SmarTrend(R) News Watch: Invesco and Wilbur Ross Group to Purchase $1 Billion in Distressed Assets

Invesco (NYSE:IVZ) and billionaire Wilbur Ross are leading a group of investors committing to purchase $1 billion in troubled bank assets through the government's Public-Private Investment Program. In addition to Invesco and WL Ross (Ross' investment fund), partners will include the LeFrak Organization, Assured Guaranty Ltd (NYSE:AGO), American Home Mortgage Servicing Inc, Muriel Siebert & Co, Williams Capital Group and Jackson Securities. On Monday Invesco CEO Martin Flanagan said, "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."

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Related terms: bank, ceo, investment, market, mortgage, nyse, securities