FDIC sues 12 banks over mortgage bonds sold to Colonial

The FDIC, the receiver of Alabama’s defunct Colonial Bank, had been sparring with Taylor Bean over. mortgage conduit. Taylor Bean created the Ocala conduit in 2005 to purchase its home loans, which.

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The failure was blamed in large part on the purchase of more than $1 billion in fraudulent mortgages from Taylor, Bean & Whitaker mortgage corp. separately, Colonial BancGroup Inc. – the holding.

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PwC Colonial Bank Lawsuit Dodd-Frank, the financial-regulation overhaul enacted in July, expanded the FDIC’s resolution authority from winding down failed banks to untangling the. t sign any settlement reached with mortgage.

Accounting Firm Must Face FDIC Suit Over Colonial Bank Failure Judge Says PricewaterhouseCoopers Must Answer Government’s Suit

Failed Bank List. The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.

FDIC Wins Revival of Lawsuit Against 11 Banks Over Mortgage Securities. In these transactions, the 11 banks had violated federal securities laws and sold Colonial risky assets, the FDIC charged. But the banks argued that the case, filed in 2012, was brought too late in violation of state law..

I have a new column over at Forbes about the two law suits – one private, one by the FDIC – against PwC for professional malpractice and breach of contract for the Colonial Bank failure. The FDIC case is also interesting because the regulator is suing Crowe Horwath, Colonial Bank’s internal audit co-source vendor.

The FDIC had charged Morgan Stanley with misrepresented claims in the offering documents for 14 RMBS sold to Colonial Bank of Montgomery, Security Savings Bank of Henderson and United Western Bank of.

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A New York federal judge on Friday dismissed some newly added. corp. lawsuit against several prominent investment banks over the sale of residential mortgage-backed securities to now-defunct Colonial Bank, saying. “By the time the FDIC filed its amended complaint, all the new.. 1:12-cv-06166.

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The FDIC, the government agency in charge of managing the receiverships of failed banks, is suing the firms for professional malpractice, gross negligence and breach of contract for failing to catch the long-running fraud at Colonial’s largest client, Taylor Bean & Whitaker Mortgage Corp.

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