08/27/2002
Contact Amber Cousins: 818-871-5319

Fairbanks Capital Corp. Selects Balboa Insurance Group
As Insurance Outsourcing Partner
IRVINE, CA (August 27, 2002) – Balboa Insurance Group, a member of the Countrywide family of diversified financial services, announced today an agreement under which Balboa will provide a broad array of insurance outsourcing functions for Fairbanks Capital Corp. The agreement is one of the largest made in the industry to date. Fairbanks will specifically leverage Balboa's expertise in lender-placed insurance and tracking services solutions.

"We value our newly expanded partnership with Fairbanks Capital Corp.," said Drew Gissinger, managing director and president of Balboa Insurance Group. "Each new agreement solidifies Balboa as a leader in providing specialty insurance products and services to the mortgage industry."

Fairbanks Capital Corp. 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. The company enjoys the highest ratings for subprime and special servicing from all three independent rating agencies.

About Balboa Insurance Group, Inc.
Balboa Insurance Group, Inc., is a subsidiary of Countrywide Credit Industries, Inc. The Balboa insurance companies, all subsidiaries of Balboa Insurance Group, Inc., are known collectively as the Balboa Life & Casualty group, and consist of Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company, Balboa Lloyds Insurance Company, Balboa Life Insurance Company and Balboa Life Insurance Company of New York. The Balboa Life & Casualty group is rated "A" (Excellent) by the A.M. Best Company, an insurance rating and information service. This rating, based on performance and financial stability, is assigned to companies that have excellent balance sheet strength, operating performance and business profile. An A rating represents A.M. Best's opinion that the Balboa Life & Casualty insurance companies have a strong ability to meet ongoing obligations to policyholders. The Balboa Life & Casualty group is headquartered in Irvine, California, and has a network of sales and service centers throughout the country. To learn more about Balboa Life & Casualty, please visit www.balboainsurance.com.

About Fairbanks Capital Corp.
Headquartered in Salt Lake City, Utah, Fairbanks Capital Corp. is a nationally recognized leader in the servicing and special servicing of single-family residential mortgage loans. The company 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. Incorporated in 1989, Fairbanks has established its reputation for performance over the past decade with the successful combination of people, technology and focus. The company currently operates three servicing facilities with over 1,500 employees throughout the United States. To learn more about Fairbanks Capital Corp., please visit www.fairbankscapital.com.