The Federal Deposit Insurance Corp. has once again pushed back the auction deadline on the $23 billion AmTrust servicing portfolio, ASR's sister publication National Mortgage News has learned.
At press time, the agency had not returned a telephone call about the matter. Milestone Merchant Partners, Miami, is the agency's advisor on the sale, but an official at the firm said he could not comment at this time.
Investment bankers that have reviewed the receivables attribute the delay, in part, to the portfolio's large size. The delinquency rate on the underlying loans is relatively low. Also, investment banking sources say the FDIC is in the middle of wrapping up a $1 billion sale of (mostly) delinquent AmTrust whole loans.
The sale of AmTrust's servicing rights has been delayed twice already. The latest bid deadline was mid-June. Originally, the agency had hoped to wrap up bidding at the end of May. The Cleveland-based thrift failed late last year.