Items Tagged with 'TBW'


  • 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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  • 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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  • Former Employees Sue TBW Over Wrongful Termination

    Twenty-five groups of employees laid off by Taylor, Bean & Whitaker mortgage corporation filed a lawsuit against their former employer for a violation of the Worker Adjustment and Retraining Notification Act (WARN), according to a release from the law firm representing the group. The layoffs occurred in the wake of the Federal Housing Administration’s (FHA) suspension of the Florida-based company from originating and underwriting new FHA-insured mortgages.
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  • FHA Suspends Taylor, Bean & Whitaker

    [Update 2: Reflects Fitch's, Moody's rating outlook negative] The Federal Housing Administration (FHA) on Tuesday suspended Ocala-based Taylor, Bean & Whitaker Mortgage Corp. (TBW) from originating and underwriting new FHA-insured mortgages, resulting in a negative rating watch on its residential servicer ratings.
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