FTC, Mortgage Servicer Modify Settlement Agreement
The Federal Trade Commission reports:
- "The Federal Trade Commission [Thursday] announced that it has reached an agreement with [Select Portfolio Servicing, Inc. - the former Fairbanks Capital Corp.] to modify certain terms of a 2003 court settlement, providing substantial benefits to consumers beyond those in the original settlement, including account adjustments and reimbursements or refunds of fees paid in certain circumstances."
The settlement relates to charges brought by the FTC several years ago of abusive and predatory mortgage servicing practices allegedly engaged in by the former Fairbanks Capital Corp.
For more, see FTC Press Release - FTC, Subprime Mortgage Servicer Agree to Modified Settlement (Agreement With Former Fairbanks Capital Provides Additional Consumer Benefits).
For a copy of the settlement, see U.S. v. Select Portfolio Services - Modified Stipulated Final Judgment And Order (12.4 MB, available online courtesy of the FTC).
1 comment:
your blog is especially interesting since it has to do with Select Portfolio. As much as I know, Select Portfolio Servicing, Inc. is a loan servicing company. People need money and they go to the company to get a loan or a credit, but then they have to resolve numerous misunderstandings and deal with the unfriendly customer service. After checking out www.pissedconsumer.com, I do have one question – do I really need that money?
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