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FDIC Sells Off $60B in Stolen Assets from Signature Bank, New York NY, 2023
The Federal Deposit Insurance Corporation (FDIC) has announced the sale of the loan portfolio from the failed Signature Bank, totaling approximately $60 billion.
The portfolio primarily consists of commercial real estate loans, commercial loans, and a smaller pool of single-family residential loans. The FDIC has a statutory obligation to maximize the preservation of the availability and affordability of residential real property for low- and moderate-income individuals.
The FDIC is currently reviewing the commercial real estate loans secured by multifamily residences that are rent-stabilized or rent-controlled, an important source of affordable housing in New York City. The agency plans to reach out to state and local government agencies, as well as community-based organizations, to inform them of the FDIC’s efforts and seek their input as the FDIC develops its marketing and disposition strategy.
The FDIC expects to begin marketing the retained loan portfolio of the former Signature Bank later this summer. The agency has retained Newmark & Company Real Estate, Inc. (Newmark) as an advisor on this sale. Interested parties should contact NewmarkSBBPortfolio@nmrk.com to obtain further information about the sale and the qualifications to participate.
The FDIC has a statutory obligation to maximize the preservation of the availability and affordability of residential real property for low- and moderate-income individuals. The agency is committed to ensuring that the sale of the loan portfolio does not harm the interests of these individuals or communities.
For general information about the FDIC’s asset sales program, visit the FDIC’s website at https://www.fdic.gov/resources/resolutions/asset-sales/.
Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂÂ
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