FDIC inherits hundreds of potentially worthless CDOs

05/17/2010 | Wall Street Journal, The

The Federal Deposit Insurance Corp. owns hundreds of collateralized debt obligations, having inherited them from banks that failed. The CDOs have a book value of more than $400 million but are potentially worthless, creating a headache for the FDIC. "We're getting more of [the CDOs] all the time," said Miguel Browne, an assistant director at the FDIC.

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