What We're Hearing

It's unconfirmed, but there could be a buyer for a $1 billion nonperforming loan package being peddled by the Federal Deposit Insurance Corp. The NPLs belonged to the now defunct AmTrust Bank of Cleveland, once a major player in correspondent lending. It's believed the sale will be accomplished through a structured transaction, which means there likely are multiple parties involved on the buy side. Stay tuned. Meanwhile, earlier in the week FDIC chief Sheila Bair hinted that the agency's first securitization of problems loans from troubled (or failed) institutions is still moving forward. Originally, it was believed that the FDIC would securitize billions worth of loans. But market sources say the first deal will be in "the hundreds of millions." And in case you missed it, Ginnie Mae has a new MBS program for manufactured housing loans. But there is a catch: only issuers with a net worth of $10 million or more can play...