The Federal Deposit Insurance Corp. will look to sell about $60 billion of former Signature Bank loans this summer.
The agency said in a press release that the portfolio largely consists of commercial real estate loans, commercial loans and a smaller pool of mortgages. The CRE loans include a concentration of multifamily properties, mostly located in New York City.
The FDIC said it plans to contact state and local government agencies, along with community–based organizations, to inform them of its efforts and seek input as it sells CRE loans backed my rent-stabilized or rent-controlled properies.
The marketing push should begin this summer.
New York Community Bancorp has already agreed to buy the deposits and certain other assets that belonged to Signature.