Public-Private Investment Program
Public-Private Toxic Asset Purchases
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- In the bailout map, we track bailout recipients by state.
A program under the Emergency Economic Stabilization Act
9 recipients
$21.86 billion promised
$17.66 billion actually invested, loaned, or spent
More info from www.financialstability.gov
Addressing one of the roots of the financial crisis, the hard-to-value mortgages and asset-backed securities on banks' balance sheets, the program seeks to jump-start the market for these assets. Under the program, the government both invests alongside private investors and provides them cheap financing, in the hope that with the extra help, the private investors will 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 banks’ 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.
Treasury originally set aside as much as $100 billion for the program, but then said that it expected to use only up to $30 billion. It then reduced the maximum amount to $22.4 billion.
Documents from the Treasury Department:
White Paper
Legacy Securities Summary of Terms
Legacy Securities FAQ
Application for Private Asset Managers
More info from www.financialstability.gov
Go to list of all initiatives and programs
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The following list shows the 9 recipients of Public-Private Investment Program.
| Name | State | Date Entered | Amount Committed by PPIP | Amount Returned to PPIP | Total Bailout Commitment |
|---|---|---|---|---|---|
| UST/TCW Senior Mortgage Securities Fund, L.P. | Del. | Sep. 30, 2009 | $356,250,000 | $356,250,000 | $356,250,000 |
| Invesco Legacy Securities Master Fund, L.P. | Del. | Sep. 30, 2009 | $2,017,920,000 | $867,841,078 | $2,017,920,000 |
| Wellington Management Legacy Securities PPIF Master Fund, LP | Del. | Oct. 1, 2009 | $3,448,461,000 | $3,448,461,000 | |
| Blackrock PPIF, L.P. | Del. | Oct. 2, 2009 | $2,084,940,000 | $2,084,940,000 | |
| AllianceBernstein Legacy Securities Master Fund, L.P. | Del. | Oct. 2, 2009 | $3,451,270,500 | $30,332,662 | $3,451,270,500 |
| AG GECC PPIF Master Fund, L.P. | Del. | Oct. 30, 2009 | $3,729,825,000 | $3,729,825,000 | |
| RLJ Western Asset Public/Private Master Fund, L.P. | Del. | Nov. 5, 2009 | $1,861,734,774 | $13,531,530 | $1,861,734,774 |
| Marathon Legacy Securities Public-Private Investment Partnership, L.P. | Del. | Nov. 30, 2009 | $1,423,650,000 | $1,423,650,000 | |
| Oaktree PPIP Fund, L.P. | Del. | Dec. 18, 2009 | $3,482,352,300 | $79,000,000 | $3,482,352,300 |