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Taylor, Bean & Whitaker Mortgage files Bankruptcy 9/6/2009

 According to the Seattle Times, one of the nation's largest mortgage banking firms, Taylor, Bean & Whitaker Mortgage, has filed Chapter 11 Bankruptcy in the United States Bankruptcy Court for the Middle District of Florida.  This move came apparantly ahead of federal regulator's plans to shut down the lender.  The Federal Housing Administration previously  suspended the firm's authority to issue FHA loans which was a significant lending activity of Taylor, Bean & Whitaker Mortgage.  It appears the final blows, however, were the actions taken by the government-sponsored entities of Ginnie Mae and Freddie Mac that prevented the firm from issuing mortgage-backed securities and from even selling and servicing mortgages.  On August 5, 2009, Taylor, Bean & Whitaker Mortgage laid off over 2,000 employees.  The same day the headquaters was apparantly raided by regulators according to the Seattle Times.  Taylor, Bean & Whitaker Mortgage had significant ties to the now defunct Colonial BancGroup that was also shut down in August.  Criminal investigations into Colonial BancGroup are ongoing. 

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