Cut-rate sale of First NBC loans could have 'disruptive' effect on New Orleans real estate

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Having sold First NBC's best assets to Whitney Bank, the agency recently sought other buyers for nearly $1 billion worth of the bank's loans — some of them good, some of them shaky, some of them in default or close to it.

The loans, pooled into more than a dozen groups, netted about $367 million at auction. That's only about 40 cents on the dollar, suggesting just how tattered the portfolio was at the time of the bank's implosion.