REO Disposition, Auction Specialist Taps Former RTC Chairman
Talk about making a high-profile entry: REO disposition newcomer AmeriBid said Thursday that Stanley Tate, former chairman of the National Advisory Board of the Resolution Trust Corporation (RTC), has joined the company as Chairman of the Board. AmeriBid was recently launched by principals from the real estate auction firm Fisher Auction Co., Inc., among others, and provides acquisition, valuation, property preservation, settlement services -- and, of course, real estate auction services -- for the REO industry. “We are excited to have a real estate legend in Stanley Tate join our company,” said Latham, CEO of AmeriBid. “His experience with the problems with the REIT industry in the mid-1970s and then with the RTC and housing crisis of the late 1980s and early 1990s will play an integral role in the strategic direction of AmeriBid and our goal to provide a solution to the foreclosure crisis.” The company its strategy differs from most in that it will share a portion of the marketing savings and/or a portion of the earned conversion revenue from its services with the communities it operates in through direct donations, matching grants, community challenges and sponsorships. The company did not define the size of its expected contribution. “Our country needs some assistance in this housing crisis,” said Tate. “The magnitude of the problem is immense. The RTC sold hundreds of billions of dollars of assets, but this housing crisis is much bigger." Tate went on to say that during his experience with the RTC in the 1990s, “it quickly became apparent that one of the best ways to get the highest and best price when disposing of large amounts of properties was and is through auction.” For more information, visit http://www.ameribid.com.