FDIC to sell failed banks' loans online
Northwestern Financial Review, Mar 1-Mar 14, 2003
The Federal Deposit Insurance Corp., and HanoverTrade, Inc., are developing an FDIC-- branded Web site that will auction loans and other credit instruments from failed banks. The site is expected to go live by July. In the past, the agency has conducted sealed-bid auctions primarily by courier and facsimile.
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Performing loans would make up the bulk of the assets for sale, but some bad debt will be up for bid as well. HanoverTrade auctioned $6.2 billion of assets online last year for government and private sellers, including the FDIC.
Copyright NFR Communications Inc Mar 1-Mar 14, 2003
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