General World News

US government to sell off $13B of mortgage bonds from failed banks Signature and SVB

The U.S. government is seeking to sell $13 billion worth of mortgage bonds amassed after the failures of both Silicon Valley Bank (SVB) and Signature Bank earlier this year.

First reported this week by Bloomberg News, the bonds in question are part of $114 billion in assets the Federal Deposit Insurance Corporation (FDIC) recovered when it assumed control over both banks earlier in the year.

The bonds are secured by “long-term, low-rate” loans made primarily to developers of low-income multifamily apartment complexes.

To aid the impending sales, the FDIC has reportedly details ⇒

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