Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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I wonder how this bunch has avoided being on the radar?

http://www.foxnews.com/story/0,2933,539740,00.html

 

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4 Justice Now
Most likely the same way that I believe Ocwen, Litton and so many others have been able to do so... Maintaining a well funded symbiotic relationship with our so-called Government Representatives (The lobby whores) in Washington. (The traitors of this country who have been bought and paid for by Wall Street and other special interest lobbies at a never ending cost to tax payers, both current, and the future (if they happen to survive)).

IMHO

4J
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4 Justice Now
Damn, I forgot to specificly list Goldman Sacs. The list can't begin without the biggest bankster/fraudster of them all.

IMHO

4J
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arkygirl
TB & W is kaput!

2009-08-11: WSJ has reported that a BK filing for Taylor, Bean & Whitaker is imminent. The information stems from a motion filed 2009-08-06 in a civil case being heard in the U.S. District Court for the Northern District of West Virginia. The filing informed the court that "counsel for TBW has received word that a bankruptcy filing is imminent," and request the Court grant a stay on proceedings in anticipation of the filing of a "Suggestion of Bankruptcy." On 2009-08-07, the Court granted the motion.

Taylor, Bean & Whitaker is also facing a class action lawsuit brought by Sivyer, Barlow & Watson, PA on behalf of employees under the Worker Adjustment and Retraining Notification (WARN) Act that was filed 2009-08-10. In a press release the same day, Jack Raisner of NY firm Outten & Golden LLP said "The Taylor Bean flip-flop is a dramatic instance of what we call 'pump-and-dump'. Employers get the hopes and spirits of employees up in bad times by telling them not to worry - they won't be fired. The next thing you know, the employer is frog-marching the same employees out the door."

In the meantime, notices have been posted for borrowers whose loans are/were being serviced by Taylor, Bean & Whitaker. The U.S. Department of Housing & Urban Development (HUD) has the following "Consumer Guidance" info posted on their web site for those with FHA loans (click link to see the full release, or view cached):

Q: I have a loan with Taylor, Bean and Whitaker and I heard they are closed. Who will be my new lender?
A: Ginnie Mae's master sub servicer, Bank of America, has taken over servicing of the TBW portfolio. You will receive a letter from BAC Home Loans Servicing, LP (a Bank of America subsidiary), confirming this transfer and welcoming you as a valued customer within two weeks of your loan being added to their systems.
Q: My loan is currently being serviced by TBW. Where do I send my payment?
A: You should continue making your mortgage payment at its normally scheduled time. However, your payment should now be sent to:

BAC Home Loans Servicing, LP
Payment Processing
P.O. Box 10334
Van Nuys, CA 91410-0334

Please use your TBW loan number until you are notified in writing by BAC Home Loans Servicing of your new loan number. You will receive a letter from BAC Home Loans Servicing confirming your loan transfer and welcoming you as a valued customer within two weeks of being added to their systems. If you have additional questions about servicing your loan, you may contact Bank of America Home Loans Customer Service at 1-800-669-6607 from 5am to 6 pm PST Monday-Friday."

Borrowers with non-FHA loans still being serviced by Taylor, Bean & Whitaker will find that their online and phone payment options are now restricted. The following notice (view cached) appears on the web site for existing customers:

Please be advised that Taylor, Bean & Whitaker Mortgage Corp. has officially ceased a majority of its operations on August 5, 2009. Only essential staffing will be retained to finalize operations and to ensure a streamlined transition of Servicing Rights for our remaining portfolio. As the transfer of loans continues to occur, correspondence will be mailed to each account holder detailing their new Mortgage Servicer's information and transfer date. In the mean time, all online payments have been disabled. If your loan is still being Serviced by Taylor, Bean & Whitaker Mortgage Corp. please mail your payments to the address provided below:

Taylor, Bean & Whitaker Mortgage Corp.
Attn: Cashiering
1417 N. Magnolia Ave.
Ocala, FL 34475

We sincerely apologize for any inconvenience this issue may have caused you and appreciate your patience during this transition.

Original Listing - 2009-08-05: We are just getting word that Lee Farkas has given up attempting to save what's left of Taylor, Bean & Whitaker. In an email sent out this morning (unconfirmed) by Lee:

"Today will be the last day of operations for TB&W. I have done everything possible to try to save it, but I couldn't. Since 1991, we have provided excellence in mortgage banking. We did our best for a very long time.

I apologize to everyone.

