BofA Sues FDIC Over $1.8B Taylor Bean Mortgage Loss

Law360, New York (October 20, 2010, 3:40 PM EDT) -- Bank of America NA has sued the Federal Deposit Insurance Corp. over $1.75 billion in investor losses resulting from a fraud allegedly perpetrated by bankrupt lender Taylor Bean & Whitaker Mortgage Corp.

Bank of America, in its capacity as the trustee for notes issued by Taylor Bean unit Ocala Funding LLC, filed a complaint Oct. 1 in the U.S. District Court for the District of Columbia against the FDIC as the receiver for Colonial Bank and Platinum Community Bank, both of which allegedly participated in the...
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