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Fairbanks To Purchase BoA Subprime Operations

Salt Lake City lender to service portfolio

December 7, 2001


Bank of America Corporation (BoA) (NYSE: BAC) announced that it has reached an agreement with Fairbanks Capital Corp. to sell its subprime real estate servicing operations as well as the right to serve its existing portfolio.

In August, BoA announced it would exit subprime mortgage lending because that business did not meet its "commitment to consistent results and high returns." In October, the company announced that it took a $1.25 billion charge to exit both its subprime and auto leasing businesses.

As part of BoA's planned exit, Meritage Mortgage Corp. -- a subprime subsidiary of RBMG -- in August agreed to buy 15 of BoA's subprime 'Equicredit' branches. Ironically, RBMG announced last month that it has agreed to be acquired by NetBank in a deal that will result in an organization with more than $1 billion in monthly production.

Salt Lake City-based Fairbanks Capital Corp. is a privately held servicer and purchaser of residential single-family mortgage loans. The company is owned by affiliates of Financial Guaranty Insurance Co., Financial Security Assurance Inc., GE Capital Equity Investments, Inc., Nomura Holding America, Inc., PMI Mortgage Insurance, and senior management.

Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

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