MILAN, Oct 2 (Reuters) - Italian state-owned bad loan manager AMCO is close to launching a fund to help banks offload impaired property loans repackaged as securities, a Treasury document showed on Wednesday.
The fund would have an initial size of 2 billion euros ($2.2 billion) which could eventually be expanded to 3-4 billion, the document, which contains updated budget forecasts, showed.
A source familiar with the matter said banks would take a stake in the fund in exchange for transferring to it portfolios of distressed home mortgages - an asset class lenders are now tackling in their clean-up efforts.
Two sources told Reuters on Tuesday, UniCredit is set to announce a 5 billion euro disposal of unpaid house mortgages next month.
$1 = 0.9159 euros Reporting by Valentina Za