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The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.
Fannie Mae, the government-sponsored enterprise which issues almost half of all mortgage-backed securities, determined over the next two years that more than 200 loans acquired from Taylor Bean were bogus, non-performing or lacked critical components such as mortgage insurance.
Taylor, Bean & Whitaker Mortgage Corp. ("TB&W") ceased a majority of its operations on August 5, 2009 and is no longer servicing most loans.
If your loan has previously been transferred to a new servicer, please click here to enter your TB&W loan number and find out who your new mortgage servicer is, plus how to contact them. You should contact your successive servicer if you have a question regarding tax and insurance payments where the check(s) bounced.
TB&W Call Center:
TB&W will close its call center effective March 12, 2010. As previously stated, if you have questions on your loan, please contact your successive servicer. If you need to contact TB&W, you may do so by sending an email to firstname.lastname@example.org.
As TB&W has a reduced workforce, your inquiry will be addressed in the order it was received.
Borrower Protocol Order:
The U.S. Bankruptcy court for the middle district of Florida has approved TB&W’s Borrower Protocol (the “Borrower Protocol Order”) which is intended to resolve certain pervasive borrower issues and concerns which include:
1. Insurance proceeds ("loss draft")
2. Tax and insurance escrow refunds
3. Platinum bounced checks
4. "Net –funding" of certain refinanced loans, the resolution of which does not require funding but involves other complexities.
Originally posted by Maxmars
Jack, thanks for the article which raised my blood pressure to stroke levels!
Notice who has priority in the bankruptcy ... Insurance and taxes ... ie, first the investment bankers gambling (they call it "insurance"), and then the Federal reserve Bank via the IRS (they call it "taxes")