Tags: US | FDIC | Bank | Loans

FDIC Sells $491 Million in Home Loans

Thursday, 01 Apr 2010 09:22 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The Federal Deposit Insurance Corp. has sold $490.7 million in troubled mortgage loans from 19 banks that failed between August 2008 and March 2009 as it works through an inventory of assets from the institutions it has taken over.

The FDIC said Thursday that the winning bidder in its auction, Charlotte, N.C.-based Roundpoint Mortgage Servicing Corp., paid $34.4 million for a 50 percent stake in a new company set up to hold the home mortgage loans. The FDIC has the other 50 percent.

About half the loans are 30 or more days delinquent, the FDIC said. The agency said about 80 percent of the homes involved are located in Arizona, Florida and Georgia, which are among the states with the highest numbers of failed banks.

Last year, 140 U.S. banks succumbed to the soured economy and a cascade of loan defaults — the most in a year since 1992 at the height of the savings-and-loan crisis. The failures compare with 25 in 2008 and three in 2007. They cost the federal deposit insurance fund, which fell into the red, more than $30 billion last year.

FDIC Chairman Sheila Bair has said bank failures are expected to be higher this year than in 2009, mainly driven by losses in commercial real estate loans.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Poll: Likely Voters Favor a GOP-Led Congress

Monday, 20 Oct 2014 08:19 AM

People most likely to vote in the Nov. 4 midterm elections this year say they prefer Congress to be controlled by the Re . . .

New Tests Likely for Ebola Vaccine First Tried in '99

Monday, 20 Oct 2014 08:03 AM

A vaccine that appears to stop Ebola in monkeys was successfully tested in 1999, but only now are efforts under way to a . . .

Obama to Bypass Congress on Easing of Iran Sanctions

Monday, 20 Oct 2014 07:37 AM

President Obama is doing everything in his power to bypass Congress and suspend most of the sanctions placed on Iran ove . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved