Taylor, Bean & Whitaker
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| Private | |
| Industry | Finance and Mortgage |
| Fate | Bankruptcy |
| Founded | 1982 |
| Defunct | August 5, 2009 |
| Headquarters | Ocala, Florida |
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Key people
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Lee Farkas, Chairman Paul R. Allen, CEO Ray Bowman, President Stuart Scott, COO |
| Products | Mortgages |
| Website | www |
Taylor, Bean & Whitaker was a top-10 wholesale mortgage lending firm, the fifth-largest issuer of Government National Mortgage Association (GNMA or Ginnie Mae) securities.
On August 5, 2009, following an FBI raid and suspension by the Federal Housing Administration from issuing FHA mortgage loans and Ginnie Mae mortgage-backed securities, it ceased business operations. In April 2011, its majority owner was convicted of 14 counts of securities, bank, and wire fraud and conspiracy to commit fraud, and sentenced to 30 years in federal prison.
Deutsche Bank and BNP Paribas have sued Bank of America, the trustee and collateral agent of Taylor Bean's Ocala subsidiary, over $1.75 billion in losses stemming from the subsidiary's fraud.
Taylor, Bean & Whitaker closed $35 billion in residential mortgage loans in 2007. It employed about 2,000 workers, and was the fifth-largest issuer of Ginnie Mae securities. By 2009 it was servicing more than 500,000 mortgages, including $51.2 billion of Freddie Mac loans.
On August 3, 2009, FBI special agents raided the company's headquarters in Ocala, Florida, in connection with an investigation related to the company's acquisition of a majority stake in Colonial BancGroup, once one of the 25 biggest depository banks in the U.S. Taylor, Bean & Whitaker had signed a deal on March 31, 2009, to become the majority owner of Colonial BancGroup in a $300 million equity stake. On August 4, 2009, the Federal Housing Administration (FHA) suspended the company from issuing FHA mortgage loans and Ginnie Mae mortgage-backed securities.
On August 5, 2009, Taylor, Bean & Whitaker ceased business operations, and terminated all of its approximately 2,000 employees at its headquarters. The company filed for bankruptcy protection on August 24, 2009.
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Wikipedia