Everyone except those specifically designated as "essential employees" will be terminated today. Payrolls through today are currently being processed. Additional information with respect to employee benefits will be sent as soon as possible."

This is a BREAKING story. We will update during the day. Thousands of page views per hour are following the minute-by-minute details on our forum. Click HERE to follow the forum starting at this mornings postings.

One unidentified Title Company stated "The federal authorities have closed the Florida offices of Taylor, Bean, Whitaker Mortgage Corporation, which also operates under a D/B/A as First Mortgage Options Corp.

In a TB&W Press Release out moments ago:

TAYLOR BEAN MUST CEASE ALL ORIGINATION OPERATIONS EFFECTIVE IMMEDIATETLY

We will add to this story as news comes in.

Original Ailing/Watch Listing - 2009-08-04: Taylor, Bean & Whitaker has been suspended from originating or underwriting FHA loans according to a press release by the Federal Housing Administration (FHA) today. Effective immediately, the temporary suspension will remain in force "pending the completion of an investigation by HUD's Office of Inspector General, an ongoing review by the Department's Office of Housing, and any legal proceedings that may ensue."

The Government National Mortgage Association (GNMA or "Ginnie Mae") has also terminated Taylor, Bean & Whitaker as an issuer of government-back mortgage securities and is taking over the company's servicing portfolio of nearly $25 billion. From FHA's press release:

"FHA and Ginnie Mae are imposing these actions because TBW failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud. FHA's suspension is also based on TBW's failure to disclose, and its false certifications concealing, that it was the subject of two examinations into its business practices in the past year."

Speaking specifically on the "examinations into its business practices," FHA Commissioner David Stevens said the Agency was also "troubled that the Company not only failed to disclose it was a target of a multi-state examination and a separate action by the Commonwealth of Kentucky, but then falsely certified that it had not been sanctioned by any state."

Along with the suspension from doing business with FHA and termination of its seller/servicer agreement with Ginnie Mae, two of Taylor, Bean & Whitaker's top executives were given notices of proposed debarment from participation in federal programs. Chief Executive Officer, Paul R. Allen, and President, Ray Bowman respectively are alleged to have 1) submitted "false and/or misleading information to Ginnie Mae regarding TBW's delay in submitting its audited financial reports for [the] fiscal year ending on March 31, 2009," and 2) submitted "two false certifications to HUD" on the company's Yearly Verification Report. Both Allen and Bowman, as well as the company, have 30 days to file an appeal against the Agency's actions.

GNMA's President Joseph Murin issued a statement assuring a "seamless transition" to a new servicer for Taylor, Bean & Whitaker customers with existing loans.

The Wall Street Journal reported Chairman Lee Farkas "said in response to questions that he was unaware of the FHA action." Farkas also claimed to have no knowledge as to the nature of documents removed under federal warrant from the company's headquarters in Ocala, FL on 2009-08-03.

One thing Farkas can't plead ignorance to is the very real and devastating impact this will have on the thousands of borrowers, brokers and correspondent lenders who have very suddenly and abruptly found themselves in search of a new FHA-approved lender for their loans.

More here:

http://ml-implode.com/imploded/lender_Taylor,Bean&WhitakerMortgageCorp.-Wholesale_2009-08-05.html

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Stephen

Hats off the the FBi for taking another mortgage fraudster out of action.

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AnonymousDriveby
What fresh HELL is THIS ?
 
Fog of uncertainty beginning to lift for TBW loan customers

Company updates mortgage payment details on its Web site; takeover of Colonial Bank could free up escrow funds

Wednesday, August 19, 2009 at 6:30 a.m. 
Florida banking regulators and Taylor, Bean & Whitaker Mortgage Corp. executives met Tuesday to hammer out details of who will take over the former lending giant's mortgages after it closed its doors for business earlier this month.

Terry Straub of the Florida Division of Financial Regulation said members of his agency met with Taylor Bean executives to help finalize the transition of nearly 150,000 of the Ocala-based mortgage company's former loans. Straub, who is the agency's director of the finance division, said that part of the meeting also included getting Taylor Bean to update its Web site to explain to its former customers the fate of their mortgages.

That Web site is http://www.taylorbean.com/.

State regulators also met with Taylor Bean executives to make sure money held in escrow and earmarked to pay home insurance and taxes would be used only for those purposes.

Many former Taylor Bean customers have contacted the Star-Banner complaining their home insurance payments had not been paid from their escrow accounts or were nearly due and yet unpaid.

