FDIC Auctions $610.5 Million in Loans From Failed U.S. Lenders | WHAT REALLY HAPPENED


FDIC Auctions $610.5 Million in Loans From Failed U.S. Lenders

The Federal Deposit Insurance Corp. is seeking bids for $610.5 million of unpaid loans it’s holding from failed U.S. lenders including IndyMac Bank, Silverton Bank and New Frontier Bank.

The loans are backed in part by land, developed lots and condominium construction projects, said Peter Tobin, managing director of New York-based Mission Capital Advisors LLC, the FDIC’s marketing agent and financial adviser for the offering. Most of the properties are in Colorado, California, Utah and Idaho, and about 78 percent of the debt is 90 days or more past due, according to a description on Mission Capital’s Web site.

Webmaster's Commentary: 

The question is, who is going to want to buy these unpaid loans, and for what kind of price?

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