I recently came across an invitation to bid from the Philippine Deposit Insurance Corporation (PDIC). This invitation to bid is quite interesting because the properties that are for sale through sealed bidding are actually the Real and Other Properties Acquired (ROPA) of closed banks. I guess this helps confirm my answer to a recent comment by Jun where he had a concern with regard to a property he got through a tax foreclosure auction whose title had an inscription of mortgage with a bank that was already closed. It appears that properties of closed banks really do end up with PDIC. Read the rest of this entry