2009-12-13thejakartaglobe.com

According to people briefed by those winding down Taylor Bean’s operations, who requested anonymity in order to preserve professional relationships, there are signs that the company sold some of its loans to more than one buyer.

In any event, Ocala says mortgages worth more than half a billion dollars are missing. And the FDIC is withholding the release of mortgages worth hundreds of billions held at Colonial that Ocala investors say are theirs.

The government contends that it is not clear that Bank of America — as a representative for Ocala — paid for them.

Deutsche Bank wrote down its investment in Ocala by almost $500 million in the third quarter of this year.

...

If you look at the way these structures were built up, there were supposed to be safeguards at every step to make sure all these things were done properly,” said Max Gardner, a lawyer in North Carolina, representing financially troubled consumers. “When you see so many problems across the country with the total inability to produce the documents, then it really makes you wonder: did they really do this?”


Lijit Search

Comments: Be the first to add a comment

add a comment | go to forum thread