Of the nine anticipated asset managers for the Treasury Department's Public Private Investment Program, five are fully funded now. That means more than $12 billion is ready to be spent on banks' illiquid assets, often called toxic assets. One hope widely held within commercial real estate is this process will bring some price discovery and transparency to distressed assets. PPIP could help with the distressed asset problem by, essentially, priming the pump, said Greg Genovese, president of the securities division at Thompson National Properties. "There are a lot of people waiting on the sidelines for TARP and PPIP to provide better transparency into pricing," he said.
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