The Fed Wants To Sell You A Mall In Oklahoma
On today's Planet Money:
The Federal Reserve owns the biggest mall in Oklahoma, and it's looking to sell.
The mall is one of the many, many assets the Fed bought to bail out Bear Stearns a few years back. The assets were bundled into a special company called Maiden Lane I.
Also on the bank's shopping list: A bundle of home mortgages that's closely related to Toxie, Planet Money's toxic asset. (Does that make us, like, in-laws with the Fed?)
For the most part, the Fed owns financial stuff like loans and swaps. The assets it bought as part of the Bear bailout included a mortgage on the Crossroads Mall in Oklahoma City. When the owners of the mall defaulted on the mortgage, the Fed foreclosed.
So if you're looking to buy yourself a mall in Oklahoma, you might check out Crossroads. As the listing notes, "this lender owned distressed asset ... can be purchased at far below replacement cost." It includes an AMC theater as well as a "former JC Penney (vacant)," and a "former Steve & Barry's (vacant)."
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