FDIC returns to CMBS to offload failed bank assets
The Federal Deposit Insurance Corporation has sold notes worth $353.2m, backed by $394.3m of commercial mortgages, through FDIC 2011-C1.
This is the first time FDIC has securitised commercial mortgages since the financial crisis, and represents a new attempt to dispose of failed bank assets.Until recently, FDIC has relied on unsecuritised portfolio sales, often to private equity groups, to offload some of the loan portfolios it acquired during the crisis. But ...
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