Don't F^%k with SIGTARP: Taylor, Bean & Whitaker Gets Mortgage Card Pulled by FHA
The Colonial drama continues. Catch up here and here.
Taylor, Bean and Whitaker Mortgage Corp., the Florida home lender that offered $300 million to save Colonial BancGroup Inc., was barred from making new loans guaranteed by the Federal Housing Administration today.
The FHA, citing concern about possible fraud, plans to sanction two top officials at Ocala-based Taylor, Bean for providing “false” information to the agency, according to an FHA statement today.
Agents bearing federal warrants searched Colonial’s Orlando offices yesterday, and the Ocala, Florida Star-Banner reported a similar search at closely held Taylor, Bean. The firm ranked 12th among U.S. mortgage originators in the first half of this year with $17 billion of loans, according to trade newsletter Inside Mortgage Finance.
Taylor failed to submit a required annual financial report and “misrepresented that there were no unresolved issues with its independent auditor,” the FHA said. The auditor discovered “irregular transactions that raised concerns of fraud,” according to the FHA statement.
A call to Taylor Bean spokeswoman Melissa Spata wasn’t immediately returned.
“There is a very clear message that should be heard throughout the FHA lending world: operate within our standards or we won’t do business with you,” Housing and Urban Development Secretary Shaun Donovan said in the statement.
DAMN RIGHT!! We will only perform mortgage fraud when it is backed by the full faith and credit of the United States, DAMNIT!!