A Miami home builder said late Wednesday that it had bought a piece of $3 billion in failed-bank loans in another deal featuring Federal Deposit Insurance Corp. financing.
Lennar Corp. paid about $243 million to acquire 40% of a partnership created to hold the loans.
The FDIC will own the rest, and provide $627 million in zero-interest financing to the joint venture. The 5,500 real estate loans from 22 receiverships will be managed by Rialto Capital Advisors, a Lennar subsidiary.
It is the FDIC's fourth public-private deal in the wake of the crisis that involves shared equity interest and cheap financing as a way to dispose of receivership assets.
The agency had devised the method to help open banks get rid of bad loans, but has so far only been used for failed-bank assets.
