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FDIC Unloads $0.5 Billion in Loans

Multibank Structured Transaction sold to Roundpoint Mortgage Servicing

April 2, 2010

By staff

The Federal Deposit Insurance Corporation said it closed on the sale of nearly $0.5 billion in mortgages accumulated from financial institutions that failed over a year ago.

In a news release, the FDIC said it closed yesterday on the sale of an equity interest in Multibank Structured Transaction Single Family Residential 2010-1, a limited liability company created to house assets from 19 banks that failed between August 2008 and March 2009. The LLC was sold through a competitive auction held on Feb. 24.

Included in the entity are 3,373 single-family loans for $491 million. Just over half of the loans were at least 30 days delinquent. Four-fifths of the loans are secured by properties in either Arizona, Florida or Georgia.

The acquirer, Roundpoint Mortgage Servicing Corp., was one of nine firms that submitted bids. The bids were either based on a 50 percent leveraged ownership interest or a 20 percent un-leveraged interest. Roundpoint's $34 million cash bid was for a 50 percent leveraged ownership position.

The FDIC said it will retain a 50 percent leveraged interest -- though the allocation of equity can change based on loan performance.

"The 19 participating FDIC receiverships provided financing to the LLC by issuing approximately $137,499,283 of corporate guaranteed notes," the statement said. "The FDIC guaranteed notes will receive payments of interest and principal on a monthly basis."

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