mother has even sent her payment in by certified mail, the signature is on time, but posted late. The times she as made a call to complain,another fee was taxed for getting her the information. Now that I see we are not alone in this fight and there is indeed a name for this monstrosity (predatory lending),I am on a mission with a vengence.

Lastly, here's the killing part of all this. My mother decided to send them an extra $40 over the amount due in hopes that it would be applied to the principal. Ha!! instead of Fairbanks decreasing the principal, they raised her payments an extra $40 in addition to raising a late fee charge as well. This is appalling.

My mother falls into the category of victims. Low to moderate income area, senior citizen with a nice chunk of land, and a Black female. She was a widow at 25 (never remarried) with two babies in tow. She has had to sacrifice,struggle to make ends meet etc. The only thing she has gotten from this so-called 'American Dream', is an 11.1% interest rate with no end in sight.

Pissed off is not the word to describe how we have felt about this mess

I am also looking to start a class action suit in California.

Lisa aka 'Poppy' (advocate for justice)
San Diego, California
U.S.A.

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