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FDIC Taps Blackrock to Help Liquidate $114B SVB and Signature Bank Securities Portfolios

FDIC Taps Blackrock to Help Liquidate $114B SVB and Signature Bank Securities Portfolios

The Federal Deposit Insurance Corporation (FDIC) has hired BlackRock’s Financial Market Advisory to oversee the liquidation of approximately $114 billion in securities it inherited from former Signature Bank and Silicon Valley Bank.

The portfolios are worth approximately $27 billion for Signature Bank and $87 billion for Silicon Valley Bank, which were retained in receivership after the collapse of the two banks last month.

The securities are primarily comprised of agency mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities, the FDIC said.

The regulator recently hired real estate advisory firm Newmark Group to assist in the sale of its $60 billion loan portfolio it holds following the collapse of Signature Bank. This portfolio is comprised primarily of commercial real estate loans, commercial loans and a smaller pool of single-family residential loans.

Silicon Valley Bank was the 16th largest federally insured bank when it was closed by regulators last month, which shuttered after its attempts to raise capital failed. The bank’s failure was one of the largest since 2008. The Federal Reserve has since launched a review of the oversight and regulation of the bank and it will be released on May 1.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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