The bankruptcy court overseeing the liquidation of mortgage lender Taylor Bean & Whitaker has approved a "stalking horse" bid on the nonbank's real estate-owned portfolio which includes almost 2,000 properties, according to a memo obtained by National Mortgage News.

The memo notes that the portfolio has been appraised at $330 million. A stalking-horse bid is a strategy used by a bankrupt company (in this case, TBW) whereby it obtains an initial bid on its assets from an interested buyer of their choosing.

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