Selene Residential Mortgage Opportunity Fund (SRMOF) acquired a mortgage portfolio from Taylor Bean & Whitaker, sources confirmed to HousingWire. In August, TBW filed for bankruptcy with the US Bankruptcy Court Middle District of Florida after the US Department of Housing and Urban Development (HUD) suspended its FHA-approved status. Both the US Bankruptcy Court and the law office of Troutman Sanders, special counsel to the debtor in the case, confirmed the approval of the sale at a Dec. 15 hearing. Ranieri Partners Management is the fund manager of the SRMOF, according to a memo from Ranieri Partners to the Federal Deposit Insurance Corp. (FDIC) and the US Treasury Department, dated April 9, 2009. According to the memo, the fund invests in distressed residential mortgage loans and real estate owned (REO) property. For all of the assets acquired, the servicing is placed with Selene Finance, which is owned by Ranieri Partners Management and Witmer Partners. HousingWire reported on the formation of the fund in May 2008, when Lewis Ranieri, the mortgage-backed bond market innovator, raised money from investors in New York, Ohio and Pennsylvania, including $200m from the South Carolina Retirement System. Sources told HousingWire that the sale from TBW includes more than 1,000 REO properties with a price tag of roughly $82m. Write to Jon Prior.