Department of Justice News Release: Former Chairman of Taylor, Bean & Whitaker Indicted for His Role in a More Than $1.9 Billion Fraud Scheme That Contributed to the Failure of Colonial Bank

The saga continues. I was a depositor in Colonial Bank, taken over by the FDIC and now a part of BB&T. The Bank lending department was clearly mismanaged, allowing fraudsters to create fraudulent mortgages and sell the same mortgages to multiple parties. Lack of attention to detail forced Colonial Bank into bankruptcy It is hard to imagine that the oversight could be so poor for so long. Read the story at Financial Crimes and Enforcement Network.