WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) has announced what it is calling a “framework of a marketing process” for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York.
According to the FDIC, the portfolio is comprised primarily of commercial real estate (CRE) loans, commercial loans and a smaller pool of single-family residential loans. The CRE loans include a concentration of multifamily properties, primarily located in New York City the FDIC said.
The FDIC noted it has a statutory obligation, among other factors, to maximize the preservation of the availability and affordability of residential real property for low- and moderate-income individuals. As a result, the agency said it is currently reviewing the CRE loans secured by multifamily residences that are rent stabilized or rent controlled, an important source of affordable housing in New York City.
“For this portion of the portfolio, the FDIC 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 to seek their input as the FDIC develops its marketing and disposition strategy,” the government said.
What’s Ahead
The FDIC further said it expects to begin its marketing of the retained loan portfolio of the former Signature Bank later this summer. The FDIC has retained Newmark & Company Real Estate, Inc. (Newmark) as an advisor on this sale.
Feeling the FOMO? CUToday.info Can Help
Are you missing out on all the latest news? CUToday.info can help, as the biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com