Ameribid was set up to provide financial institutions, government agencies, REITs, hedge funds and bankruptcy courts with accelerated asset disposition services via the auction process. Part of the company's plan is to return a portion of the marketing savings and/or a portion of the earned conversion revenue with affected communities through direct donations, matching-grants, community challenges and sponsorships.

Ameribid was launched in February by Larry Latham, Louis B. Fisher III and Doug Dennison. Latham, was the original founder of Homebid, the first real estate internet auction company. Fisher is the national auctioneer for Sperry Van Ness and previously ran Fisher Auction Co. Dennison previously served as an executive with Fisher Auction Co.

Tate says his experience with the RTC in the 1990s made him believe 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," and he believes the current crisis is no different. "The magnitude of the problem is immense," Tate says. "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. "