Stanley Tate, the North Miami real estate developer who helped oversee the thrift industry's bailout two decades ago, says he has raised $1 billion to bid on mortgages using financing from President Obama's rescue plan.

Tate said he will buy loans for his fund through the Public-Private Investment Program, which Treasury Secretary Timothy Geithner unveiled last month. The Treasury, the Federal Reserve Board and the Federal Deposit Insurance Corp. will provide private investors financing to buy as much as $1 trillion of hard-to-sell real estate assets from banks.

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