Like many others we were sold into Fairbanks. Since 2004 we were taken over by SPS, which is really Fairbanks under a different name.
Select Portfolio Servicing, Inc is owned by Manufacturers and Traders Trust Company. Buffalo, NY who are listed on our notice of motion and opportunity to object, from the US bankruptcy Court.
I thought we were out from under the loan shark company of Fairbanks.
When digging deeper I discovered that they are the same company with the same address and phone number. We received a notice in 2004 of the law suit aganist Fairbanks for illegal practices. SPS is continuing the same practices because they are the same company as Fairbanks.
I could not beleive the number of complaints until I got on this website, just by typing in SPS in my search engine. My heart is breaking as I know alot of yours is too. The cries for justice and relief from these loan sharks is staggering and heart-rendering.
This is an excerpt from a news release on the Federal Trade Commission website. "Consumers should be treated fairly and honestly in the servicing of their loans, said Timothy J. Muris, Chairman of the FTC. It is particularly important that the Commission stop unfair or deceptive practices in this industry, because consumers have no choice about who services their home loans and it can be extremely difficult for subprime borrowers to avoid an abusive servicer by refinancing or paying off their loans.
HUD Secretary Mel Martinez said, Todays settlement makes clear that HUD and FTC are serious about protecting consumers from those who would try to steal their American Dream.
The message we are sending is clear those who seek to take advantage of unsuspecting homeowners will be tracked down and held accountable."
We should demand justice and contact the U.S. Department of Justice/Attorney General and have this company investigated again. They have a web site. Check it out.