The ghost of Taylor, Bean & Whitaker struck again Friday, asPricewaterhouseCoopers agreed to settle a $5.5 billion lawsuit that accused the company of failing in its audits duties by not discovering the accounting malfeasance that led to one of the most spectacular crashes to come out of the housing crisis.
The news of the settlement comes courtesy of Reuters, which reported that the lawsuit stemmed from PwC’s auditing work at Colonial Bank, which provided funding to TBW originate mortgages.
TBW was, at one time, the largest privately held mortgage company in the U.S., employing over 2,000 people. TBW originated, serviced and sold mortgages in pools toFreddie Mac.
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