Foreclosure Defense Florida

Taylor Bean & Whitaker Ordered to Cease All Operations- Including Foreclosure

On August 21, 2009, the Florida Office of Financial Regulation issued an Emergency Cease and Desist Order which demanded that Ocala-based Taylor Bean & Whitaker cease all its operations in the State of Florida, including the prosecution of foreclosure cases.

The Order details the Office of Financial Regulation’s efforts to get TBW to comply with previous Orders of the Office and specifically Orders relating to audits and other actions related to attempting to assess the net worth or solvency of the mortgage lender/broker.   The Order lists many steps taken during the month of August to audit TBW’s records and meet with officials of TBW to assess their finacial status, but the Order asserts that TBW largely ignored or otherwise failed to comply with these demands.

Although TBW’s business consisted largely of government-backed loan business, the Order reports that TBW continues to service nearly 35,000 private, non-federal loans.   The Order also reports that TBW’s outside counsel reported that bankruptcy was iminent.   The Order asserts that one area of concern was a recent large volume of complaints the Office had recieved from consumers related to TBW’s processing of their mortgage payments.   With TBW running on a skeleton staff the Office seemed concerned that any payments sent in would not be properly accounted for and would be held up in TBW’s eventual bankruptcy proceedings.   See related article in today’s edition of the Wall Street Journal.

Attorneys representing clients in foreclosure are encouraged to include this Order as part of a Motion to Dismiss on behalf of their clients.   I also encourage all attorneys practicing to share the Order with all the judges in their circuits to prevent judges from entering Summary Judgments on behalf of TBW–in violation of the Order!

For a copy of the Order or for more information, contact my website at

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