FDIC Securitization and What It Would Mean for PPIP
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It is looking likely the FDIC will eventually begin to securitize assets it has taken over from failed banks. There are a lot of reasons to like this plan, if you are in the industry -- it could jump start private sector activity, providing a road map or model at the same time. It could also stabilize - or rather, put concrete valuations -- on distressed asset prices. Of course if you are a taxpayer or perhaps a private sector buyer that has been waiting patiently for the prices of distressed assets to, well, reflect their distressed situation, this is not necessarily good news. Last year the Treasury Department's PPIP asset managers, having raised the necessary capital, set out into the market to quietly buy up such assets. With little transparency it is difficult to know where they are in the process; for all we know, they have begun accumulating securities and notes already. One thing is clear - these two programs could wind up working at cross purposes. A FDIC distressed asset securitization would benefit from stable -- and higher - distressed prices. The PPIPs, though, will not.
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