The Federal Deposit Insurance Corp. (FDIC) is pushing back its plan to securitize troubled mortgage assets into the second quarter, according to officials close to the situation.

"It's still very much in process," said one source speaking on background, "but it won't happen in the first quarter."

The FDIC recently confirmed that it is working on securitizing certain mortgage assets but has offered little guidance to date.

The agency and some of its advisors are exploring ways to issue bonds backed by troubled residential loans that are subject to "loss sharing" agreements.

There also has been talk in the market place of FDIC doing a "re-REMIC" of outstanding MBS or ABS. At press time, a telephone call to the FDIC's press office had not been returned.

The federal government was officially closed for business Wednesday because of a snowstorm.

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