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Business Briefing / Lending

Taylor Bean halts its mortgage loans

August 06, 2009|TIMES WIRE REPORTS

Taylor, Bean & Whitaker Mortgage Corp., the 12th-largest U.S. home-loan company, closed its mortgage-lending business after being suspended by federal agencies.

"TBW must cease all origination operations effective immediately," it said. "TBW will not be able to close or fund any mortgage loans currently pending in its pipeline."

The Federal Housing Administration, the government mortgage insurer, suspended Taylor Bean on Tuesday, citing possible fraud.

The company is based in Ocala, Fla., and has offices in Woodland Hills and Laguna Hills.

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