FDIC Closes on Pilot Securitization of Mortgages from 16 Failed Banks
By Carrie Bay | 08/02/2010
The FDIC has closed on a sale of securities as part of a securitization backed by approximately $471.3 million of performing single-family mortgages from 16 failed banks.
This pilot program marks the first time the FDIC has sold assets in a securitization during the current financial crisis a method which could allow the federal agency to clear billions of dollars in seized loans from its books, while maximizing the value of these assets for the failed banks' creditors.
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