Fairbanks Capital Corp. and DLJ Mortgage Capital Sign Letter of Intent for Servicing Arrangement

Business Wire, May 10, 2002

Business Editors

SALT LAKE CITY--(BUSINESS WIRE)--May 10, 2002

Fairbanks Capital Corp., a Salt Lake City-based financial services company engaged in servicing and special servicing of single-family residential mortgage loans, and DLJ Mortgage Capital, a Credit Suisse First Boston affiliate, Friday announced that they have signed a letter of intent to enter into a broad servicing agreement that encompasses a variety of CSFB-originated mortgage products, including alternative A credit, impaired credit and delinquent loan servicing.

In addition, it is likely that, as part of the arrangement, CSFB will merge its highly rated Austin, Texas-based primary and special servicing platform, called Olympus, into Fairbanks Capital.

The agreement to integrate the Olympus servicing platform into Fairbanks Capital will permit the CSFB Asset Backed and Mortgage Backed Finance Group to focus on its core conduit and underwriting activities.

The proposed transaction with Fairbanks Capital, which enjoys the highest ratings for subprime and special servicing from all three independent rating agencies, demonstrates CSFB's long-term commitment to asset performance and support of its ABS and MBS securities.

According to Fairbanks Capital's President William P. Garland, the proposed transaction will also increase Fairbanks Capital's strong servicing position in impaired credit products and marks the company's foray into Alt A servicing.

"We are very excited that Olympus' qualified staff and operational expertise will be integrated into Fairbanks Capital, which would provide our company with the additional scale, personnel resources and new capabilities in alternative A servicing," Garland said.

"The proposed integration of Olympus into Fairbanks Capital continues our company's controlled growth strategy to not only become one of the largest impaired credit and special servicers of mortgage loans in the U.S., but to diversify our product offerings with the inclusion of alternative A interim servicing."

The proposed transaction is expected to close in the third quarter of 2002.

About Credit Suisse First Boston

Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management.

CSFB operates in over 89 locations across more than 37 countries on six continents. The firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company. For more information on Credit Suisse First Boston, please visit the Web site at http://www.csfb.com.

About Fairbanks Capital Corp.

Fairbanks Capital Corp. is a Salt Lake City-based financial services company engaged in the servicing and special servicing of single-family residential mortgage loans. Incorporated in 1989, Fairbanks Capital Corp. has established its reputation for performance over the past decade with the successful combination of people, technology and focus.

Fairbanks Capital performs third-party, subservicing of impaired credit loans and special servicing of non-performing loans for a host of financial services clients, including leading mortgage finance companies, investment and commercial banks and monoline bond insurers. In addition, Fairbanks Capital acquires, resolves and securitizes under-performing loans for its own account.

Fairbanks Capital holds the highest ratings awarded by rating agencies for special subservicers.

Fairbanks Capital is a privately held company owned by affiliates of Financial Guaranty Insurance Co., Financial Security Assurance Inc., GE Capital Equity Investments Inc., PMI Mortgage Insurance, and senior management. Fairbanks Capital has three facilities in Salt Lake City, Hatboro, Pa. and Jacksonville, Fla., and currently employs approximately 1,900 employees.

For more information on Fairbanks Capital Corp. visit www.fairbankscapital.com.