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Fairbanks Capital Corp. Announces Close of EquiCredit Subprime Lending Acquisition Transaction

Strategic Restructuring of Salt Lake City, Hatboro, Pa., and Jacksonville, Fla. Platforms

SALT LAKE CITY, UT (March 13, 2002) -- Fairbanks Capital Corp., a Salt Lake City-based financial services company engaged in servicing and special servicing of single-family residential mortgage loans, Wednesday announced the close of the transaction which acquired Bank of America Corp.'s EquiCredit subprime real estate servicing operations and existing portfolio.

In addition, the company has announced a strategic restructuring of its platforms in Salt Lake City, Hatboro, Pa. and Jacksonville, Fla.

William P. Garland, president of Fairbanks Capital Corp., said the company will retain key management and former EquiCredit employees in Jacksonville, which will become Fairbanks Capital's largest service center, with more than 900 employees.

As part of the strategic restructuring, the company's existing Customer Service and Primary Collections departments will be consolidated into the Jacksonville facility. Fairbanks Capital's Default, Collections and all executive and administration departments will remain in Salt Lake City.

The company's Timeline Management operations, which includes its Bankruptcy and Foreclosures departments, will be located in Hatboro. Fairbanks Capital's REO department will operate in both Salt Lake City and Hatboro.

Garland said the anticipated servicing transfer date of the EquiCredit subprime lending portfolio to Fairbanks Capital is May 1, 2002. Following the transfer, Fairbanks Capital will have a servicing portfolio in excess of $38 billion.

"We are very excited about the integration of the EquiCredit servicing platform, key management and employees into Fairbanks Capital, which over the last two years has followed a controlled growth strategy to become one of the largest subprime servicers of residential mortgage loans in the U.S.," Garland said.

"As part of our strategic restructuring, our new and existing employees will be cross-trained and have their skills retooled as we successfully integrate our Salt Lake City, Hatboro and Jacksonville platforms."

Fairbanks Capital has been recognized as an industry leader for its performance standards based on the application of risk management disciplines unique to the subprime market.

Fairbanks Capital is one of the industry's highest-rated residential servicers. These ratings reflect Fairbanks Capital's comprehensive early collection and loss mitigation functions, strong default servicing technology, and extensive default management experience, as well as its access to stable financial capital.

Fairbanks Capital has the following designations and approvals: -- Standard & Poor's -- "Strong" Residential Special Servicer and Residential Servicer, currently their highest ratings available in both categories. -- Fitch -- "RSS1" Residential Special Servicer and "RPS2" Residential Sub-Prime Servicer, currently their highest ratings available in both categories. -- Moody's -- "SQ1" Primary Servicer of Sub-Prime Loans and Special Servicer, currently their highest ratings in both categories. -- Freddie Mac "Approved Subservicer" and "Approved Special Servicer" -- Fannie Mae "Approved Seller/Servicer" -- HUD -- "Approved Non-Supervised Mortgagee" About Fairbanks Capital Corp.

Fairbanks Capital Corp. is a Salt Lake City-based financial services company engaged in the servicing and special servicing of single-family residential mortgage loans. Incorporated in 1989, Fairbanks Capital Corp. has established its reputation for performance over the past decade with the successful combination of people, technology and focus.

Fairbanks Capital performs third-party, subservicing of subprime loans and special servicing of non-performing loans for a host of financial services clients, including leading mortgage finance companies, investment and commercial banks and monoline bond insurers.

In addition, Fairbanks Capital acquires, resolves and securitizes under-performing loans for its own account. Fairbanks Capital holds the highest ratings awarded by rating agencies for special subservicers.

Fairbanks Capital is a privately-held company owned by affiliates of Financial Guaranty Insurance Co., Financial Security Assurance Inc., GE Capital Equity Investments Inc., PMI Mortgage Insurance, and senior management. Fairbanks Capital has three facilities in Salt Lake City, Hatboro and Jacksonville, and currently employs approximately 1,900 employees.

For more information on Fairbanks Capital Corp. visit www.fairbankscapital.com.

Merrill Marketing/Communications Kim A. Merrill,
[email protected]

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