Breaking info: Taylor, Bean & Whitaker files for Chapter 11 (AP)
By Daniel at 25 August, 2009, 2:07 am
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We heard that Wall Street is doing better, Housing market is on the upswing and now this…
“OCALA, Fla. – Taylor, Bean & Whitaker Mortgage Corp. said Monday it filed for bankruptcy protection after moves this month by regulators led to a virtual shutdown of what had been one of the nation’s biggest independent mortgage bankers.
Taylor Bean said in a statement that its Chapter 11 filing in U.S. Bankruptcy Court in Jacksonville, Fla., will allow it to operate “on a scaled-down basis and begin the work of recovering, restricting and possibly liquidating its assets.”
Recent moves triggered by the Federal Housing Administration’s Aug. 3 suspension of the privately held company’s authority to issue FHA-insured loans “crippled the company’s business operation,” Ocala, Fla.-based Taylor Bean said.
The FHA’s suspension was followed by notices from government-sponsored companies Ginnie Mae and Freddie Mac suspending Taylor Bean as an issuer of mortgage-backed securities — mortgages that are bundled and sold to investors. Taylor Bean also was barred from selling and servicing mortgages, with servicing transferred to other providers.”
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