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).

Go here , go here , and go here for posts on questionable mortgage servicing practices. questionable mortgage servicing practices tactics zebra