Taylor Bean & Whitaker Mortgage Corp., once the nation's largest independent mortgage lender, is selling a portfolio of mortgage-backed securities once valued at more than $30 million to a hedge fund run by Angelo Gordon & Co. for $8.8 million.

According to court papers filed Tuesday, AG Mortgage Value Partners Master Fund, a Cayman Islands-registered hedge fund, has agreed to buy the mortgage-backed securities from Taylor Bean, pending higher bids at an auction supervised by the bankruptcy court.

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