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Business News/ Markets / Stock Markets/  FDIC plans to offer $60 billion of Signature Bank loans in the coming months
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FDIC plans to offer $60 billion of Signature Bank loans in the coming months

The Federal Deposit Insurance Corp. plans to start marketing a $60 billion loan portfolio it retained in receivership following the collapse of Signature Bank in the coming months.

The collapse this month of Silicon Valley Bank and Signature Bank prompted a flood of deposits out of regional lenders and into the nation’s largest banks, including JPMorgan Chase & Co. and Bank of America Corp. (Bloomberg)Premium
The collapse this month of Silicon Valley Bank and Signature Bank prompted a flood of deposits out of regional lenders and into the nation’s largest banks, including JPMorgan Chase & Co. and Bank of America Corp. (Bloomberg)

The Federal Deposit Insurance Corp. plans to start marketing a $60-billion loan portfolio it retained in receivership following the collapse of Signature Bank in the coming months.

The portfolio includes mainly commercial real estate loans, commercial loans and a small pool of single–family residential loans, the FDIC said in a statement. The CRE loans include a concentration of multifamily properties, mostly in New York City, it said.

“The FDIC 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," it said. 

The FDIC is reviewing the CRE loans secured by multifamily residences that are rent stabilized or rent controlled, it said. For those loans, the FDIC plans to reach out to state and local government agencies and community–based organizations to seek their input over the planned sale. 

The FDIC has retained Newmark & Company Real Estate as an adviser.

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This story has been published from a wire agency feed without modifications to the text.

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Published: 04 Apr 2023, 07:53 AM IST
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