Real estate executives welcomed plans by the Obama administration to create a $1 trillion public-private investment fund aimed at ridding financial institutions of their toxic real estate-related assets – as well as expanding help for commercial mortgage lenders.
US Treasury Secretary Timothy Geithner said today the investment fund – dubbed the “bad bank” – would start with an initial capacity of $500 billion, but would expand up to $1 trillion depending on the success of the programme.
