The tough go shopping
A new breed of investors in mortgage-backed securities is taking advantage of the 'blood on the streets' resulting from the subprime crash and showing a big appetite for the bargains on offer. William Rhode reports
"There is an old saying: 'When there is blood in the streets, it is time to buy - even if the blood is your own.' This is certainly true in the subprime market today," says Jim Midanek, chief investment officer at California-based Black Pearl Asset Management.
Midanek, who helped build numerous Wall Street mortgage trading and sales desks in the late 1980s, is one of a select breed now looking to buy securitisations backed by subprime loans. He set up Black Pearl in 2002 with John Pak, an
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