Deutsche Bank + TBW = Definitely Not <3 Forever

Tuesday, September 01, 2009 , , , , , 0 Comments

Oooooh that's not good.

Deutsche Bank Securities Inc., the New York unit of Germany’s Deutsche Bank AG (DB), has a $42 million unsecured claim against mortgage lender Taylor, Bean & Whitaker Mortgage Corp. Taylor Bean filed for Chapter 11 bankruptcy protection on August 24 as it was forced to shut its mortgage lending operations on August 5.

The filing in the U.S. Bankruptcy Court listed the claim as disputed and ranked it as the largest unsecured claim against Taylor Bean. Taylor Bean said the claim was related to Ocala Funding, an entity set up by Taylor Bean to borrow money for short periods to fund home loans.

The filing also listed a $9 million claim from James G. Hicks of Lawrenceville related to money owed for the acquisition of a mortgage company made by Taylor Bean.

The company said approximately 100 Taylor Bean bank accounts were frozen by Colonial Bank at the beginning of August. This action created myriad problems in processing borrower payments and making payments on their behalf — such as home owner’s insurance premiums and real estate taxes.

Following its bankruptcy, Taylor Bean owes in excess of $64.9 million to its unsecured creditors, many of whom are its employees who were suddenly terminated earlier this month. Individual consumers as well as some very large banks are also caught in the collapse.

Colonial Bank, now owned by BB&T Corp. (BBT); Henley Holdings LLC, Natixis Real Estate, Plainfield Specialty Holdings, RBC Bank and Sovereign Bancorp Inc. (SOV) are few of the other large listed creditors.


This reeks of financial molestation. And not in a good way either.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.