Servicing executives take note: the former chief executive officer of Fairbanks Capital has agreed to pay $400,000 as part of the federal settlement over allegedly abusive loan servicing practices.Former CEO Thomas Basmajian's $400,000 payment is part of the firm's settlement with the Federal Trade Commission and the Department of Housing and Urban Development. During the news conference announcing the settlement, HUD Secretary Mel Martinez said the settlement also brings to an end a criminal investigation involving the allegedly abusive practices by Fairbanks.
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