Taylor Bean Trustee, Ginnie Mae Reach Deal For $610M Claim
By Jamie Santo
Law360, New York (December 3, 2013, 5:58 PM ET) -- The plan trustee for defunct Taylor Bean & Whitaker Mortgage Corp. asked a Florida bankruptcy judge on Monday to approve a settlement with the Government National Mortgage Association that would give Ginnie Mae a $610 million allowed claim for its disputed $5.2 billion claim.
In a motion filed with the court, trustee Neil F. Luria touted the deal as fair and reasonable, noting that settling Ginnie Mae's claim would benefit all parties involved in the bankruptcy case.
“Without such a resolution, the plan trust would be...