Fairbanks Mortgage to pay out for abuse
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Posted by hallan (216.120.137.241) on June 09, 2004 at 12:34:22:
FAIRBANKS CAPITAL CORP. SETTLES FEDERAL CHARGES OF LAW VIOLATIONS Settlement results in $40 million for consumers harmed by illegal loan servicing practices
-------------------------------------------------------------------------------- Fairbanks Capital Corp. has paid $40 million to resolve FTC and HUD charges that it engaged in widespread loan servicing abuses. The settlement will provide $40 million in refunds to consumers whose loans were serviced by Fairbanks between January 1, 1999 and December 10, 2003. The court held a fairness hearing on May 12, 2004, and the court gave final approval to the settlement. Please be patient – it may be several months before we can issue refund checks. This information will be updated in the future – please check back here for the latest information. Please note that the deadline to submit claims was April 24, 2004.
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