FDIC toxic loans purchase test moves closer

The Federal Deposit Insurance Corporation's (FDIC) postponed toxic whole loan purchase scheme under the Public-Private Investment Program (PPIP) may be edging closer, following the appointment of the firm that will operate a test run of how the asset purchase initiative would work.

The US deposit insurer yesterday named Residential Credit Solutions (RCS), a Fort Worth, Texas-based residential mortgage investment and servicing company, as the winning bidder in a pilot sale of receivership assets