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August 25, 2009 06:55 PM EDT

TBW blames TARP for its CH 11 filing

August 25, 2009

Author: admin. 4872 Reads
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New fraudster Taylor, Bean, & Whitaker, which was a mortgage lender for mainly prime loans and subsequently closed last week and filed chapter 11 bankruptcy, blamed the Troubled Asset Recovery Program for their failure with Colonial Bank.

Specifically, see pages 6 and 7 of the chapter 11 filing, whereby their reasoning for bankruptcy ends on the 10th page.

Thank you mortgageimplode.com for making the filing easily available to the public.

Although TBW blamed Colonial Bank, which failed this month, for their "death blow," I am here to tell you that I now for a fact that TBW was funding fraud. Many brokers and correspondents were involved in today's common fraudulent practice of lying about their borrower's employment, in that, verification was a lie. They were big in the business, along with the other big banks, of claiming a borrower was employed when in reality the borrower had recently either been laid off or is receiving money through a settlement package. There is more to their story than a simple problem they had with TARP and Colonial Bank.

Regardless, I found it interested they blamed TARP.

Thanks to Jesus,


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Name: Jason David Werner
Born: November 22nd 1979
Phone: (440) 891-9090
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