Aug 25, 2009

TBW files for bankruptcy, everyone affected

Florida based TBW Mortgage Corp, the 12th largest U.S. mortgage lender, filed for protection from creditors on Monday with the U.S. bankruptcy court in Jacksonville, FL. Shortly after FHA had suspended Taylor, Bean & Whitaker for irregularities, Freddie Mac (FRE.P) and the Government National Mortgage Association (Ginnie Mae) suspended Taylor Bean as an issuer of mortgage securities.

TBW is in talks with the Federal Deposit Insurance Corp to let it process payments for its mortgage borrowers.

We would like to know if anybody has been affected by this (delayed release of funds) ? If so, please let us know, so that we can point you to a broker/lender who can help you.

PrivoCorp (http://www.privocorp.com) processes the loans for the brokers and is in no way involved with origination of these loans.

1 comment:

Phil said...

I refinanced with TBW like 1 week before they filed. I didn't even know they filed until the refund check they sent to me for the remainder of my account BOUNCED.