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With the high rate of mortgage failures and foreclosures, the Federal Deposit Insurance Corporation (FDIC) has been on overdrive protecting bank depositors by selling off distressed assets. These assets need to be properly insured, yet in the crush of deal making, insurance often is the last thing on anyone’s mind.

In one recent case, the bank client of a Midwest insurance agent had negotiated with the FDIC and was about to complete the purchase of a book of properties worth more than $400 million when the bank realized it needed insurance at once–yesterday if possible.

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