Taylor Bean's $1.6B Deal Overcomes Freddie Mac Protest

Law360, Washington (July 22, 2011, 5:22 PM EDT) -- A Florida federal judge on Thursday overruled Freddie Mac's objection to a $1.6 billion settlement allowing Taylor Bean & Whitaker Mortgage Corp. to pay a bankruptcy claim related to a massive criminal securities fraud that brought down the lender.

Freddie Mac asked the Florida bankruptcy court earlier in July to refuse Taylor Bean's request for an expedited hearing on the settlement or reject it outright. The deal, reached with Bank of America NA and a creditors committee, will now permit Taylor Bean to pay its wholly...
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