Aug 5, 2009

Flash: FHA suspends TBW

According to an article in the Wall Street Journal, the Federal Housing Administration suspended Taylor, Bean & Whitaker Mortgage Corp. from making loans insured by the federal agency, and raised questions about the company's business practices and financial disclosures.
Also, BoA just released that they were @ 5 days on FHA refis and 3 days on FHA purchases. I guess it would not be too difficult to see where all the TBW loans are going to go!
We can only hope that TBW is able to extricate itself from this situation and continue to lend, or else the consequences may be far reaching as TBW was the 12th largest FHA lender in Q1 and Q2 of 2009.

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