To prepare for the Public-Private Investment Program, Invesco and its WL Ross affiliate are combining the expertise of Invesco’s 120 person fixed income team and the distressed investme
To prepare for the Public-Private Investment Program, Invesco and its WL Ross affiliate are combining the expertise of Invesco’s 120 person fixed income team and the distressed investment skills of WL Ross to deliver their resources to the US mortgage investment market.
Additionally, the LeFrak Organization, Assured Guaranty, and American Home Mortgage Servicing have joined to provide insights to the investment team.
Furthermore, strategic partnerships have been created with a securities firm, Muriel Siebert, and with two minority-owned firms, investment banking and investment advisory firm Williams Capital Group and the Jackson Securities affiliate of 103-year old Atlanta Life Financial Group.
Martin L. Flanagan, president and chief executive of Invesco, says: ‘We strongly believe that the Public-Private Investment Program will help stimulate the mortgage market and provide individual and institutional investors globally with compelling investment opportunities in the Legacy Securities and Legacy Loan programs. Our fixed income team has delivered sound investment results across the entire range of fixed income, in particular within the residential and commercial mortgage backed securities markets, and has helped Invesco itself maintain a strong and healthy financial standing throughout the market crisis.’
Wilbur Ross, chairman of WL Ross and of Invesco Private Capital, adds: ‘We are prepared to invest up to $1 billion in these programs and are delighted that the LeFrak Organization, major property developers and owners, will co-invest with us and that its chief executive, Richard LeFrak, will join the supervisory council of the consortium.
‘Our investment team will benefit from the mortgage market knowledge bases and skills of two of our portfolio companies: American Home Mortgage Services, the largest servicer of subprime mortgages (525,000 loans in all 50 states and USD110bn servicing portfolio) and Assured Guaranty, a leading monoline insurer with proven risk management of commercial and residential mortgage backed securities.’
