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Blackstone Subprime Investment Partnership Underway
July 25, 2008
The Blackstone Group has teamed up with a Florida mortgage servicer to make its subprime investment plan a reality.
The private equity giant has set aside some $1.25 billion to buy troubled loans in partnership with Coral Gables-based Bayview Financial, the New York Post reports. Under the deal, Bayview will find the distressed loans and renegotiate their terms, allowing Blackstone to securitize them.
Bayview has already used some 40% of Blackstone’s capital, the Post says.
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