Bank of America Corp.’s lawsuit against the Federal Deposit Insurance Corp. against the Federal Deposit Insurance Corp. for $1.7 billion in client losses was revived after the agency said that a bank at the center of the Taylor Bean scandal may have have enough assets to pay the claims.
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.
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.
Taylor, Bean & Whitaker Mortgage Corp.’s bankruptcy trustee is poised to settle a U.S. Justice Department lawsuit claiming the firm submitted fraudulent mortgages to the Federal Housing Administration, two people with knowledge of the pending agreement said.
Taylor Bean & Whitaker Mortgage Corp.’s ex-Chairman Lee Farkas lost a bid to overturn a lifelong ban on securities industry employment imposed after he was convicted of orchestrating a $3 billion scheme prosecutors said was among the biggest bank frauds recorded in the U.S.
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.
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.
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.
Deloitte & Touche LLP settled lawsuits by Taylor, Bean & Whitaker Mortgage Corp.’s bankruptcy trustee and Deutsche Bank AG over $7.6 billion in losses associated with the collapse of the mortgage lender.