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Article: Fairbanks' primary and special servicer ratings downgraded. (Business Alert).
- Article from:
- Mortgage Banking
- Article date:
- June 1, 2003
CopyrightCOPYRIGHT 2003 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MOODY's INVESTORS SERVICE, NEW YORK, has downgraded Salt Lake City--based Fairbanks Capital Corporation's ratings for primary servicer of residential subprime mortgage loans and for special servicer from SQ1 (strong) to SQ4 (below average). The downgrades reflect Moody's concerns about the ongoing financial stability of the company, its ability to successfully address regulatory compliance issues without suffering an erosion in loan performance, and management s ability to proactively detect and address operational and regulatory problems.
As part of its analysis, Moody's reviewed the performance of subprime mortgage loans serviced by Fairbanks from October 2001 ...