Fairbanks Capital to Offer Counseling to Homeowners Through Consumer Credit Counseling Service of San Francisco
December 4, 2002 – Fairbanks Capital Corp., one of the nation's foremost subprime mortgage servicers, and Consumer Credit Counseling Service of San Francisco (CCCS), a nonprofit counseling service since 1969 and member of the National Foundation for Credit Counseling, today announced an agreement to help make homeowners whose loans are serviced by Fairbanks successful through post-purchase housing and financial counseling. The counseling will be provided at no cost to homeowners whose loans have become delinquent.
"Because Fairbanks frequently handles loans that have a higher risk of default or a history of delinquency, we wanted to find an innovative way to not only get these loans on track, but provide a real benefit to our homeowners," said Tom Basmajian, chairman and CEO of Fairbanks.
"The service provided by CCCS will be a key to our efforts to keep families in their homes. Additionally, it also has the potential to help our clients in all aspects of their financial management. Homeowners will be able to utilize this counseling service to assess their income and financial obligations in order to fashion a budget that is aimed at keeping their mortgage payments on track – and the lessons learned will help them plan and save for other important commitments in their lives as well," said Basmajian.
Under the agreement Fairbanks will refer homeowners with delinquent loans to CCCS' Housing Education Program for financial counseling including a financial assessment, debt and income analysis, budgeting and payment plans. The joint objective of Fairbanks and CCCS is to promote financial literacy and help to increase homeownership retention.
"The single most important and valuable investment most people make is their homes," said Joanne Budde, president of CCCS. "The core mission of our Housing Education Program at CCCS is to provide homeowners with the financial counseling they need to manage their finances and be successful homeowners. We are looking forward to working with Fairbanks Capital to bring the benefits of our service to their borrowers."
The PMI Group Inc. (NYSE:PMI), which holds a majority interest in Fairbanks Capital, will support the Fairbanks-CCCS agreement with a two-year $100,000 grant to CCCS to cover start-up and other expenses.
"PMI's core business objective is expansion of homeownership opportunity," said Brad Shuster, executive vice president corporate development of PMI. "An important corollary to that objective is keeping families in their homes once they have them, and that's what this Fairbanks-CCCS agreement is all about. CCCS of San Francisco has a track record of excellent financial counseling for homeowners, and PMI is pleased to support their work in bringing these important benefits to Fairbanks' homeowners."
About Fairbanks Capital Corp.
Fairbanks Capital is a privately held company owned by affiliates of PMI Mortgage Insurance, Financial Security Assurance Inc. and senior management. Fairbanks Capital has four facilities located in Salt Lake City, Hatboro, Pa., Jacksonville, Fla., and Austin, Texas, and currently employs approximately 2,500 employees. For more information on Fairbanks Capital Corp., visit www.fairbankscapital.com.
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