Taylor Bean's $610M Deal With Ginnie Mae Wins Judge's Nod

Law360, New York (January 06, 2014, 5:30 PM ET) -- A Florida bankruptcy judge on Thursday approved Taylor Bean & Whitaker Mortgage Corp.'s settlement with Ginnie Mae over billions of dollars in bad mortgages, giving Ginnie Mae $610 million on its disputed $5.2 billion claim. 

U.S. Bankruptcy Judge Jerry A. Funk signed off on the deal, under which Ginnie Mae will get a general unsecured claim of $610 million in Taylor Bean's Chapter 11 case and a $624,807.50 administrative claim, according to a court order.

Judge Funk had approved Taylor Bean's liquidation plan in July 2011....
To view the full article, register now.