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The Federal Deposit Insurance Corporation (FDIC) in the US has hired Newmark Group to handle the sale of 60 billion in loans from Signature Bank, which collapsed weeks ago along with the failure of Silicon Valley Bank.
According to the Wall Street Journal, Signature – which collapsed due to customer deposit outflows in early March – had $35.7 billion worth of real estate loans through the end of 2022, an amount that represented about 50% of its total loans through last year.
It now remains to be seen whether Newmark’s sale of the loans will affect real estate loans in the US, in a real estate market already tested by a high interest rate environment due to the Federal Reserve’s (Fed) tightening monetary policy.
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