The Federal Deposit Insurance Corp. said it is refocusing its "Legacy Loan Program" to concentrate on assets held in receivership by the government, which currently total about $18.7 billion.

In a statement the agency credited the ability of banks to raise new capital, which has made the LLP less urgent — at least for open and operating institutions. Instead the FDIC will test what it calls "the funding mechanism" for various assets held and managed by its receivership division which is based in Dallas.

A spokesman for the agency told National Mortgage News that receivership assets totaled $18.7 billion at the end of April. No breakdown was available on what types of assets are being held by the agency.

In a recent Securities and Exchange Commission filing vulture fund PennyMac estimated that the FDIC holds at least $3 billion in residential whole loans.

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