The Federal Deposit Insurance Corp. has awarded a Bear Stearns special servicer subsidiary, EMC Mortgage Corp., as the winning bidder for Superior Bank's portfolio of residuals. The actual dollar amount of the portfolio was not determinable as of press time, although the residuals were, at one point, valued at about $1.1 billion, before suffering several mortal write-downs. Overvaluation of residual interest was a primary factor in the failure of Superior Bank.

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