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Mortgage firm Taylor, Bean in Chapter 11

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The Associated Press

Published: August 25, 2009

OCALA - Taylor, Bean & Whitaker Mortgage Corp. of Ocala said Monday it filed for bankruptcy protection after moves this month by regulators led to a virtual shutdown of what had been one of the nation's biggest independent mortgage bankers.

In a written statement, the company says its Chapter 11 filing in U.S. Bankruptcy Court in Jacksonville will allow it to operate "on a scaled-down basis and begin the work of recovering, restricting and possibly liquidating its assets."

Moves triggered by the Federal Housing Administration's suspension Aug. 3 of the privately held company's authority to issue FHA-insured loans "crippled the company's business operation," the company says.

The company laid off about 2,000 U.S. employees on Aug. 5, the day federal agents raided its headquarters.

Taylor, Bean says it thinks the regulatory moves were linked to investigations and the failure of Colonial Bank.

The Associated Press

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