FDIC Backs Taylor Bean's Exclusivity Extension Bid

Law360, New York (July 16, 2010, 5:39 PM EDT) -- The Federal Deposit Insurance Corp. has thrown its support behind Taylor Bean & Whitaker Mortgage Corp.’s bid to extend its exclusivity period, saying more time is needed to finalize a settlement with the bankrupt mortgage lender related to the reconciliation of the cash and assets of Colonial BancGroup Inc.

In a filing Thursday in the U.S. Bankruptcy Court for the Middle District of Florida, the FDIC — which has been appointed as the receiver for Colonial — said Taylor Bean's motion for an exclusivity extension should...
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