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Taylor Bean Unit Files Bankruptcy, Seeks Subpoenas

Freddie, FHFA target of subpoenas

July 11, 2012

By MortgageDaily.com staff


Taylor, Bean & Whitaker Mortgage Corp.'s conduit funding facility has filed bankruptcy nearly three years after the lender, itself, collapsed and filed bankruptcy. The subsidiary claims that the Federal Home Loan Mortgage Corp. allowed Taylor Bean to continue a fraudulent scheme for more than a year after a news reporter alerted Freddie Mac's regulator about the crime -- allegedly costing the subsidiary more than $0.8 billion. Subpoenas are sought for the government-controlled enterprise and its regulator.

On Tuesday, Ocala Funding LLC filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in U.S. Bankruptcy Court for the Middle District of Florida.

The filing indicated that there were more than $1 billion in assets and in excess of $1 billion in liabilities. Among the fewer than 50 creditors listed were Bank of America, N.A.; various Deutsche Bank affiliates; and the Federal Deposit Insurance Corp.

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