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Freddie Mac says TBW losses 'could be significant'77 days ago
(AP:NEW YORK) Mortgage finance company Freddie Mac on Monday put its initial loss estimate related to the bankruptcy of Taylor, Bean & Whitaker Mortgage Corp. at $500 million, and noted the figure could be much higher.
In a regulatory filing with the Securities and Exchange Commission, government-controlled Freddie Mac estimated losses related to Taylor Bean's loan repurchase obligations at $500 million.
Taylor Bean had been one nation's biggest independent mortgage bankers and made loans issued by the Federal Housing Administration. On Aug. 4, federal authorities barred the company from making FHA loans after it failed to submit a required financial report, raising concerns about fraud.
Freddie Mac also suspended Taylor Bean as an issuer of mortgage-backed securities _ mortgages that are bundled and sold to investors. Taylor Bean filed for Chapter 11 bankruptcy on Aug. 24.
In its filing Monday, Freddie Mac also said Taylor Bean received and processed some of Freddie Mac's borrower funds through Colonial Bank, which was placed into receivership in August.
Freddie said it has filed a proof of claim for about $595 million against Colonial Bank on Nov. 18.
The money includes payoff funds, borrower payments of mortgage principal and interest, as well as taxes and insurance funds received by Taylor Bean on loans.
Freddie Mac said it's unable to estimate its total losses related to Taylor Bean's bankruptcy, but noted that the amount "could be significant."
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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