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FDIC Unloads $1.3 Billion Res Portfolio

Residential Credit Solutions is winning bidder

Sept. 16, 2009

By staff

The Federal Deposit Insurance Corporation announced the winning bidder on a $1.3 billion residential loan portfolio.

The transaction is part of a pilot sale for the Legacy Loans Program, the FDIC said in a statement today. The loans were owned by Houston-based Franklin Bank, SSB, which failed in November 2008.

Final bids were received from 12 consortiums on Aug. 31. The bids were for a limited liability company which the FDIC will populate with the loans.

The FDIC said Residential Credit Solutions Inc. was the winning bidder. The Fort Worth, Texas-based company serviced around $1 billion in performing and non-performing residential loans as of a year ago.

"The bid received from Residential Credit Solutions for the financed sale of assets to the LLC using six-to-one leverage was determined to be the offer that would result in the greatest return for the receivership of all competing bids," the agency stated.

Residential Credit, a high-touch servicer, agreed to pay $64 million for a 50 percent stake in the LLC, while a $728 million note will be issued to the FDIC. The note, guaranteed by the FDIC, is expected to be subsequently sold.

The company agreed to service the mortgages based on guidelines for the Home Affordable Modification Program.

The present value of the bid was around $920 million.

The transaction is expected to close this month.

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