FDIC Planning To Sell $1.1 Billion Worth Seized Residential And Property Loans

The Federal Deposit Insurance Corp. (FDIC) is planning to sell its $1.2 billion commercial and residential real estate loans as part of the government agency’s sale of assets seized from failed banks.

According to data a cumulated by Bloomberg before the release of the official statement, the scheduled sales are composed of $351 million worth of commercial property loans and $773 million related to residential home debts.

The scheduled sales are composed of about $773 million in residential acquisition, development and construction loans and $351 million of debt related to commercial properties, according to preliminary announcements dated yesterday and obtained by Bloomberg News. Cushman & Wakefield Inc. and UniCorp Services Inc. are the marketing agents for the sealed-bid auctions.

The amount of debt held by the government agency is partly down to the failure of roughly 130 banks in Unites States in 2010, many of which were pushed to the wall by bad loans impairing their capital levels.

Bids for the seized lots are due on November 16th 2010 and potential property buyers must meet certain qualification requirements, which include the payment of a $250,000 due-diligence deposit.

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