Lender Taylor Bean Blames Bankruptcy On Regulation

Law360, New York (August 24, 2009, 7:02 PM EDT) -- Taylor Bean & Whitaker Mortgage Corp. has filed for Chapter 11 bankruptcy protection, saying in a statement Monday that actions by government regulators in the past few weeks have "crippled the company's business operation."

The case was filed Monday in the U.S. Bankruptcy Court for the Middle District of Florida. It comes several weeks after the Federal Housing Authority suspended the company's ability to issue FHA-insured loans and the failure of Colonial Bank, the company's primary bank for years.

The company listed more than $1 billion...
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