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Fairbanks Praised For Conti Work.
Fitch Ratings has released a report saying that Fairbanks Capital "has effectively managed and stabilized" the portfolio of loans it took over from the failed ContiMortgage.
Fairbanks assumed the servicing of the ContiMortgage portfolio on Aug 1, 2000. At that time, the portfolio consisted of roughly 129,000 loans totaling $8 billion, according to the Fitch report. 88% of the portfolio consisted of first lien subprime residential mortgages and 12% consisted of second lien home equity loan products.
The pool has paid down considerably and is ...
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Source: HighBeam Research, Fairbanks Praised For Conti Work.