This past Tuesday the FDIC announced not only was it broke, but in the RED for over 8 BILLION dollars. Now what?
As discussed in my previous posts the FDIC has taken back over 100 banks this year alone, with another 1000+ on their "watch list". And while the FDIC is currently working diligently through their 5 distressed debt third party sellers, as well as their defaulted 1st Resi PPIP program, to my knowledge they have not yet announced any plans for the sale of the thousands of SFR REO they currently "own".
And now with the FDIC in the RED, distressed banks should be HIGHLY MOTIVATED to sell their distressed assets and SFR REO inventory.
January should be a VERY interesting month!