Lennar Acquires Stake in Two FDIC Distressed Loan Portfolios

Miami-based homebuilder Lennar Corp. has purchased an interest in two portfolios of distressed loans currently held by the Federal Deposit Insurance Corp. (FDIC) with a combined unpaid balance of $3.05 billion. The portfolios contain approximately 5,500 residential and commercial real estate loans obtained by the FDIC from the receiverships of 22 failed banks.Approximately 21 percent of loans are secured by commercial real estate properties.

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