Blackstone plans to buy subprime loans
July, 25, 2008
The Blackstone Group announced it will enter the subprime market, buying up troubled loans to resell or securitize them for a profit. The private equity firm has already set aside $1.25 billion to do this through a partnership with Florida firm Bayview Financial. Hedge funds Fortress and Och-Ziff are also thinking of taking advantage of the down market.