Would real estate ever be considered "readily marketable collateral?"

Not IMO.

From the real estate lending standards:

Readily marketable collateral means insured deposits, financial instruments, and bullion in which the lender has a perfected interest.

Financial instruments and bullion must be salable under ordinary circumstances with reasonable promptness at a fair market value determined by quotations based on actual transactions, on an auction or similarly available daily bid and ask price market.

Readily marketable collateral should be appropriately discounted by the lender consistent with the lender’s usual practices for making loans secured by such collateral.


Fed Supervisory letter

Examples of readily marketable collateral include: bullion, stocks, bonds, debentures, commercial paper, negotiable certificates of deposit, bankers' acceptances, and shares in mutual funds. The lender may not consider the general net worth of the borrower, which might be a determining factor for an unsecured loan, as equivalent to other acceptable collateral for determining the LTV on a secured real estate loan.