Freddie: Additional Losses on TBW May be 'Significant'

Freddie Mac says in a new public filing that not only does it have financial exposure of almost $1.1 billion due to the failure of Taylor, Bean & Whitaker but it faces additional losses on the company that "could be significant." The GSE is waiting to hear word from the Federal Deposit Insurance Corp. regarding a $595 million claim it filed with the agency regarding Colonial Bank of Alabama. Colonial, which failed in August, was TBW's largest warehouse provider and held servicing related "monies" tied to loans serviced by TBW for Freddie. The GSE, which is operating under a government conservatorship, had hit TBW with $500 million in loan buyback requests but now that the firm is liquidating it has to stand in line with other creditors. A spokesman for Freddie said the company is working with the FDIC regarding its $595 million Colonial claim. "We have to stand in line there too," he said.