CB Richard Ellis has been selected as the primary advisor to the US Federal Deposit Insurance Corporation (FDIC) for portfolios of real estate taken over from financial institutions felled by the credit crisis.
CB Richard Ellis has been selected as the primary advisor to the US Federal Deposit Insurance Corporation (FDIC) for portfolios of real estate taken over from financial institutions felled by the credit crisis.
The CBRE-led team will be responsible for the management and marketing of residential and commercial Owned Real Estate (ORE) throughout all 50 states, Puerto Rico and the US Virgin Islands. CBRE's work will include the management, leasing, and disposition of real estate assets held by FDIC in its capacity as receiver for failed banks and lending institutions.
The FDIC was established in 1933 to re-establish public confidence in the US financial system following thousands of bank failures during the Great Depression. The FDIC insures deposits in banks and thrift institutions. The coverage was recently increased from deposits up to $100,000 to $250,000 in response to the current crisis in the global financial system.
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