Items Tagged with 'Taylor, Bean & Whitaker'


  • Federal judge finds PwC negligent in Taylor, Bean & Whitaker/Colonial Bank audits

    Lawsuit brought by FDIC after Colonial Bank’s failure
    One of the most prominent ghosts of the financial crisis is back in the news again: Taylor, Bean & Whitaker. Late last week, a federal judge ruled that PricewaterhouseCoopers was “negligent” in its role as the auditor of Colonial Bank, which funded many of TBW's mortgages before it became one of the largest bank failures in the country's history.
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  • PwC settles $5.5 billion lawsuit over Taylor, Bean & Whitaker audits

    Accused of failing to recognize malfeasance in TBW, Colonial Bank accounts
    The ghost of Taylor, Bean & Whitaker struck again Friday, as PricewaterhouseCoopers agreed to settle a $5.5 billion lawsuit that accused the company of failing in its audits duties by not discovering the accounting malfeasance that led to one of the most spectacular crashes to come out of the housing crisis.
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  • Freddie Mac settles with Deloitte in $1.3 billion suit over Taylor, Bean & Whitaker

    Is this long, bloody era finally over?
    The court battle between Freddie Mac and Deloitte & Touche over allegations of fraud involving the spectacular collapse of Taylor, Bean & Whitaker is now over after the two sides agreed to dismiss Freddie Mac’s $1.3 billion lawsuit against Deloitte. Freddie Mac initially sued Deloitte & Touche in 2014, accusing Deloitte of "gross negligence" in its auditing of TBW.
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  • FHFA watchdog: GSEs still at risk of TBW-style scams

    Counterparty risk still real threat
    In a new report, the FHFA’s watchdog warns that the government-sponsored enterprises and their government counterpart, Ginnie Mae, must make improvements in several areas to avoid a recurrence of the multi-billon dollar losses that were suffered at the hands of Taylor, Bean & Whitaker chairman Lee Farkas, who is now behind bars, and his co-conspirators.
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  • Colonial BancGroup Files Chapter 11 Bankruptcy

    Colonial BancGroup on Tuesday filed for Chapter 11 bankruptcy in Alabama's northern district, according to a filing with the Securities and Exchange Commission. The bankruptcy comes as no real shock, with Colonial BancGroup previously noting in past filings the possible inability for the company to continue as "a going concern."
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  • Taylor, Bean & Whitaker Files for Bankruptcy

    Taylor, Bean & Whitaker Mortgage Corp. filed for relief under Chapter 11 bankruptcy to focus on restructuring its operations and potential wind-down of its assets, the company said Monday. The mortgage lender will continue to operate on a scaled-down basis as it begins recovering, restructuring and possibly liquidating its assets.
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  • Taylor, Bean & Whitaker Ordered to Cease Foreclosures

    The Florida Office of Financial Regulation (OFR) on Friday issued an order to Taylor, Bean & Whitaker Mortgage Corp. (TBW) to cease and desist processing foreclosures and charging late payment fees. The order comes on the heels of a first cease-and-desist order issued August 7. OFR said TBW did not comply with some provisions of the first order, including a requirement to attempt to obtain funding or move loans out of its pipeline, and a request to provide relevant financial information for the assessment of its financial condition.
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  • Taylor, Bean & Whitaker Suspends Online, Debit Payments

    Taylor, Bean & Whitaker Mortgage Corp. (TBW) late Friday told borrowers it will no longer accept online payments or automatic payment deductions on mortgages it still services. In fact, Taylor, Bean & Whitaker has processed no automatic debit payments since August 4 and asked its borrowers to submit payments via direct mail.
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