Freddie Says TBW Owes It. Uh, Doesn't Freddie Owe the Chinese?
and if you don't get it, I'm not explaining it
TBW is still a hot story apparently but I haven't looked at it in awhile. Fuck, the Chinese are involved. That means PwC had to fudge the numbers (wild speculation) but since the whole house of cards collapsed, Freddie is crying that TBW crippled it.
Fucking stop already. Just stop.
Freddie Mac, the U.S. mortgage finance giant, said on Monday it is seeking $595 million in loan payments and other funds hung up after the bankruptcy of lender Taylor, Bean & Whitaker.
Freddie Mac (FRE.N) (FRE.P) said it filed a proof of claim for the money that "should remain" on deposit with Colonial Bank, the failed financial institution used by Taylor Bean as it collected mortgage principal and interest payments from borrowers, according to a regulatory filing.
The claim could add to the fallout from the Taylor Bean bankruptcy, which came after the government suspended its relationship with the firm. Freddie Mac has previously said its exposure to Taylor Bean's obligations to repurchase loans was about $500 million as of September 30.
While total exposures to Taylor Bean are unknown, "the amount of additional losses related to such exposures could be significant," the McLean, Virginia-based company said in a filing with the Securities and Exchange Commission.
Good luck trying to pick any meat off of that carcass but I guess it looks like we have another bailout lined up (we've been doing it for about 8 quarters now, why stop so soon?!) with TBW to blame.
You guys just let me know when you're ready to grab those flaming pitchforks, I'll pretty much be over here hanging out in the meantime. Until then, I guess keep shoveling? Good luck with that.