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A Close Look at the FDIC's handling of NextCard By Jeffrey Salmon, ABS research, Barclays Capital

NextBank was closed and placed into Federal Deposit Insurance Corp. receivership by the OCC in February 2002. The most controversial aspect of the receivership was the FDIC's decision to forestall or stop the early amortization of NextCard's credit card ABS. According to the Trust's covenants, "certain bankruptcy, insolvency, liquidation,...

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