Taylor Bean News
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For most of their existence, the government-sponsored mortgage companies Fannie Mae and Freddie Mac have been the nation’s largest backers of residential home loans. Now a distant cousin is challenging their reign.
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The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.
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Deloitte & Touche LLP, one of the so-called Big Four accounting firms, was sued for failing to detect a fraud that allegedly led to more than $7 billion in losses at defunct mortgage lender Taylor, Bean & Whitaker Mortgage Corp.
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Lee Farkas , the former chairman of Taylor, Bean & Whitaker Mortgage Corp., went on trial today as the accused mastermind of a $1.9 billion fraud conspiracy. Looming in the background was the company’s relationship with the bailed-out federal mortgage financier, Freddie Mac.
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Paul Ceglia, who claims half the holdings of Facebook Inc. co-founder Mark Zuckerberg, must produce originals of the contract and e-mails that he says prove his case, a judge ordered at the request of the company.
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Goldman Sachs Group Inc. won dismissal of lawsuits over employee bonuses filed in New York by shareholders who called the awards a waste of assets.
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The former chief executive officer of Taylor, Bean & Whitaker Mortgage Corp., Paul R. Allen, admitted to his role in what prosecutors say was a $1.9 billion fraud that included attempts to deceive the federal bank bailout program.
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JPMorgan Chase & Co. should pay a minimum of $19 billion in damages for its role in Bernard Madoff’s fraud, Irving Picard, the trustee liquidating the con man’s firm, said in a revised lawsuit.
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JPMorgan Chase & Co. agreed to pay $153.6 million to settle U.S. regulatory claims it misled pension funds and a Lutheran group while selling a product linked to risky mortgages as the housing market unraveled.
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Taylor, Bean & Whitaker Mortgage Corp.’s former chairman, Lee Farkas , ordered data sent to Colonial Bank for nonexistent loans in an effort to cover up the company’s growing deficits, a company ex-president said.
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