Mortgage Giant Files Chapter 11

JACKSONVILLE, Fla. (CN) – Taylor, Bean & Whitaker Mortgage Corp., the nation’s 12th-largest mortgage lender in the first 6 months of this year, has filed for bankruptcy, listing more than $1 billion in debts. The Federal Housing Administration suspended Taylor Bean on Aug. 4, for its failure to submit an annual financial report and “irregular transactions that raised concerns of fraud.” Freddie Mac and Ginnie Mae then suspended the company as well, Reuters reported.

%d bloggers like this: