FDIC Must Face BofA's Suit Over Taylor Bean Fraud

Law360, New York (December 11, 2012, 11:01 PM EST) -- A Washington federal judge on Monday allowed Bank of America Corp. to go after the Federal Deposit Insurance Corp. for $1.7 billion in losses stemming from Taylor Bean & Whitaker Mortgage Corp.'s alleged fraud, while subsequently greenlighting the FDIC's pursuit of $900 million in counterclaims.

The suit involves major players stepping in for absent parties, with Bank of America acting as trustee for notes issued by bankrupt Taylor Bean subsidiary Ocala Funding LLC and seeking to recoup losses from the FDIC in its role as receiver...
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