Ding Ding Ding – Freddie Mac vs Bank of America – $10 Million Dollar Purse

Let’s Get Ready to Rumble!!!

National Mortgage News

Freddie in Uproar Over B of A Probe Tied to TBW

Freddie Mac is trying to prevent Bank of America from investigating its business relationship with the failed Taylor Bean & Whitaker, noting that the cost of the probe could cost the GSE $10 million or more. According to a report by Dow Jones, Freddie is urging the Federal Bankruptcy Court in Jacksonville, Fla., not to allow Bank of America to carry out the investigation. TBW, a nondepository mortgage banker, was a larger seller/servicer to Freddie. The GSE seized control of some of TBW’s servicing rights when the lender failed last year. B of A is owed money by TBW. “The breadth of the discovery sought by B of A is so vast that Freddie Mac estimates that it will cost at a minimum $10 million to provide the discovery sought,” the GSE says in a recent court filing. “B of A seeks to unfairly shift the cost of compiling and providing such records to Freddie Mac by means of a broad ‘fishing expedition.'” Bank of America is seeking access to Freddie Mac’s books and to question its officials about the mortgage finance company’s “extensive business relationship” with Ocala, Fla.-based TBW.

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Comments
5 Responses to “Ding Ding Ding – Freddie Mac vs Bank of America – $10 Million Dollar Purse”
  1. lisamarie says:

    Sharks of America

  2. What we, LITTLE FOLKS, can do against such BIG Corporations which ruin our lifes every day? A lot! Just CLOSE YOUR ACCOUNTS & CREDIT CARDS with them and put your money into Credits Unions which can be trusted. It’s so simple that the cave man can do! Best wishes to all!

  3. David Alexander says:

    or Skanks of America 🙂

  4. lisamarie says:

    Should be ‘fraud of America’

  5. I think that Sham of America fits better for Bank of America!

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