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Freddie Mac expects to lose $500 million on Taylor Bean
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Published: November 24, 2009
NEW YORK -- Mortgage finance company Freddie Mac said yesterday it could lose $500 million or more as a result of the bankruptcy-protection filing of Taylor, Bean & Whitaker Mortgage Corp.
In a regulatory filing with the Securities and Exchange Commission, Freddie Mac said that the company received and processed some of Freddie Mac's borrower funds through Colonial Bank, which was shut down by regulators in August.
Freddie said it filed a proof of claim for about $595 million against Colonial Bank on Nov. 18. That money includes payoff funds, borrower payments of mortgage principal and interest, as well as taxes and insurance funds received by Taylor, Bean on loans.
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