An investment fund created by Lewis Ranieri, known as the father of mortgage securitization, has outbid two rival firms to win the bankruptcy auction for more than 1,000 foreclosed residential properties owned by the troubled mortgage lender Taylor, Bean & Whitaker.

U.S. Bankruptcy Judge Jerry A. Funk in Jacksonville, Fla., approved the sale to Selene Residential Mortgage Opportunity Fund LP at a hearing Tuesday, according to Taylor Bean bankruptcy lawyer Jeffrey Kelley.

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