The Federal Deposit Insurance Corp. will auction off a $788 million portfolio of performing and nonperforming commercial loan participations that belonged to the failed Silverton Bank of Georgia. The sale is being brokered by DebtX. The collateral — located in 27 states — consists of commercial real estate including commercial and industrial loans. The largest loan in the pool is a $20.7 million participation of residential lots in Las Vegas, one of the hardest hit housing markets in the nation. The bid deadline is October 20. DebtX CEO Kingsley Greenland said the sale is generating "strong investor interest, particularly among community banks, which have traditionally been the most active buyers of loan participations."
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