implode-explode.com - Implosion News Pick-ups: BofA's Suit Over Taylor Bean Fraud Allowed by Judge to Proceed

``Bank of America sued in federal court in Washington in October 2010 after the FDIC denied the bank's claims against Colonial Bank and another financial institution in receivership that bought fake mortgages from Ocala Funding, according to the complaint.
The bank "alleges that Colonial actively concealed its own financial condition, as well as the financial condition of TBW and Ocala, and that these misrepresentations allowed the fraudulent scheme to continue undetected for at least seven years," Rothstein wrote. ''

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Relevant: BREAKING NEWS: Feds raid Taylor, Bean & Whitaker Colonial, Taylor Bean Woes Impact ABCP, RMBS Deals Bank of America/TBW Ocala case lifts Curtain on Securitization Mess Taylor Bean & Whitaker Poised to Gain Control of Colonial Bancgroup Imploded: Ocala National Bank, Ocala, FL	BofA's Suit Over Taylor Bean Fraud Allowed by Judge to Proceed 2012-12-12 — businessweek.com ``Bank of America sued in federal court in Washington in October 2010 after the FDIC denied the bank's claims against Colonial Bank and another financial institution in receivership that bought fake mortgages from Ocala Funding, according to the complaint. The bank "alleges that Colonial actively concealed its own financial condition, as well as the financial condition of TBW and Ocala, and that these misrepresentations allowed the fraudulent scheme to continue undetected for at least seven years," Rothstein wrote. '' read original article \| permalink to this page \| discuss \| \| RSS \| Subscribe by email! Comments: Be the first to add a comment add a comment \| go to forum thread

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BofA's Suit Over Taylor Bean Fraud Allowed by Judge to Proceed