Friday, August 21, 2020


Most Americans are under the impression that fraudulent financial activities have always been perpetrated by Wall Street heavyweights, such as Michael Milken, the "Junk Bond King," Ivan Boesky, and Bernard Madoff. Hard working American homeowners should know now that white-collar criminals at some of the country's biggest banks and mortgage companies have targeted the most vulnerable, so that they can make fast money easily, and escape any liabilities or penalties.

Illegal practices at Wells Fargo Mortgage, where the company actually took action against borrowers who made their monthly payments on time, only to learn later that the bank was using illegal tactics to increase its revenue, or foreclose upon homes, included fraud and unconscionable acts. One of the unspeakable acts was Wells Fargo claiming that the borrowers had requested that payments be "paused" (called Forbearance) under the authority of the CARES ACT, due to COVID-19, when they had not taken any such action, and which threatened court-approved repayment plans of borrowers.

Typically, a bank that is engaging in this type of fraudulent activity to maximize profit must first create some kind of illusion, such as that your monthly payments are not being received or posted. Then the borrower receives a notice that his or her mortgage is in default. In truth and in fact, the bank has cashed out your monthly payments, and posted your money in a different, and hidden, account.

At that point, the bank has your money, which you believe has been applied to your mortgage account for years; unfortunately, your account is about to unravel. It is about to be sold, assigned or transferred to a third-party debt collector, a financial alligator, in this case Fay Servicing LLC, which will by any lawful means seek to collect the balance and foreclose on your lifetime investment, your home.

The King Alligator, who is the creator and founder of Fay Servicing is Ed Fay. He is supported by the company's COO,  Andy Liang, by President Kimberly Bingham, and Vice President Ryan Finnigan. You will find the company has fielded an impressive social media presence online, which seeks to convey a friendly corporate image that is not supported by the truth; Barracudas swim in these waters. Fay Servicing is responsible for making more Americans homeless than than any California wildfire, according to first-hand statements from its victims, some of whom are elderly grandmothers.

The company attempts to convince online viewers of its benevolent corporate culture:
 " Founded in early 2008 to address challenges created by the growing housing crisis, our company is committed to providing innovative servicing solutions for both performing and non-performing mortgages. Until recently, the existing traditional mortgage servicers were adequately able to handle the mortgages under their care. The functioning premise of their servicing models was a high volume, low delinquency approach. However in the last two years, due to many factors, residential mortgages have been experiencing unprecedented levels of delinquency. As a direct result, many servicers quickly found themselves overwhelmed and unable to effective manage the resulting complications."

"We conducted an exhaustive analysis of the existing mortgage servicing industry and gained valuable insight into the shortcomings of current mortgage servicers. Realizing that even adapting an existing approach was wrought with immense challenges including legacy portfolio issues and unproductive corporate cultures, we decided to build a new model from the ground up, the focus of which would be to benefit both the homeowners and the lenders."

In reality, Fay Servicing, knowing very well that the targeted homeowners of their scam are on financial life support, thanks to its attorneys and law firms, which finish the job by quickly foreclosing upon their homes, while the borrowers are lying critically ill in hospital beds. See  Deceptive Mortgage Servicing Company Fay Servicing Exploits and Cheats Borrowers. See also Meet Fay Servicing's Foreclosure Pit Bull in California.

MFI-Miami, the mortgage fraud investigation firm, has issued a pointed warning on Fay Servicing:
"Homeowners need to request their complete mortgage transaction histories from Fay Servicing and review them. If there is missing information or something doesn't look right, they need to contact a lawyer or properly trained mortgage expert immediately... There is a definite pattern of impropriety going on here."

As widely reported, the Consumer Financial Protection Board has fined Fay Servicing $1.15m for its illegal boiler room foreclosure operation, and a number of state Attorney Generals have initiated investigations against Fay for bringing unlawful foreclosures upon senior citizens during COVID-19. While Americans fear threats from abroad, the real threat is much closer to home. Outlaw mortgage servicers like Fay Servicing are more like Ali Baba and his Forty Thieves than a mortgage company. Govern yourselves accordingly, America.

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