nation's 12th-largest U.S. mortgage lender bankrupt.

[dixiegrrrrl]

NEW YORK -- Taylor, Bean & Whitaker Mortgage Corp on Monday filed for Chapter 11 bankruptcy protection, fewer than three weeks after it closed its mortgage lending business and was suspended by a federal agency.

Earlier this month, the Federal Housing Administration suspended Taylor Bean, citing its failure to submit a required annual financial report, its having "misrepresented" that it had no unresolved issues with its auditor, and "irregular transactions that raised concerns of fraud."
The suspension came after Taylor Bean's failed effort to invest $300 million in Colonial BancGroup Inc (CBCG.PK) to help keep the troubled Montgomery, Alabama-based lender afloat.

U.S. regulators seized Colonial's banking operations on August 14 and sold its assets to BB&T Corp (BBT.N), the Winston-Salem, North Carolina-based regional bank.

Taylor Bean made $17 billion of mortgage loans from January to June, for a 1.7 percent market share nationwide, according to the newsletter Inside Mortgage Finance.

http://blog.al.com/live/2009/08/taylor_bean_whitaker_mortgage.html#more

[louis-t]

1. We got the word about 3 weeks ago.

Anyone that had an FHA sale going that was underwritten by TBW was notified that their sale would not close. I had just had one close the day before. Whew!

[imdjh]

2. Ever heard of Mel Sembler?

Mel Sembler's headquarters is here in St Pete. He's a large property owner in Pinellas (and probably elsewhere) specializing in commercial real estate. He's also a developer. Despite being Jewish, he appears to have connections with the Religious Right in the US as well as the Vatican.

Sembler's HQ has Colonial Bank offices in the same building (which he owns) and he also has something to do with BB&T if I am not mistaken, both as a officer of the corporation as well as their landlord for branches in this area.

Like many Sembler watchers, I've been hoping that he might be found guilty of some major criminal act before he leaves this world from old age and various medical conditions. He's a pig.