Fairbanks, CCCS Ink Counseling Pact

Fairbanks Capital Corp., Salt Lake City, and Consumer Credit Counseling Service of San Francisco have announced an agreement to provide free counseling to homeowners whose loans are serviced by Fairbanks and have become delinquent.Fairbanks, a leading subprime mortgage servicer, will refer the homeowners to CCCS's Housing Education Program for a financial assessment, debt and income analysis, and a budgeting and payment plan, Fairbanks said. The PMI Group Inc., which holds a majority interest in Fairbanks, will support the arrangement with a two-year, $100,000 grant to CCCS to cover start-up and other expenses. "Because Fairbanks frequently handles loans that have a higher risk of default or a history of delinquency, we wanted to find an innovative way to not only get these loans on track, but provide a real benefit to our homeowners," said Tom Basmajian, chairman and chief executive officer of Fairbanks. Fairbanks can be found on the Web at http://www.fairbankscapital.com.