The U.S. Treasury Department wants to hire financial institutions – including big insurers – to help it manage portfolios of whole loans and troubled mortgage-related securities, and to provide custodian, accounting and auction management services for mortgage-related assets.
Treasury has posted “financial institutions wanted” notices on the Web.
In addition to insurers, “financial institutions” eligible to apply to help Treasury managed troubled assets could include banks, savings associations, credit unions, or security brokers or dealers.
The deadline for responses is 5 p.m. Wednesday, and bidders must be prepared to begin providing services Saturday.
The bidders for the securities contract must have at least $100 billion in dollar-denominated fixed income assets under management.
Bidders for the custodial services contracts must have at least $500 billion in domestic assets under custody.