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FDIC Selling Off Legacy Bank Mortgages

In an effort to recover some of the money the Federal Deposit Insurance Corp. expensed when it became the receiver of Legacy Bank, the FDIC is seeking bids for delinquent home mortgages from the bank valued at $16 million. Seaway Bank and Trust Co., Chicago, bought about $165.9 million of Legacy Bank’s assets, which consist mainly of loans, in March when regulators closed the central city Milwaukee ban

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