BofA Objects To FDIC, Taylor Bean Stipulation

Law360, New York (September 18, 2009, 6:43 PM EDT) -- Bank of America Corp. has asked a bankruptcy court to reject a mortgage loan agreement between Taylor Bean & Whitaker Mortgage Corp. and the Federal Deposit Insurance Corp. in its role as the receiver for Colonial BancGroup Inc., saying that the stipulation violates an injunction Bank of America has secured in a separate case against Colonial related to approximately $1 billion in cash and loans.

In an objection filed Sept. 17 in the Taylor Bean & Whitaker bankruptcy in the U.S. Bankruptcy Court for the Middle...
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