FDIC Said to Plan First Sale of Home-Loan Bonds Since July 2011
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The Federal Deposit Insurance Corp. plans to sell $221.1 million of securities backed by residential mortgages held by failed banks, according to a person familiar with the transaction.
The agency is selling guaranteed notes backed by $276.4 million of loans, said the person, who declined to be identified because the terms aren’t set. More than 70 percent of the mortgages are from Home Savings of America, and at least six other banks contributed 2.5 percent or more, the person said.