FDIC sues 12 banks over mortgage bonds sold to Colonial

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Colonial, the 25th largest bank in the US at the time, collapsed unceremoniously in 2009, brought down in part by a $2.3 billion fraud scheme it had going on with its biggest customer, Taylor Bean & Whitaker Mortgage, the 12th largest mortgage lender in the US, which had collapsed shortly before the bank. The FDIC, which took over Colonial and made its insured depositors whole, was not amused.

NEW YORK (Reuters) – A U.S. regulator sued Bank of. losses when it sold the securities in March 2010. The FDIC filed a similar lawsuit against US Bancorp (NYSE:USB – News), another major bond.

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The Federal Deposit Insurance Corp. sued several major banks over the $388 million in securities sold to Colonial Bank, which failed in 2009, accordin.

In 2012, the trustee of the Taylor Bean & Whitaker Bankruptcy Plan sued. sell or securitize. Only Colonial Bank allowed TBW’s loans to age on its books and lose value over time, therefore.

The Federal Deposit Insurance Corp. (FDIC) is suing 11 banks – including Wells Fargo, Bank of America, JPMorgan Chase and Citigroup – over $388 million in securities sold to Montgomery. residential.

The Federal Deposit Insurance Corp. sued a group of banks, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Securities and Deutsche Bank AG, in two suits over mortgage-backed securities.

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Moncor Bank, which held the mortgage on the property, provided financing for the $1,000,000 purchase price. The promissory note required the Preslars to make fourteen annual payments of $66,667 each.

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The Federal Insurance Deposit Corp. was sued. Bank of America Corp. over $1.75 billion in investor losses stemming from an alleged fraud by failed lender Taylor Bean & Whitaker Mortgage Corp. The.