The Veiled Lords are the ruling council of Fallingwater, and are devoted to, first and foremost, the stability of Fallingwater. They do not care much about crime in the city, as long as crops keep flowing inn and the tariffs keep getting paid. They are also tangentially motivated by the well-being of their citizens, and do not care much for the pesky Nobles.
Their alignment can be described as Neutral, as they do not care extremely for law, and they are not motivated by altruism.
The Bloody Blades are a crime gang in the city, and enjoy plotting and murdering, and planning, similarly to a Mafia. They are motivated mostly by want of money, but also of bloodlust. There are many wererats in their ranks.
Their alignment can be described as Neutral Evil.
The Razors are a vicious gang with a lust for money, gold, and luxury. They war often with the Bloody Blades, and mostly burgle people and do random violence. They are paying off The Society so that the Veiled Lords ignore them and their doings.
Their alignment can be described as Chaotic Evil.
The Nobles are a faction composed of the often warring Houses (Though not ruling) of Fallingwater. They are in conflict of the Veiled Lords for power, and live privileged lives in the Noble District.
They can be best described as Lawful Evil - they are not altruists.
The Society is the collection of guilds that house themselves in the Grand Playhouse. They often work with the Veiled Lords, and are generally loyal to them. However, they are mostly only loyal to them due to Samous the Guildmaster's seat on the council. They are altruists, feeding the needy and the homeless, and putting on plays for them.
They can be best described as Chaotic Good. They do not necessarily care for laws, but they do what they can to help the poor, needy, downtrodden, and poverty-stricken. They are in conflict with mainly the Bloody Blades, and The Razors are paying them off to ignore them and ensure that the Veiled Lords remain largely ignorant of their workings.
The factions often war, and members of opposing factions will be angry against eachother.