Sorting through the wreckage of those related failures has generated more questions than answers so far. Taylor Bean was shut down by the Federal Housing Administration, citing possible mortgage fraud.
According to people briefed by those winding down Taylor Bean’s operations, who requested anonymity in order to preserve professional relationships, there are signs that the company sold some of its loans to more than one buyer.
In any event, Ocala says mortgages worth more than half a billion dollars are missing. And the FDIC is withholding the release of mortgages worth hundreds of billions held at Colonial that Ocala investors say are theirs.
The government contends that it is not clear that Bank of America—as a representative for Ocala—paid for them.
Continue reading The Mortgage Mess: Get Ready, Get Set, Point Fingers. . .