Sunday, 26 April 2015
Last updated 1 day ago
May 4 2011 | 10:26am ET
Subprime mortgage-backed securities, which helped bring the world’s financial system to its knees in 2008, may be ready for a comeback.
Josh Friedman, co-founder of the Los Angeles-based hedge fund Canyon Partners, told a Beverly Hills audience Tuesday that the securities offer potentially high returns and there’s little competition for them.
According to Reuters, Friedman, while participating in a panel discussion at the 2011 Milken Institute Global Conference, said "There are hundreds and hundreds of players in the market searching for yield. The nice thing, structurally, about this market is there haven't been natural inflows into the market. It's nothing but sellers,” said Freedom.
Canyon owns about $4.5 billion worth of subprime mortgage-backed securities which trade around 40 cents on the dollar. Friedman estimated the market for them at $1 trillion. But Friedman warned that investors should research the securities before making any purchases.
"There's a wealth of information in each of these securitizations," he said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…