Taylor, Bean & Whitaker Mortgage Corp., one of the country’s largest wholesale mortgage lenders, made the agreement following a multistate examination of its lending practices in 2006 of so-called exotic mortgages, including interest-only and adjustable-rate mortgages, state officials said.
The examination alleged loan originators altered income and asset information for prospective borrowers so the applicants would qualify for mortgage loans they could not really afford.
Imagine that?
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