Public-Private Investment Program
Public-Private Toxic Asset Purchases
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Addressing one of the roots of the financial crisis, the hard-to-value mortgages and asset-backed securities on banks' balance sheets, the program sought to jump-start the market for these assets. Under the program the government both invested alongside private investors and provided them cheap financing in the hope that with the extra help, the private investors would reach a price at which they're willing to buy and banks are willing to sell.
The idea was unveiled in March 2009, but did not get off the ground for months. The part of the program to buy banksâ€™ troubled loans has been indefinitely delayed. On July 8, 2009, the Treasury announced that it had selected nine fund managers to participate in the other part of the program, to buy toxic securities backed by mortgages.
The following list shows the 12 recipients of Public-Private Investment Program.
|Name||State||Date Entered||Amount Committed by PPIP||Amount Returned to PPIP|
|UST/TCW Senior Mortgage Securities Fund, L.P.||Del.||Sep. 30, 2009||$356,250,000||$356,250,000|
|Invesco Legacy Securities Master Fund, L.P.||Del.||Sep. 30, 2009||$2,017,920,000||$1,742,880,003|
|Wellington Management Legacy Securities PPIF Master Fund, LP||Del.||Oct. 1, 2009||$3,448,461,000||$3,448,461,001|
|Blackrock PPIF, L.P.||Del.||Oct. 2, 2009||$2,084,940,000||$1,581,184,799|
|AllianceBernstein Legacy Securities Master Fund, L.P.||Del.||Oct. 2, 2009||$3,192,141,738||$3,192,141,738|
|AG GECC PPIF Master Fund, L.P.||Del.||Oct. 30, 2009||$3,729,825,000||$3,352,197,510|
|RLJ Western Asset Public/Private Master Fund, L.P.||Del.||Nov. 5, 2009||$1,861,578,258||$1,861,578,259|
|Marathon Legacy Securities Public-Private Investment Partnership, L.P.||Del.||Nov. 30, 2009||$1,423,550,000||$1,423,550,000|
|Oaktree PPIP Fund, L.P.||Del.||Dec. 18, 2009||$3,482,352,300||$1,666,904,632|
|Gateway Community Federal Credit Union||Mont.||Oct. 17, 2012||$0||$1,657,000|
|TALF LLC||Del.||Jul. 5, 2013||$0|
|Freddie Mac||Va.||Sep. 30, 2014||$0|