Romney Tied to Fairbanks Capital

So I was spelunking in the Massachusetts Secretary of State's corporation website. In doing so, I tripped over a filing for a Melbourne Romney who appears as a Director of a corporation known as “FCMS REO Sub Corp.” with an address of 3815 SW Temple, Salt Lake City, UT 84115.

While the corporation apparently withdrew from business in Massachusetts in 2002, Mr. Romney was directly associated with Thomas Basmajian from the corporation's inception in 1997 until 2002. Basmajian, also a Director of FCMS REO Sub Corp., was more widely, and infamously, known for his creation of and involvement in Fairbanks Capital Corporation. Fairbanks Capital, for those not aware, was one of if not the first major mortgage servicers to melt down, in 2004, essentially as an early contributor to what is now known as the “financial crisis” as evidenced by the 2004 USA/Curry v. Fairbanks Capital Corp. Federal Trade Commission action. Shortly after the class action settlement, Fairbanks Capital went on to change it's name to Select Portfolio Servicing and begin a new life as a wholly-owned subsidiary of then Credit Suisse First Boston.

Whether this information is of any importance or interest to anyone is for them to decide.

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