
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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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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