Bank of America Corp. can’t sue to recover $1.75 billion in investor losses stemming from a mortgage-fraud scheme at failed lender Taylor, Bean & Whitaker Mortgage Corp., the Federal Deposit Insurance Corp. told a judge.
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.
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.
Bank of America Corp. won a federal judge’s permission to proceed with some claims against the Federal Deposit Insurance Corp. over $1.75 billion in corporate client losses stemming from a mortgage-fraud scheme at failed lender Taylor, Bean & Whitaker Mortgage Corp.
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.