Wednesday, 26 October 2016
Last updated 15 hours ago
Jul 25 2008 | 12:20pm ET
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.