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ARTICLE · 04 AUGUST 2009

Treasury Approves Fund Managers For Legacy Securities Public-Private Investment Program

Sidley Austin LLP
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On July 8, 2009, the Department of the Treasury (in a joint announcement with the Federal Reserve and the FDIC) announced the approval of nine fund managers for the Legacy Securities Program component of its Public-Private Investment Program, or “PPIP”.

United StatesFinance and Banking
Sidley Austin LLP'S Financial Institutions Regulatory Practice
Sidley Austin LLP'S Financial Institutions Regulatory Practice

This article was originally published 29 July, 2009

On July 8, 2009, the Department of the Treasury (in a joint announcement with the Federal Reserve and the FDIC) announced the approval of nine fund managers for the Legacy Securities Program component of its Public-Private Investment Program, or "PPIP". The following discusses the highlights of Treasury's announcement.

Legacy Securities Program Details

General

The Legacy Securities Program will involve the establishment of public-private investment funds, or "PPIFs," to purchase legacy residential and commercial mortgage-backed securities from certain financial institutions. Treasury will be an equity investor in each PPIF, and each PPIF will be managed by an asset manager selected by Treasury and will have access to Treasury-provided financing. The PPIFs will have the opportunity to obtain additional financing from the Term Asset-Backed Securities Loan Facility ("TALF") administered by the Federal Reserve

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