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The long-awaited program was announced earlier this year as a way to help banks that remained in business get rid of their soured loans, but a lack of interest from banks led the FDIC to focus on its own holdings instead.
The agency said Wednesday that it would form a partnership with a Texas company, Residential Credit Solutions, to take ownership of mortgage loans originally worth $1.3 billion. The company, which will manage the partnership, will pay the FDIC $64.2 million for a half-share of any profits as the loans are repaid or sold.
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