Huge Thieving Mortgage-Servicing Schmucks Indicted

Outfit that was already basically theft accused of more obvious theft! Since being raided by the feds last year, Taylor, Bean & Whitaker’s decade-long attempt to make money out of nothing at all has not gone unpursued. The company, which bought and packaged millions of dollars in residential loans, including servicing mortgage loans for Freddie Mac, “filed for bankruptcy in August…. The lender began to experience cash flow problems in 2002 and in an effort to cover the shortfalls, the company devised a scheme to misappropriate funds from a bank and eventually did so as well from the federal government.” To the tune of half a billion in TARP money. And another half a billion in fake mortgages presented to banks!