FHBA welcomes new president and second VP
Members of the Florida Home Builders Association recently welcomed John “Chuck” Fowke as its new president and Judy James as second vice president.
Fowke, a Suncoast luxury home builder and founder of Homes by John C. Fowke, has more than 30 years experience in the industry. He is also a former professional baseball player for the Texas Rangers.
James is an attorney who practices with her husband Dan Molloy in the Molloy & James law firm.
Both Fowke and James are members of the Tampa Bay Builders Association (TBBA) where they served in numerous leadership positions. Fowke was named the TBBA Builder of the Year in 2006 and 2009, and James has twice been named the TBBA Associate of the Year.
Treasury OKs more firms for toxic asset program
Two more large investment companies have together raised enough money to join with the government in buying toxic assets held by banks so they can resume more normal lending to support an economic recovery.
The Treasury Department said last month that New York-based Angelo, Gordon & Co. LP and Norwalk, Connecticut-based GE Capital Real Estate together raised more than the $500 million minimum needed to close investment funds.
The partnership joins four other firms, and the six have raised a total of $3.58 billion in private sector capital. Treasury will match that money and provide additional investment capital. The total purchasing power to buy up bad bank assets stands at $14.34 billion.
The five firms already approved to participate are: Alliance Bernstein LP and BlackRock Inc., both headquartered in New York, Boston-based Wellington Management Co., Atlanta-based Invesco Ltd. and Los Angeles-based The TCW Group Inc.
The effort, known as the Public-Private Investment Program, or PPIP, has been plagued by delays and some analysts wonder how much effect it will have. Others question if it puts government money at risk while benefiting wealthy private equity firms.
Treasury initially announced the program would buy as much as $1 trillion worth of bank assets. The program was scaled back several times as the financial sector stabilized and banks became reluctant to sell the assets at fire-sale prices.
But Treasury remains optimistic about the program and said announcements about the remaining three firms being approved to participate are expected soon.
— Source: Associated Press