Wednesday, March 4, 2009

Is the FDIC Sellling Loans to Flippers?

Chris Carey at has some interesting background information on some loans that the FDIC recently sold, that the FDIC doesn't seem to want to talk about.

Carey writes:

The Federal Deposit Insurance Corp. said last week that it sold $1.45 billion in real-estate loans through partnership deals with two private bidders, unloading some of the assets of a failed Nevada bank.

 One of the winning bidders was a generically named entity called Diversified Business Strategies. The press release provided no additional information ... BailoutSleuth has been trying to get more information from the FDIC about how Diversified Business Strategies won the bidding, what it presented as its bona fides and whether it disclosed it would be selling the loans. The FDIC has not responded to our queries, nor have the other participants in the deals


The loans eventually ended up in a holding company of one of Utah's most powerful families.

Carey has all the details here.

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