Stanley Tate, a Florida real estate developer and former official of the Resolution Trust Corp., has been named the chairman of AmeriBid Inc., a Las Vegas company that helps financial institutions unload large real estate portfolios.
He succeeds Larry Latham, who remains AmeriBid's chief executive. In a press release issued Monday, Mr. Tate said, "The RTC sold hundreds of billions of dollars of assets, but this housing crisis is much bigger. We must sell these homes now, before neighborhoods suffer further deterioration." AmeriBid's management team is "in the best position to get these properties back into the hands of end-users."
When he worked at the RTC in the 1990s, Mr. Tate said, "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."
In 1989 Mr. Tate was named the chairman of the RTC's region 1, which included 20 eastern states. In 1990 and 1991 he was the chairman of the agency's national advisory board.
In 1993 President Clinton nominated Mr. Tate to be the RTC's chief executive, but the developer withdrew in the face of opposition from then-Senate Banking Committee Chairman Donald Riegle.
Mr. Tate, who is 79, has been developing properties since 1949.
