Federal Deposit Insurance Corp. (FDIC) officials are ready to begin discussions with banks that want to sell pools of troubled real estate loans under its new Legacy Assets program, but it could be three or more months before the agency is ready to conduct the first competitive sealed bid auctions.

First FDIC intends to solicit public comments on the new program, which is designed to cleanse banks of high-risk residential mortgages and commercial real estate loans.

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