Thursday, August 14, 2008

The FDIC Realty Company

The Federal Deposit Insurance Corporation (FDIC) has already shut down 8 banks this year:

First Priority Bank, Bradenton, FL - August 1, 2008
First Heritage Bank, NA, Newport Beach, CA - July 25, 2008
First National Bank of Nevada, Reno, NV - July 25, 2008
IndyMac Bank, Pasadena, CA - July 11, 2008
First Integrity Bank, NA, Staples, MN - May 30, 2008
ANB Financial, NA, Bentonville, AR - May 9, 2008
Hume Bank, Hume, MO - March 7, 2008
Douglass National Bank, Kansas City, MO - January 25, 2008

As part of the process of closing these institutions and finding stronger banks to take them over, the FDIC becomes receiver for some of the assets of these banks. The deposits and performing loans go to the stronger bank, but it seems that it is up to the FDIC to get rid of the non performing loans and other real estate owned (OREO) of these institutions.

The listing are on the FDIC web site.

If you search under FDIC Real Estate for Sale, you will find that the FDIC owns 68 properties ranging from dilapidated housing selling for $4,900 in Flint, Michigan; all the way to a mansion in the Detroit suburb of Grosse Pointe Farms selling for $1.2 million.

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The FDIC is also the proud owner of about 100 unfinished or partially finished lots courtesy of ANB Financial, the Arkansas bank it closed in May. It is selling these in a Special Real Estate Sales Event on August 29.

It also owns another three pages of houses that it took from ANB Financial.

Last, if you really want to roll the dice, you can buy a portfolio of $145 million in performing and nonperforming commercial, residential and consumer loans.

There are sure to be some great bargains on this site as the FDIC inventory grows.

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