NEW YORK - Mortgage finance company Freddie Mac said yesterday it could lose $500 million or more as a result of the bankruptcy protection filing of Taylor, Bean & Whitaker Mortgage Corp.
In a regulatory filing with the Securities and Exchange Commission, government-backed Freddie Mac said Taylor, Bean received and processed some of Freddie Mac’s borrower funds through Colonial Bank, which was shut down by regulators in August.
Freddie said it filed a proof of claim for about $595 million against Colonial Bank on Wednesday.
Freddie Mac said it’s unable to estimate its total losses related to the bankruptcy filing, but noted that the amount “could be significant.’’
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