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Huge RMBS Sale

FDIC announces $1.8 billion sale

March 12, 2010

By MortgageDaily.com staff


A group of investors has acquired notes -- which are backed by more than $3 billion in residential mortgage-backed securities and guaranteed by the government -- for a purchase price of less than $2 billion. The assets were accumulated from failed banks.

The sale was announced today by the Federal Deposit Insurance Corporation.

The private placement was priced and allocated on March 5 and closed yesterday. More than 70 investors, including banks and insurance funds, participated across fixed and floating rate series. Investment funds and pension funds were also among the institutional investors.

The RMBS are from seven failed bank receiverships, though the FDIC didn't indicate which failed banks were involved. More than $1.8 billion in notes are backed 103 non-agency RMBS. The aggregate unpaid principal balance at the time of the sale was $3.6 billion.

One of two series of senior notes is backed by around $1.3 billion in option adjustable-rate mortgages with a floating rate tied to the one-month London Interbank Offered Rate. The other series includes $480 million in mostly fixed-rate mortgages. Both series priced at rates comparable to Ginnie Mae collateralized-mortgage obligations.

The FDIC has guaranteed the timely payment of principal and interest on the notes.

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