As we all know, Taylor Bean & Whitaker of Ocala, Fla., is kaput, having succumbed to bankruptcy this past fall. From what we understand its warehouse lenders made out okay, but a consortium of banks that had extended loans backed by TBW's servicing portfolio suffered losses, or at least writedowns. A court case is pending regarding the bank loans which are collateralized by TBW's MSRs, one banker familiar with the matter told us. And what of those MSRs which total just shy of $60 billion? We understand at some point the bankruptcy trustee will want to liquefy these assets which currently are controlled by the Government National Mortgage Association, and Freddie Mac. Both sets of MSRs are being subserviced...
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