Complaint / Review
Fairbanks Capital
Held by PMI Group ripoff HA, HA, UnFairbanks see your credit is getting as bad as mine but I don't have millions or billions in the bank thanks to you, you ripoff dirt bags

Reuters
Fitch downgrades 11 Fairbanks Capital tranches
Wednesday July 9,3:04 pm ET

NEW YORK, July 9 (Reuters) - Fitch said on Wednesday that it downgraded 11 asset-backed tranches supported by mortgages serviced by Fairbanks Capital, citing credit problems with the home loans.

The Fitch downgrade affects only a handful of outstanding asset-backeds secured by mortgages for which Fairbanks Capital collects customer payments.

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Fairbanks Capital is under federal investigation for unfair collection practices.

The Salt Lake City-based company has said it is fixing those problems and aims to settle with government investigators.

Moody's Investors Service (News - Websites), Standard & Poor's Ratings Services and Fitch have all cut the company's servicer ratings since the beginning of May, citing concerns that include the investigations.

In addition to the 11 asset-backed tranches that Fitch downgraded on Wednesday, the ratings agency said it may cut another 11 tranches, which are suffering credit problems that are not quite as severe.

Fitch also affirmed ratings on 381 asset-backed tranches supported by Fairbanks Capital-serviced mortgages. Many of those tranches were helped by the fact that Libor has been low, so the required payments to bondholders are lower.

On some of these deals, Fairbanks Capital services only a small portion of the mortgages supporting the tranche.

Fairbanks Capital is held by PMI Group Inc. (NYSE: PMI - News); Financial Security Assurance Inc., a unit of Franco-Belgian financial services group Dexia (Brussels: DEXI. BR - News; Paris: DEXI. PA - News), Fairbanks' management.

A spokesman for Fairbanks Capital was not immediately available.

I have to say HA, HA, UnFairbanks see your credit is getting as bad as mine but I don't have millions or billions in the bank thanks to you. Maybe you should have been honest like me when I sent our hard earned money and trusted you would put it against our principal... Which never happened. When the gavel drops it will not be in you favor... It's your turn to pay up... The interest seems to be growing every day. And nothing has been added to the pricpal... Sure wish we could put your company in a susspended account. Enjoy your days in your nice offices cause i'll be looking for you in the unemployment one real soon...