BofA Snorts At Taylor Bean $25M DIP Plan

Law360, New York (November 5, 2009, 2:38 PM EST) -- Bank of America NA has joined a chorus of lenders and regulators in objecting to Taylor Bean & Whitaker Mortgage Corp.’s proposed $25 million debtor-in-possession financing, saying the bankrupt mortgage lender has yet to show it actually owns properties offered as collateral for the needlessly large loan.

On Wednesday, Bank of America exhorted Judge Jerry A. Funk of the U.S. Bankruptcy Court for the Middle District of Florida to deny Taylor Bean’s DIP request, contending that the debtor’s records are too disordered and unreliable to determine...
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