After Years of Red Flags, a Conviction

Missed this article a couple weeks ago: ``Fannie Mae would no longer do business with Taylor Bean, but there was still Ginnie Mae as well as the other government-sponsored enterprise, Freddie Mac. "Ginnie Mae did not do anything," Mr. Farkas testified. "Freddie Mac came down and sent the head of, head of the division that dealt with us and all these other people, and they decided that they would let us, let us live." The fraud would last for seven more years, ending in 2009 because Taylor Bean's principal bank, Colonial Bank of Montgomery, Ala., was itself in danger of failing.''