FDIC Preps $500M MBS Issuance

deral Deposit Insurance Corp. is preparing a $500 million mortgage-backed securities (MBS) deal that will cover residential loans acquired from failed banks, [link=backed-by-500-million-of-residential-mortgages.html]Bloomberg[/link] reports. The agency will reportedly back some 85% of the bonds. The FDIC may retain some of the deal's subordinate notes, FDIC spokesperson David Barr told Bloomberg. RBS Securities has been tapped to underwrite the transaction. SOURCE: [link=backed-by-500-million-of-residential-mortgages.html]Bloomberg

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