by Structured Settlement Watchdog
Got a call from Fairfield Funding today "following up a missed call". I had attempted to call Einstein Structured Settlements telephone number 1-888-497-0724.The receptionist also confirmed that they are still working with Owings Mills MD poker player Ryan Blank and his childhood pal Richart Ruddie.
Fairfield Funding financially benefits from brandjacking of its competitors via the Einstein Structured Settlements "henchmen". As has been our custom we will out any company that operates through sock puppets. Ryan Einstein is not a real person. His purported bio on various social media outlets contains fraudulent academic credentials. Atlanta based Fairfield Funding is made to look very silly and uninformed by what is posted on Einstein.
Consider that a page which was recently posted containing a "comprehensive" list of "current administration fees charged by annuity issuers" that are associated with "selling your strucutred (sic) settlement". The "comprehensive" list is notably missing Berkshire Hathaway, Genworth, ING and their respective subsidiaries.
In a case of situational deception, Fairfield Funding/Einstein apparently wants to compare the size of the adminstration fee charged by annuity issuers, while ignoring the discount that they are taking on the structured settlement payments being transferred. Granted that some of the fees, particularly those Symetra and John Hancock are "influential" they pale in compariseon to the profits taken by the settlement purchaser and/or ultimate investor.
In a recent matter in Florida that I previously wrote about which ended with a recission of the structured settlement transfer order, the investment "take down" was estimated at more than TWO THOUSAND times more than the annuity issuer's $750 administration fee. That being said, on a small structured settlement transfer the fee can have a real impact on the effective discount rate.
As to the administration fees, these represent costs that the annuity issuer may not have priced into the annuity contract when it was placed. This may be unfortuante for some, but given that the overwhelming majority of annuitants DO NOT sell, the administration fee as a cost, is very fairly borne by those that choose to sell. If you have a problem with it, I suggest you re-read the preceding paragraph.
Settlement purchasers are under threat due to pending legislation on the federal and state level which seeks to cap discount rates. Such caps would squeeze the margins of many companies and some feel it could even put them out of business at the levels proposed in the legislation.