Fairbanks Shakes Up Management

Fairbanks Capital Holding Corp., a subprime servicer based in Salt Lake City, has announced that Brad Shuster has been named chairman of the company and James Ozanne will take over as chief executive officer.Mr. Shuster and Mr. Ozanne are currently directors of the company and its subsidiaries. Mr. Ozanne will step down from the board and be replaced by Alex Makowski, a managing director of Financial Security Assurance. Tom Basmajian, former Fairbanks chairman and CEO, will "assist with its constituent relations," working with Mr. Ozanne, the company said. William Garland will remain as president, with duties now to include systems, investor reporting, and alternative-A servicing. Fairbanks is under investigation by the Department of Housing and Urban Development and the Federal Trade Commission in connection with its servicing practices.