"The principal thing we were interested in was that escrow money," Straub said. "We were concerned the money wasn't going to be available for payment."

The problem was that Taylor Bean's escrow accounts were held by Montgomery-based Colonial Bank, which was taken over Friday by the Federal Deposit Insurance Corporation and bought by BB&T. The bank was at the brink of failure, which triggered FDIC to step in to secure the bank's deposits.

What that did, Straub said, was essentially freeze those escrow accounts.

But Straub said Freddie Mac will make the escrow payments for its mortgages when they are due, if that escrow money is still unavailable. Straub said his office has yet to meet with Ginnie Mae over the same issue but thinks Ginnie Mae will do the same for its loans that were underwritten by Taylor Bean.

And as soon as those escrow accounts become available again, Freddie Mac and Ginnie Mae would be reimbursed, he said.

Meanwhile, Straub said that banks are working to break up Taylor Bean's mortgage portfolio and spread the accounts to various other mortgage companies.

For the most part, Bank of America will take over Taylor Bean's Ginnie Mae-insured loans, which accounts for about $26 billion in mortgages. The bank also will send letters to its new customers letters telling them of the takeover, assign them new account numbers and mailing addresses for their mortgage and escrow payments. Bank of America said the letters should arrive at people's homes within two weeks.

Taylor Bean customers who have Freddie Mac-backed mortgages will have their loans serviced by Cenlar, a federally chartered savings bank which specializes in servicing loans, Straub said. That bank will take over nearly 50,000 of Taylor Bean's 150,000 loans.

Cenclar also will send letters to its new customers with the information they'll need to make their payments.

Freddie Mac mortgages that are not current will be serviced by Saxon Mortgage Servicer or Ocwen Financial Corp. Those are mortgage companies that specialize in distressed or delinquent mortgages.

They will take over nearly 35,000 of Taylor Bean's mortgages.

All told, Taylor Bean once serviced nearly $80 billion in mortgages.

Non-federally insured loans will be serviced by as many as 21 other financial institutions, Straub said. But for now, those loan payments should continue to be sent to Taylor Bean.

Telephone numbers and addresses to the banks and mortgage companies taking over Taylor Bean's loans are listed on Taylor Bean's Web site.

While the new Web site and Straub's announcement over how Taylor Bean's mortgages will be divvied up will be helpful, many Taylor Bean customers say they are frustrated with how slowly banks and state regulators are moving.

Taylor Bean ceased most of its business after federal agents raided its Ocala headquarters, removing boxes of financial records. Shortly thereafter, Ginnie Mae and Freddie Mac pulled their accounts with Taylor Bean, taking away most of the mortgage company's business.

For Angela Paxton, there's no shortage of blame to go around for the confusion many customers, including herself, experienced after Taylor Bean closed its doors.

The 36-year-old Paxton wasn't alone in not knowing where to send her mortgage checks. She said that the banks tapped to take over Taylor Bean loans should have contacted customers immediately and state regulatory officials should have made an effort to keep the public informed. "This is my first experience [owning] a house and it hasn't been a good one," she said. "It's been a hassle."

The waitress and mother of two said she would have liked more information distributed by the banks taking over her loans and by state regulators overseeing the transition.

"I would have felt a lot better and a lot more secure if that had done that ... all along," she said. "At least ... I would have known what was going on."

http://www.ocala.com/article/20090819/ARTICLES/908191010/1402/NEWS?Title=Fog-of-uncertainty-beginning-to-lift-for-TBW-loan-customers

 
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4 Justice Now
Based on the following quote, it looks as if there's going to be a lot of fresh fish for the bankster/fraudsters, courtesy of what once was "our" own Government.

Quote:

Freddie Mac mortgages that are not current will be serviced by Saxon Mortgage Servicer or Ocwen Financial Corp. Those are "mortgage" companies that specialize in distressed or delinquent mortgages.
 
 
Well, in other words: THEY'RE SCREWED!

As usual the media doesn't even begin to have a clue, as they don't even know the difference between a mortgage company and a two bit collection agency (two of the most corrupt ones at that).  Oh, that's right they just playing dumb as directed by their masters. And I bet they'd even have the balls to
say that crime doesn't pay!
 

IMHO,

4J 
 

BTW: I truly wonder just how many of these loans are actually current, but are simply being reported as non-current?  
 
Well, if these mortgages weren't distressed or delinquent before, they certainly will be once these scumbags get their hands on them. 
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