Posted on 08/05/2009 7:59:21 PM PDT by Lucius Cornelius Sulla
Taylor, Bean & Whitaker, the Ocala-based mortgage giant that was raided by the FBI this week, closed its doors Wednesday, leaving more than 1,000 employees suddenly out of work.
Stunned workers filed out of the headquarters building off Northeast 14th Street on Wednesday afternoon, their arms laden with personal belongings, after learning their jobs had been terminated.
When reached by telephone Wednesday afternoon, TBW Chairman Lee Farkas said, "We closed the business." Asked to elaborate, he replied, "I am just not going to go through this. I am very busy."
The stunning closure of Taylor, Bean & Whitaker — one of the area's largest private employers — comes one day after the Federal Housing Administration suspended the Ocala-based lending institution from making loans insured by the federal agency and two days after federal agents raided the mortgage company's headquarters.
(Excerpt) Read more at ocala.com ...
How far behind will Colonial bank be?
Comment to article by a poster ‘Colonial Banks will be seized either this Friday or next.’
Meanwhile I notice the sign companies are starting to change over the old WaMu livery to Chase on the local branches here in Brevard County, Fla.
they can close colonial fdic is broke!
Ping
Yes - been working on Wamu to Chase conversion for several
months. Its what kept me afloat after losing regular
job
This could be the stumbling block for the next leg down.
If this one triggers Colonial and it comes out that the FDIC is broke, it will most likely cause a panic run on the banks.
The feds will have to limit how much money can be taken out, people will bail out of the markets to get their cash on-hand.
Obammie the Commie would be most pleased.
WaMu was a good bank. Chase not so much. I think I will move my accounts.
Who does one send the check to if they (TBW) hold the mortgage on the rental??
Please ping me if you find out anything - they’ve got my mortgage. Still haven’t heard what I’m supposed to do come the 31st.
‘HUD said if the loan was already underwritten by Taylor Bean and approved by FHA, then Bank of America would now be servicing those loans.’
Congratulations, you too are now a customer of Bank of America.
If you closed the business, you now have lots of time on your hands. Liar.
what a effin drag. Been boycotting them for 26 years.
Even got in the face of one retired manager years ago.
Actually, he probably IS very busy. Answering the FBI investigators’ questions, and trying to cover his tracks while they’re breathing down his neck.
Wamu turned out not to be such a good bank, they got bought out because they could no longer survive on their own.
My nephew works for Bank of America. He is going to try to find out tomorrow what is in the works for us. Guess it would be too much to hope they’d forget all about us? :)
Same guy?
What rational person would invest in 'nada'?
Never heard of Nada. Farkas has his fingers in lots of pies. One of the is Ipanema a Brazilian Grill and the best restaurant in Ocala. Hopefully it won’t go down with the ship.
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