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Inside Washington (04/05/2010)
* WASHINGTON (4/6/10)--The Federal Deposit Insurance Corp. (FDIC) is changing the way that it handles failed bank assets (American Banker April 5). To date, its resolutions have involved selling the bank’s assets and deposits to another bank and covering the remaining losses. However, financial observers said the agency is trying new ways to deal with losses. The FDIC has partnered with investors to sell assets after a failure and made agreements--126 since the start of 2009--that force the FDIC to cover 80% of a buyer’s losses up to a stated amount, and 95% beyond the threshold. However, on March 26, the agency said it was dropping the 95% coverage. The move didn’t have much impact, but Kip Weissman, partner at Luse Gorman Pomerenk and Schick, said it shows the agency is moving toward customized transactions instead of a “one size fits all” solution. Michael Krimminger, deputy to the chairman for policy at FDIC, told Banker that the FDIC wants to explore all different transaction structures. The agency also indicated that it will plan to make assets in receivership available to investors through the securitization market, Krimminger said ...


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