The Federal Deposit Insurance Corp. has once again pushed back the bid deadline on the sale of $23 billion in servicing rights that once belonged to AmTrust Bank, Cleveland, according to officials close to the deal. "It's just taking longer to get bidders in to conduct due diligence," said one investment banker who has reviewed the package. Originally, the FDIC had hoped to hold a first round of bidding in early May then pushed it back to later in the month. The new bid deadline is mid June. It's anticipated that the receivables could fetch a decent price: just 3.29% of the underlying loans are delinquent. Milestone Merchant Partners is the FDIC's advisor on the sale. The company declined to comment.
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