Taylor Bean Said to Reach Agreement in U.S. False Claims Lawsuit

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Taylor Bean Said to Reach Agreement in U.S. False Claims Lawsuit

Taylor Bean Said to Reach Agreement in U.S. False Claims Lawsuit

This one took a while…


Bloomberg-

Taylor Bean and a mortgage lender it bought in 2009, Home America Mortgage Inc., have agreed to settle the false-claims lawsuit for about $320 million, one of the people said. The government will only receive a portion of those funds from the the defunct company, said the people, who asked not to be named because the agreement was still being circulated among the parties.

Taylor Bean, which originated $17 billion in home loans in the first half of 2009, filed for bankruptcy later that year as a $3 billion scheme involving fake mortgage assets unraveled. Six Taylor Bean executives were convicted and jailed for their roles in the fraud, including former chairman Lee Farkas, who is serving a 30-year prison term for conspiracy and fraud.

[BLOOMBERG]

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