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Critics Take Aim at More Lenders.
Two consumer advocates who brought the nation's largest subprime servicer, Fairbanks Capital Corp., to its knees, are preparing to target other subprime servicers if they are not willing to reform their practices.
"There are a lot of dirty servicers out there," said Craig Kenney, a former corporate meeting producer who became a consumer advocate as a result of his run-in with Fairbanks.
But he wants to clean up the subprime servicing sector. "Bring it up to the point where it can be trusted and have some integrity."
His colleague, Brian Barr, said there are 16 subprime servicers that have issues that are similar or exactly the same as Fairbanks. Some are open to reform, but others aren't.
"We believe in the subprime category. We want it to exist. But reform is absolutely necessary," he said. Mr. Barr is a servicing and REO expert who sued Fairbanks over a contract dispute.
The two reformers stress that they don't want to kill the companies they target. Their goal is to move the companies away from a business model that is based on taking advantage of borrowers who get behind in their payments.
And they want to eliminate the "misery profits" that servicers, title companies and other vendors reap from defaults and foreclosures.
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Source: HighBeam Research, Critics Take Aim at More Lenders.