Critics Make Peace With Fairbanks

Two consumer critics of Fairbanks Capital Corp. and its servicing practices have made peace with the nation's largest subprime servicer after getting commitments from the company and its major investors that they will work to resolve consumer disputes.Craig Kenney and Brian Barr said in a news release that they have settled all outstanding litigation and other issues with Fairbanks. "Because we believe that Fairbanks and its primary shareholders are fully committed to addressing and resolving issues raised by a number of borrowers, we will consult with the company in our role as independent consumer advocates to provide advice to the company on implementation of its comprehensive effort to revamp its practices," Mr. Kenney and Mr. Barr said. The Salt Lake City servicer said it is "pleased" to have reached a settlement with its two major critics, who waged a public relations campaign against the company for the past two years. "As part of the settlement, they will provide their views on the company's comprehensive plan to change and improve its loan servicing," Fairbanks said.