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Tag Archives: Colonial Bank

Report: Freddie Mac, Ginnie Mae Ignored ‘Red Flags’ in Fraud Case

A report filed last week by the Office of Inspector General of the Federal Housing Finance Agency (FHFA) states that GSEs Freddie Mac and Ginnie Mae ignored "red flags" with regards to a mortgage fraud scheme perpetrated by lenders Taylor, Bean, and Whitaker and Colonial Bank, which resulted in billions of dollars in losses for the GSEs.

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