In an unique settlement, Bank of America Corp. will hand over $26.4 million in mortgage loans to the bankruptcy liquidation trustee for defunct Taylor, Bean & Whitaker Mortgage Corp.
Ocala-based Taylor Bean and ex-CEO Lee Farkas perpetrated a $2.9 billion fraud, causing the collapse of Montgomery, Ala.-based Colonial Bank in the process. Taylor Bean was the nation’s largest private mortgage origination company when it filed for bankruptcy protection in 2009 after manufacturing fake loans and failing to service 528,000 others.
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