Taylor Bean Creditors Say BofA Snubbed Contract

Law360, New York (March 11, 2010, 3:54 PM EST) -- The official committee of unsecured creditors of bankrupt mortgage lender Taylor Bean & Whitaker Mortgage Corp. has launched an adversary complaint against Bank of America NA, arguing that the financial giant breached a purchase agreement related to $778 million in mortgage-backed securities.

The complaint, filed Wednesday in the U.S. Bankruptcy Court for the Middle District of Florida, relates to the bank's agreement to purchase Taylor Bean's interests in pools of fully amortizing first-lien residential mortgage loans that were intended to be used as collateral to back...
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