The Federal Deposit Insurance Corp. (FDIC) placed $653m worth of structured finance notes on residential mortgages seized when Delaware-based Franklin Bank failed. The deals carry the full faith of the US government against losses. Details on the deal first emerged on Friday. The notes, called Structured Sale Guaranteed Notes 2010-L2, priced today at 5-10 points inside guidance at 75bps over the benchmark swap rate, with a 3% coupon, according to information on DebtWire. As with the previous deal, Residential Credit Solutions is the servicer and the bookrunner is Barclays Capital. CitiBank is acting as custodian. According to the pre-sale report, the mortgage assets, at an average unpaid principal balance of $240,000, are concentrated in California, Florida, Texas, New York and Virginia. Of the total unpaid balance, 65% is current and 16% is in foreclosure. The remaining term to maturity is 304 months, and the average borrower’s FICO score is 668. There is a weighted average coupon (WAC) of 5.6% on the deal. Write to Jacob Gaffney.