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Fairbanks Gets Vote Of Confidence.
In what may signal a growing interest among mortgage insurers in gaining hands-on loan management expertise, the PMI Group has doubled its ownership stake in Fairbanks Capital Holding Corp., a specialist in servicing nonperforming and subperforming residential mortgage loans.
PMI now owns approximately 45% of Fairbanks, having purchased the ownership interest formerly held by a subsidiary of Nomura Holding America.
Just two years ago, another major mortgage insurer, G.E. Capital, sold its large mortgage lending unit amid questions about whether that business put it into competition with G.E.'s mortgage insurance clients. However, the same logic does not seem to apply to the business of servicing "scratch and dent" or low credit quality loans. G.E., which remains in the mortgage insurance business, is also an investor in Fairbanks Capital through a subsidiary. And other mortgage insurers have invested in companies that manage problem loans as well.
FSA Capital, a bond insurance provider, also has an ownership stake in Fairbanks.
Executives at PMI said their investment in Fairbanks is different from an investment in a prime quality mortgage servicer. Fairbanks specializes in resolving problem loans, a business area of keen interest to mortgage insurers, who are in a first-loss position when a loan defaults. Additionally, Fairbanks is not in the loan origination ...
- Fairbanks Isn't Only Drag on PMI Profits.
- Magazine article from: National Mortgage News Cornwell, Ted July 7, 2003 700+ words
...32 million in earnings to PMI this year. Fairbanks is the subject of a federal...has a 57% ownership stake in Fairbanks. The PMI Group said it is evaluating...investigations and private litigation of Fairbanks, PMI said it will not provide earnings...
- PMI Group, Inc. Announces S&P Ratings Affirmation with Negative Outlook;...
- Press release article from: Business Wire May 1, 2003 700+ words
...investment in Fairbanks Capital Corporation (Fairbanks). PMI also noted that S&P announced...additional ratings actions, with respect to Fairbanks or PMI that could adversely affect Fairbanks' and/or PMI. Additional risks and uncertainties...
- PMI Increases Ownership Interest in Fairbanks Capital.
- Press release article from: Business Wire July 16, 2002 700+ words
...transaction will increase PMI's equity ownership interest in Fairbanks to approximately...core competencies. Fairbanks and PMI have already begun...The performance of PMI's strategic investments...affiliates, including Fairbanks, could be adversely...
- PMI Group, Inc. Supports Full Cooperation by Fairbanks Capital Corp.
- Press release article from: Business Wire March 27, 2003 700+ words
...Federal Trade Commission. PMI supports Fairbanks' full cooperation with the...57 percent shareholder in Fairbanks Capital Corp. PMI, an advocate for affordable...to-day operations of Fairbanks, three PMI executives are members of...
- PMI Increases Equity Investment in Fairbanks Capital.
- Press release article from: PR Newswire January 16, 2002 700+ words
...Our investment in Fairbanks is a great strategic fit for PMI and we are very pleased...financial returns, Fairbanks brings to PMI other strategic and...transaction brings PMI shareholders, we will work with Fairbanks to leverage their...
- PMI to Reduce Exposure to Fairbanks.
- Magazine article from: National Mortgage News May 26, 2003 700+ words
...commitment to "rebuild Fairbanks." Last week, PMI announced that it was...subsidiary" of PMI Group. PMI owns 57% of Fairbanks. The proposed amendment...have recently lowered Fairbanks' servicer ratings. However, PMI Group noted that Fairbanks...
- PMI Doubles Ownership Stake in Fairbanks Capital Corporation.
- Press release article from: PR Newswire December 19, 2001 700+ words
...with our investment in Fairbanks," said Brad Shuster, PMI's Executive Vice...Corporate Development. "Fairbanks has grown its loan...The performance of PMI's strategic investments...affiliates, including Fairbanks, could be adversely...
- PMI conference call stirs up talk.(Fairbanks Capital Corp.'s problems generate...
- Newspaper article from: Asset Securitization Report Gregory, Michael May 26, 2003 700+ words
...Interestingly, if PMI, which accounts for Fairbanks under the equity method...executive officer at Fairbanks, while Brad Shuster of PMI assumes the role of...week, officials at PMI confirmed that Fairbanks is facing lawsuits in...
Source: HighBeam Research, Fairbanks Gets Vote Of Confidence.