FDIC's Corus asset sale could set pattern for distress sales

10/8/2009 | Bloomberg · Wall Street Journal, The

The terms of the Federal Deposit Insurance Corp.'s sale of the distressed real estate portfolio of the failed lender Corus to a Starwood-led investor group might offer some clues about how future government asset dispositions will play out, experts said. "There are going to be hundreds of banks that are going to be seized and we're just getting started," said James Corl, managing director of Siguler Guff & Co. "Auctions of nonperforming bank loans are going to comprise the next wave of opportunities for distress-oriented real estate investors."

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