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This just in:Taylor, Bean and Whitaker Shuts Down Lending Operations:http://www.mortgagenewsdaily.com/08052009_tbw_shuts_down.aspLooks like a lot of "green shoots" mortgage originations might go... brown. They were in cozy with Colonial and so you have to wonder if this has something to do with those FBI raids earlier in the week: http://www.myfoxorlando.com/dpp/news/orange_news/080309_fbi_raids_buildingFraud, maybe? Anybody wanna' take bets on what's going to happen to Colonial?http://www.al.com/news/press-register/metro.ssf?/base/news/1249118134298290.xml&coll=3So far when the FDIC has had to step in and clean up a mess like Colonial, they've had to input the equivalent of 40% of deposits. That money ultimately comes out of the Treasury, who then has to sell bonds to... China, Japan, Russia... (read: somebody else other than us). This is what "they" are getting a bit tired of: the likelihood that they won't ever actually get a return on their investment.
This just in:
Taylor, Bean and Whitaker Shuts Down Lending Operations:
http://www.mortgagenewsdaily.com/08052009_tbw_shuts_down.asp
Looks like a lot of "green shoots" mortgage originations might go... brown. They were in cozy with Colonial and so you have to wonder if this has something to do with those FBI raids earlier in the week:
http://www.myfoxorlando.com/dpp/news/orange_news/080309_fbi_raids_building
Fraud, maybe? Anybody wanna' take bets on what's going to happen to Colonial?
http://www.al.com/news/press-register/metro.ssf?/base/news/1249118134298290.xml&coll=3
So far when the FDIC has had to step in and clean up a mess like Colonial, they've had to input the equivalent of 40% of deposits. That money ultimately comes out of the Treasury, who then has to sell bonds to... China, Japan, Russia... (read: somebody else other than us). This is what "they" are getting a bit tired of: the likelihood that they won't ever actually get a return on their investment.
