Fairbanks Capital Loses Status with S&P on Collection Practices Allegations

Published on:
12 September 2006 at 10:16 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00015582-fairbanks-capital-loses-status-with-sp-on/

Baltimore, MD – According to reports from WBAL-TV in Baltimore, Standard and Poor’s has lowered its rating of Fairbanks Capital, the mortgage servicing company at the center of an ongoing exclusive 11 NEWS I-Team investigation.

WBAL-TV 11 NEWS I-Team lead investigative reporter Jayne Miller reported that the rating service said its decision is based on a review of the company’s operational practices, which revealed a number of concerns, including a pattern of apparent violations of federal debt collection rules.

As a result of Wednesday’s decision, Fairbanks has lost its status with Standard and Poor’s as a select mortgage servicer. The decision does not impact the current loans Fairbanks is handling.

Fairbanks Capital Loses Status with S&P on Collection Practices Allegations

Unknown Author

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