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Fairbanks 101

10Apr 2011
Published in Fairbanks/SPS

Before we begin, one thing needs to be made clear, Fairbanks Capital Corp. has changed their name to Select Portfolio Servicing (SPS). It is the SAME EXACT company just with a new name. I get many, many emails from people saying their loan was sold from Fairbanks to SPS, your loans were not sold, you are dealing with the same company!

1989 ? Fairbanks founded by Thomas D. Basmajian

2000 ? PMI purchases shares of Fairbanks

December 2000 - Fitch Affs Fairbanks Capital's `RSS1' & `RPS2' Resi Servicer Rtgs

December 2001 - Fairbanks Capital Corp. Announces Definitive Agreement To Acquire Bank Of America's Subprime
Servicing Platform
 

March 2002 - Fairbanks Capital Corp. Announces Close of EquiCredit Subprime Lending Acquisition Transaction 

 

May 2002 - Fairbanks Capital Corp. and DLJ Mortgage Capital Sign Letter of Intent for Servicing Arrangement

 

July 2002 ? PMI Increseases Ownership In Fairbanks With Help of GE & FGIC

 

March 2003 ? Fairbanks expands office space

 

03/07/2003 - PMI Group, Inc. Supports Full Cooperation by Fairbanks Capital Corp

 

April 2003 ? Utah Officials investigate Fairbanks

 

05/08/2003 ?Fairbanks Makes Management Changes

 

05/09/2003 ?Moody?s downgrades Fairbanks

05/13/2003 - Mikulski and Sarbanes ask the federal government to investigate Fairbanks

 

05/28/2003 ? Fairbanks Get Financial Aid From Lenders & Shareholders

 

June 2003 ? Fitch downgrades Fairbanks

 

October 2003 ? Fairbanks Ratings Tumble

 

November 2003 ? FTC announces settlement with Fairbanks

 

May 2004 - NTIC Announces Agreement of Understanding with Fairbanks Capital Corp

 

May 2004 ? Fairbanks Settles With Florida

 

June 2004 ? Fairbanks appoints Consumer Ombudsman

 

July 2004 ? Fairbanks changes its name to Select Portfolio Servicing

 

September 2004 ? Fairbanks Agrees To Settle With Michigan Homeowners

 

October 2005 ? PMI sells SPS and SPS Holding Corp. to Credit Suisse First Boston
Last modified on Sunday, 10 April 2011 21:31