Embattled Fairbanks Fires President

Embattled subprime servicer Fairbanks Capital Corp., Salt Lake City, has fired its president and another top officer, MortgageWire has learned. A source familiar with the matter said, "more firings are in the works."In an unannounced move, Bill Garland, who had been president for about two years, was dismissed on May 23rd. Also let go a week ago Friday was Chris West, who was in charge of client and investor relations. Neither man is listed in the residential directory for Salt Lake City and could not be reached for comment. A spokeswoman for Fairbanks confirmed that Mr. Garland had left the company, but offered no other information about the matter. She would not comment at all on Mr. West. In regard to Mr. Garland the spokeswoman said, "There was no (press) release put out on it. We're just saying that he is no longer with the company." Fairbanks is under investigation by the Federal Trade Commission and the Department of Housing and Urban Development for its servicing practices. (See National Mortgage News issue of June 9 for more details.)