When Taylor Bean & Whitaker filed for bankruptcy last August, "it was the 12th largest mortgage originator in the United States, and a Freddie Mac servicer," according to DSNews.com. Freddie Mac has more than $1 billion dollars in assets tied to the failed mortgage company, which is impacting them along with the entire mortgage industry. Freddie Mac is not able to estimate "'its total potential exposure related to TBW's bankruptcy; however, the amount of additional losses related to such exposures could be significant.'"
According to an earlier SEC filing, in "addition to loans TBW serviced, more than five percent of Freddie Mac's single-family mortgage purchases last year were Taylor Bean loans."
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