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Taylor Bean Mortgage Company Collapse Impacts Freddie Mac

By
Real Estate Agent with National Realty

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." 

Freddie Mac Taylor Bean Tysons Corner McLean VA Craig Richardson

 

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Robert Rauf
CMG Home Loans - Toms River, NJ

Craig, They did even more damage to the FHA world....

Nov 30, 2009 08:13 AM
Melissa Polce
ERA, Wilkinson Real Estate Charlotte - Huntersville, NC
Lake to Land, I've Got It Covered!

I think the whole banking industry is just a mess!

Nov 30, 2009 08:16 AM
Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages
FHA, VA, Conforming, Jumbo - Wells Fargo Home Mortgage - Santa Rosa, CA

It's crazy to see all of these big companies crumble. Looks like we're going to be paying for this mess for a long, long time.

Nov 30, 2009 08:18 AM