FDIC online auction pilot soars

Following a successful pilot, the Federal Deposit Insurance Corporation may be through with its traditional method of selling loan pools through sealed-bid, offline auctions.

Bid4Assets.com — an online marketplace for buying and selling high-value, distressed assets from government sources — announced Tuesday that it had completed a $12 million loan sale for the FDIC, its largest online transaction for a federal customer to date.

The FDIC selected two firms, Bid4Assets and Pedestal.com to participate in the pilot, and both companies conducted simultaneous, competitive online auctions attempting to produce the high bidders.

The entirety lot auction for $12 million in mortgages and home equity loans was the first online loan sale conducted for the FDIC. The results exceeded the minimum expected bid by 17 percent. Bid4Assets produced the high bidder — $5.08 million — from one of its 19 unique bidders. The results of the sale can be viewed at online at www.bid4assets.com/FDICresults.

The online auction, which was completed Oct. 26, included mixed-performance home equity loans being sold by the FDIC as agent for Goldome Credit Corp. The loans were offered as five unique pools separated by performance level or as the entire $12 million portfolio. Earlier this year, Silver Spring, Md.-based Bid4Assets became the first Internet-only asset auction site approved by the General Services Administration. It conducted the first asset sales for the U.S. Marshals and the Energy Department, according to the company.

Featured

  • Oversight
    President of the United States of America, Donald J. Trump, attends the 2019 Army Navy Game in Philadelphia, Pa., Dec. 14, 2019. (U.S. Army photo by Sgt. Dana Clarke)

    Trump shakes up official watchdog ranks

    The White House removed an official designated to provide oversight to the $2 trillion rescue and relief fund and nominated a raft of new appointees to handle oversight chores at multiple agencies.

  • Workforce
    coronavirus molecule (creativeneko/Shutterstock.com)

    OMB urges 'maximum telework flexibilities' for DC-area feds

    A Sunday evening memo ahead of a potentially chaotic commute urges agency heads to pivot to telework as much as possible.

Stay Connected

FCW INSIDER

Sign up for our newsletter.

I agree to this site's Privacy Policy.