I've been waiting for this shoe to drop, been predicting it for a long time. I don't think TB&W are alone in this scam, either.
I still think this is what the Big Bankstas are trying to hide
Money maze frustrates new TBW leaders
Published: Wednesday, May 19, 2010 at 6:18 p.m.
Last Modified: Wednesday, May 19, 2010 at 6:21 p.m.
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As the mortgage company’s new executives perform the financial autopsy, they have concluded that the ownership of more than $3 billion worth of mortgages is now in dispute.
They are also finding that the company’s bookkeeping was a muddle of bad accounting, making their job — deciphering what belongs or was sold to whom — increasingly difficult.
“Much of the record keeping regarding the uses of cash and the management and sale of mortgage assets was done by multiple employees, who did not necessarily communicate with each other, using Microsoft Excel spreadsheets,” Taylor Bean’s new leadership reported as part of its bankruptcy work. “TBW has identified more than 10,000 such electronic files that could be relevant.”
These findings are part of the overall financial picture that is starting to emerge as leadership identifies the mortgage lender’s assets as part of its August 2009 bankruptcy. The company also says former Chairman Lee Farkas and other officers took money for personal and professional endeavors.